First Time Home Buyer Programs in New Orleans for Teachers
Overwhelmed by the many first time home buyer programs in New Orleans. Youth Rebuilding New Orleans is actively seeking first time home buyers in New Orleans. We have several properties that take advantage of the city’s soft second mortgage program! Candidates must be teachers to qualify for our homes; however, if you are not a teacher we can still help you. We have partnered with another non-profit to help maximize the impact we can have. Please read the information below or visit the city’s website. Please contact our organization if you or someone you may know could qualify for this program. Some applicants can qualify for up to $65,000 in forgivable loans.
Looking for your 1st Home
If you are looking to purchase a home, you may be able to take advantage of new financial incentives.
Want to live in NOLA?
A special program that recently launched provides incentives for home buyers in Orleans Parish.
Take Advantage of Grants
If you fall within 80%-120% of the Annual Median Income (AMI) range and you are a first time home buyer, you qualify!
From the City…
On October 27, 2011, Mayor Mitch Landrieu announced a $52.3 million soft second mortgage homebuyer assistance initiative to be run by the City’s Office of Community Development that will provide hundreds of New Orleans families an opportunity to become first-time homebuyers. The goal of the initiative is to strategically promote homeownership opportunities for low and moderate income residents and families who are buying their first homes. The city of New Orleans will provide affordable gap financing in the form of a “soft second” mortgage for two programs: the Direct Homebuyer Assistance Program and the Affordable Home Development Program.
The term “soft second” comes from the fact that the government is subsidizing money for potential homeowners through forgivable loans to purchase property and become first-time homebuyers. This subsidized loan bridges the affordability gap between the price of the home including closing costs and the maximum amount a homebuyer can borrow with a first mortgage loan. The homebuyer will receive only the amount of soft second funding that is needed to close the affordability gap which will be determined by need and annual household income. To be eligible for assistance, homebuyers must complete a pre-approved 12-hour homebuyer training course to prepare them to qualify for a mortgage and to become homeowners, sign a purchase contract for a home and obtain a commitment for a first mortgage.