The Jefferson Parish Bond money is hard to beat if you can qualify for an FHA or VA loan . The interest rates are extremely good at 3.5% and you get a credit for another 3.5%. The credit is like a gift to you that is hard to pass up. There are limits on income as you can see below and the price of the home. You have to be a first time home buyer and cannot have owned a home in the last 3 years. You will have to live in the property. There is a 1% origination fee that is paid.
It gets even better as you can ask for the seller to pay your closing cost, up to 3% under the new rules. This means you can save your cash and buy with very little down for a home. This is perfect for a person making less than $60,000 or more for a family. Could easily be cheaper than renting and you build equity and have pride in home ownership.
The credit for a home costing $200,000 would be $7000 and you can ask the seller for concessions of another $6000. Borrowing a $100,000 at 3.5% for 30 years for principal and Interest is only $449 per month. The oddity is at these low rates is at the end of year one you will have paid down you loan by $1757. You will have paid $3183 in interest payments which are tax deductible. Borrow 200k and then you just double the numbers.
There are other requirements but if you qualify this is a great deal to put you in a home with a minimum amount of money. Allow about two additional weeks on the loan to close just to be safe. First step is to get pre-approved for the loan then start your search with an experienced agent.
Only certain lenders will be handling the Bond issue but my Favorite Lender Julie Baudier at Standard Mortgage is. Its outstanding service and low cost as well as being a great deal. She can be reached at 504-583-1793. Check it out and then I can get you started with the search.