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"Pathway to Homeownership" Soft Second Mortgage Loan Programimage

Income maximums recently increased from 80% to 120% of area median income, extending eligibility&#46
The Pathway to Homeownership Soft-Second Mortgage Loan Program offers soft-second home mortgage loans through participating lenders up to $65,000 at 0% interest with payments on the loan deferred until sale or refinance. moreIn addition, the program offers up to $10,000 closing cost assistance when buying a home that will be your principal residence.The actual amount of the soft-second loan and closing cost grant received will be determined by need and annual household income, since the goal of this loan program is to cover the “gap” between the highest affordable first mortgage loan for which you qualify and the purchase price or value of the home.The minimum amount of the first mortgage loan must be equal to at least 50% of the lesser of the purchase price of the home or the appraised value, whichever is less.

All borrowers of a Pathway to Homeownership Soft-Second Mortgage Loan must commit to remain an owner-occupant at the financed home for at least three years.

Borrowers who demonstrate continuous owner-occupancy will receive LOAN FORGIVENESS. Loan forgiveness equal to 25% of the soft second mortgage loan will be awarded after five years.Each year, after the 5th year, an additional 15% of the soft second mortgage loan will be forgiven.100% forgiveness of the soft second mortgage loan will be achieved after ten years of demonstrated continuous owner-occupancy.

Find out more on the Finance Authority website or call (504) 524-5533 or (877) 524-5533 (toll free)&#46 less

HANO Voucher Program – Become a Homeowner

HANO offers a program in which Section 8 vouchers can be used to purchase a home. moreParticipants must become financially fit, be a first-time homeowner, be employed for at least a year, satisfactorily complete HANO’s pre-assistance homeownership and housing counseling program, attend post-purchase counseling and monthly homebuyer club meetings, and earn an annual salary of at least $10,300.For more information call Audrey Williams, lead case manager in HANO’s Homeownership Department, at (504) 670-3428less

UNITY Housing Locaterimage

This online housing locater includes rentals at or below 80% of fair market rental prices&#46 Go to www&#46unityhousinglink&#46org

Louisiana Housing Searchimage

Louisiana Housing Search is a free service to list & locate affordable housing or special-needs housing. moreSearch online or call 1-877-428-8844 from 9am to 8pm Monday through Friday.

Properties are being added daily.Property owners are encouraged to list affordable housing on this site. less

HUD Disaster Victim Hotline

For housing assistance call 888-297-8685, 7 am to 8 pm daily.

FEMA Housing Assistance Informationimage

Information on housing assistance from FEMA.

Craigslist New Orleansimage

A listing of jobs, housing, household items, vehicles and more for rent and for sale in the New Orleans area