Homebuyer Assistance Program Information

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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.

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  • 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.

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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.