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Soft 2nd Mortgage for “1st Time” Home Buyers

by sauermj
April 22, 2009

Finally, New Orleans is getting some help in the rebuilding department. The New Orleans Finance Authority has some fantastic programs to help first time home buyers — but don’t stop reading there– they have expanded the definition of “first time home buyer.” If you owned before Katrina, but have rented since, you are considered a first time home buyer in these programs. In addition, divorcees and widows are considered first time home buyers.

You can get up to $65,000 in the form of a “soft second mortgage” which you’ll NEVER have to pay back if you stay in the home in good standing for ten years! That means on a house that costs $165K in New Orleans, a good size home in this market, you could end up only having a mortgage that you pay against for $100K, usually only $550 a month for principal and interest (P&I), depending on your circumstances. Talk to our agents — we are the best in the business as locals very much invested in finding solid home buyers to rebuild our city!

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