Jefferson Parish has several programs that can help you as a first time buyer for a home or condo. You have to be able to qualify for a loan and meet the income requirements. The purchase price has to be below $200,160. You start by getting qualfied for a loan through an approved lender. This will let you know what you can afford and if your credit score is sufficient for a loan. The loan itself can be FHA, VA, or Conventional. Call Julie Baudier at Standard Mortgage to get you started with the loan process 504-583-1793. This is your first step.
The home or condo has to be in good shape and should not need major repairs. Then you call the Jefferson Parish Community Developement Office. They will give you information on the classes and a certificate to get started.
A Real Estate Agent like Eric can then help you in selecting a property. Its well worth the time and effort as its a big, big help in getting started towards home ownership.
As per the Jefferson Parish Website “The HOME Program funds assist first-time homebuyers in purchasing their homes by subsidizing closing costs and/or down-payment requirements in conjunction with loans obtained through the Jefferson Parish Finance Authority or other qualified lenders.
Qualified applicants may receive a level of assistance up to $50,000 determined by Community Development to be applied for the down-payment and normal closing costs. Participants will be required to grant a mortgage to the Parish in the amount of the assistance provided. This mortgage will be for a term determined by the amount of money received, non-interest bearing, and will be non-repayable if certain conditions are met. Eligible participants purchasing homes in the City of Kenner will receive a $10,000 grant secured by a deferred mortgage of 10 years.
Eligible participants include households that have not owned a home during the past three years. The annual maximum allowable household income limits, based on family size, are as follows. The annual income of a family of four cannot exceed $47,850.
1 – $33,500 2 – $38,300 3 – $43,050 4 – $47,850
5 – $51,700 6 – $55,500 7 – $59,350 8 – $63,150
Applicants are required to complete a Preliminary Application with supporting documentation before being funding will be considered.
Applicants are required to attend two classes and must present an acceptable certificate of training completion before loan closing.
The monthly payment required to service the contemplated mortgage(s) may not exceed 30% of the monthly household income.”
You should also be able to get a federal tax credit as well if you buy by the end of the 2009 of $8,000.