Blogging From The Desk of Alicia Lagarde-Craig
First-Time Homebuyer Fund
The First Time Homebuyer Fund offers soft-second mortgage loans at zero (0%) per cent interest up to $65,000 and a closing cost assistance grant up to $10,000 for a homebuyer who has not owned a principal residence within the last three (3) years or is a single parent who no longer owns a home because of a divorce. This fund serves first-time homebuyers with household incomes of 120% or less of the metropolitan area median income (AMI) and who are purchasing homes primarily in the Housing Opportunity Zones. Gross household incomes of qualifying borrowers for this fund cannot exceed the following:
"New higher income limits approved!"
1 person -- $50,280
2 persons - $57,360
3 persons - $64,560
4 persons - $71,760
5 persons - $77,520
6 persons - $83,280
7 persons - $89,040
8 persons - $94,680
The borrower must also invest at least 1% of the purchase price or $1,500 from personal funds, which ever is greater.
Homebuyers who have already received payments from the State under the “sell” or “relocate” option under the Road Home Homeownership Program are not eligible to receive additional financial assistance from this program.
To learn more about the Pathway to Homeownership Soft-Second Mortgage Loan Program
call Alicia Lagarde-Craig at 504.382.3724 or Jeff Craig at 504.352.6190.
This Finance Authority will be processing an additional 164 Loans on a First Come First Served Basis, so if you are a serious buyer and would like more information regarding this program, please call Alicia or Jeff to get the process started.
