The First Time Homebuyer Fund offers 0% interest soft-second mortgage loans of up to $65,000, plus a closing cost grant of up to $10,000 for a buyer not owning a primary place of residence within the last three years. The buyer must be within the income limits shown on the table above, and the new or renovated home must be within one of the Housing Opportunity Zones or Orleans Parish homes that sustained at least $5,200 of Katrina or Rita damage.
Interest Rates are Lower!
FHA interest rates have dropped to 4.25% for buyers having downpayment and closing cost assistance, and to 4% for buyers with no assistance.
Conventional interest rates can be as low as 4.5% for buyers with assistance, and as low as 4.25% for buyers without assistance.
Maximum income and purchase price limits have been increased as well.
Required Credit Scores have been lowered!
All funds are subject to availability of funds on a first come first served basis. Applicant must have an accepted purchase agreement for funds to be reserved.
For more information call:
Lisa Ross at the Preservation Resource Center at (504) 636-3078