Michele Miller is a native of New Orleans, she is available to assist with your real estate buying or selling commercial or residential needs. She is willing to give you the experience to your property purchasing needs. Shes a Veteran, therefore she can guide Veterans on their desires of purchasing real estate. Michele has a strong background in Property Management. “Let us show you the road that leads to home”.
SOFT SECOND MONEY AVAILABLE IN NOLA
Michele Miller Nola & Northshore Real Estate Agent
Good news for aspiring homeowners: New Orleans has relaunched its soft second mortgage program. If you’re a first-time homebuyer with low to moderate income, this is free money that you can put toward purchasing a house.
To qualify, you have to earn less than 80 percent of the area median income. That’s $36,750 for a single-person household and $65,600 for a four-person household—see where you fall on this chart to find out if you qualify. Next, you must complete home ownership training by an approved agency. Finally, you must qualify for a mortgage from one of these lenders.
If you meet all these requirements, you could receive up to $35,000 in soft second funds and up to $5,000 in closing cost assistance. A soft second mortgage doesn’t accumulate interest and doesn’t have to repaid as long as you live in your house for a certain amount of time—in this case, 10 years.
“The soft second mortgage program is just one of the tools being used to combat the affordable housing crisis,” said direct of the office of community development Marjorianna Willman in a statement. “The Cantrell administration recognizes the many benefits of home ownership for the people of New Orleans. Many just need just a little bit of assistance to make it across the threshold.”