NEW ORLEANS – Beginning March 11, a city program to help first-time homebuyers will get a boost from a $3 million Community Development Block Grant. The Direct Homebuyer Soft Second Mortgage Assistance Program provides down payment and closing costs subsidies to eligible homebuyers to cover the gap between the purchase price of a home and their maximum loan amount. Subsidies also include closing costs. Eligible Homebuyers may receive up to $35,000 in soft second funds and up to $5,000 in closing cost assistance.
To qualify, the buyer must:
- Complete Homeownership training by one of the LA Homebuyer Education Collaborative Certified Agencies https://www.gnoha.org/main/home
- Qualify for a first mortgage by an Approved Lender
- Meet HUD 80% Area Median Income Guidelines – Income Guideline Chart
For More Information, contact Tonya Bernard at (504) 658-4245.
