Homebuyer Assistance Program Information
This NEW CONSTRUCTION home will be sold to someone who qualifies for this SPECIAL HOMEBUYER DOWN PAYMENT ASSISTANCE PROGRAM. The buyer's income must be 80% AMI or less to qualify for up to $85,000 from the City of New Orleans Soft Second Mortgage Program & possibly another $20,000 in assistance from NORA.
Must use a lender with experience in closing homes in the NORA OHIP Program.
Homebuyers must occupy the O-HP property as their primary residence throughout the Affordability Period.
The household income may not exceed 80% of the area median income (AMI). Buyers may go up to 120% AMI if they can prove they were affected by Hurricane Katrina. See income chart.
All homebuyers will be required to graduate from a HUD approved Homebuyer Education course.
Homebuyers must contribute a minimum of 1% of the sale price or $1500 (whichever is less) and must have liquid assets in reserve equal to 2 months of proposed household expenses after the payment of closing costs.
Homebuyers who qualify to receive Purchase Assistance must maintain Homeowner's Insurance and Flood Insurance for the full replacement value for the duration of the loan term.
Road Home Option 2 or 3 households are eligible but assistance will only fulfill "unmet need". Option 1 recipients are eligible if they met all the terms of their Road Home Covenant.
Other Conditions May Apply.
We are looking for "Good Neighbors". Are you a law enforcement officer, school teacher K-12, firefighter, or EMT?
If so and you meet the income restrictions, please call Betsy at 504-376-7650.
If you are already working with a REALTOR, please have your REALTOR contact Betsy Birdsong.