New Orleans offers two exciting options for down payment assistance on your next 1 or 2 unit single family home!
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Down Payment Loan:
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The down payment loan is a 30-year FHA or Freddie Mac first mortgage with an interest-free second mortgage (equaling no more than 10% of your approved home loan) to use for down payment assistance.
After qualifying for a first mortgage, you’ll receive an interest-free loan as a second mortgage. This second mortgage is to be repaid monthly beginning and ending the same time as the first mortgage payments.
Benefits to the Down Payment Loan:
- You’ll save money that will help you qualify for the first mortgage.
- You’ll keep money that can be used for other household needs, like buying furniture.
- You’ll have lower monthly payments and start with more equity in the home.
Down Payment Grant:
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The Down Payment Grant is a 30-year FHA or Freddie Mac first mortgage with a forgivable second mortgage (equaling 3% or 5% of your approved home loan) to help with your down payment.
Once you qualify for a first mortgage, you’ll receive a sum of money that you would not have to repay, but you must remain in the home for at least 5 years.
Benefits to the Down Payment Grant:
- You’ll save money that will help you qualify for your first mortgage.
- You’ll have savings to put toward household necessities, such as appliances.
- You don’t have to pay the grant back as long as you remain in the home for 5 years.
Am I Eligible?
Who: Individuals or families • Household income below $84,000 • Minimum credit score of 640 (Freddie Mac) or 660 (FHA) • Total debt load less than 45% of income • Earn 12-hour Homebuyer Education Class Certificate • Qualify for first mortgage with participating lender
What: 1 or 2 unit single family primary residence Move-in ready home (no renovations)
Where: Orleans Parish
When: Program is Available NOW!
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Call us today at 985-778-2525 or complete the contact form below for more information about these great loan options.
