Here is the info, there are more details , but this is the basis of it. Email or call me with questions. The big key is getting the 2 classes complete because most everyone will sign up for them when this is released.
40,000-60,000 Grant as well as possibly getting 10,000 in closing cost assistance. It will be a 1st come 1st serve basis by JP. It starts next week.
If you receive the grant, the entire amount received is forgiven if you own and occupy the home for at least 5-15 years (depends on how much of a grant you receive). If you decide to sell before the the timeframe, you simply would give back 1/10 of the value for each year remaining. So it is not really a penalty, you just don’t get to keep the money that was essentially never yours yet.
The grant is basically a “gap” grant. Another words, if you are approved for 100,000 loan(through a mortgage company) and were eligible for 40,000 in grants from Jefferson Parish, then you could buy a 140k house. If you only purchased a 100k house because you really liked it, you would not receive any of the grant. It only covers the gap above your pre approval amount.
The way they calculate your approval amount ,The monthly payment required to service the anticipated primary mortgage may not exceed 30% of the gross monthly household income
Ex. A gross monthly household income of $2,000 per month cannot have a total monthly mortgage payment greater than $600 per month in order to be eligible for participation. ($2,000 X .30 = $600)
You will need a minimum of 1,500.00 of your own funds.
There are 2 home buying classes you will need to attend. Usually a weekend class, they fill up so we can register you now if interested.
You will need to by a single family home, a double, or a condo.
Home must be under 218,000.00
Must use a lender from their approved list, I can make recommendations.
You Need to be a 1st Time HomeBuyer or not owned a home for 3 years.
Income Limits Must be under the stated value (Before Taxes).