The Orleans Parish Bond Program is open to first time home buyers who will occupy the home or condo as their residence. Meaning you have not owned a home in 3 years. You have a minimum credit score of 640. You take 12 hours of certified training. If you meet this criteria and find something under $324,359 for a single residential unit then you may qualify for the program.
There is no limit for household income which is highly unusual in these Bond Programs. You will have to use certain lenders. The two that I can recommend is Robert Tynes at Whitney Bank 504-838-6511 and Ted Nusenow 504-310-7422 with Iberia Bank. They participate in the program. Check out the list Lenders for Bond Money in New Orleans
The mortgages carry a 1% origination fee. You can always ask the seller to pay this and up to 3% of your closing cost on top of the program. The program is designed to give you 4% of the purchase price or a super low rate of 3.25% for FHA and 3.5% for a conventional loan. The FHA loan allows you the lower down payment of 3.5% while conventional will require 10%.
There are other things you will need to know but these are basics. Its always best to give your self an extra couple of weeks when dealing with bond money. I have seen it work many times and benefit my clients. Its always worth checking out all the angles and choices.