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!