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New Orleans Condos, Using State Bond Money to buy your condo, good deal?

   Like clock work, the state of Louisiana and various Parishes will have Bond Money for people to buy not just homes but condos as well.  The State Bond money will be out on a regular basis and have a few new wrinkles and rates on each issue.  The last issue was just completed.  There has not been any first time home buyer limitations and the income cutoff has been around 62k for a family of two.  Jefferson Parish will generally have an issue, Orleans Parish is much more infrequent and no one knows it exists when it does come out.  The interest rates are fixed for the duration of that Bond Issue. 

    The value is in that the Bond Authority gives you a credit for about 4% which can go for closing cost and down-payment.  You have to qualify for a regular loan and then fit into the program.  The rates are fixed 30 year rates that are very competitive and will not change during that issue.  If you buy a condo for 160k then you will get a credit of $6400 to help you with closing.  If you do not want the assisted part or the credit you will get a much lower rate.  You have to have a real estate contract before signing up for it.

     You have to stay tuned as this is a great deal for many people who fall under the income limit.  You can use this with a conventional loan or an FHA loan.  I had 10-12 clients that were able to take advantage of these issues.  Julie Baudier will have all the info as each Bond Issue is announced.  Check out my site to look at past Bond Issues.  If You are a teacher it could be even better on the interest rate plus the 4% credit.  Checking it out ahead of time gives you more options and a change to save money.

STATE BOND MONEY

     



  1. julie baudier

    The income limits on the jefferson bond money have been raised.Hopefully the state limits will be raised as well.1-2 family members 71,760 3 or more family members 83,720.

  2. julie baudier

    The sales pices for Jefferson bond have also been raised to $316,250!

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Eric Bouler Realtor
Gardner Realtors
Metairie - New Orleans, La. USA