March 16th, 2011 categories: Julie's Mortgage Tips
Jefferson Parish Bond money is available for those who can qualify for the Money. If you fit the criteria it is money in your pocket. The one major change that I see is that the loan will have to be an FHA, VA, or Rural Development Loan. For homes it is much easier than condos as each home is check to be FHA ready. This is not so with condos as they have to be on the FHA approved list.
For those that can meet the criteria its a great deal. Find something for $150,000 and ask the seller to pay the 1% origination fee and you get $6000 as a credit on your purchase. The program is designed for the first time buyer who needs the extra money to make the sale work. Not all lenders sign up for the program. Add an extra week for processing.
The rules and numbers change fro Bond issue to bond issue so it good to review the qualifications to see that you fit the criteria. The State of Louisiana will have a Bond Issue as well that can be used in the City of New Orleans with a few different rules.