Jefferson Parish has been designated as a Participating Jurisdiction for the HOME Program, which is funded by the U.S. Department of Housing and Urban Development (HUD).
Soft second mortgage funds are available on a first come, first serve basis from the Louisiana Housing Corporation and Jefferson Parish Department of Community Development.
Details for the Louisiana Housing Corporation’s soft second mortgage program:
1.) First time homebuyers only
2.) HQS Inspection will be required
3.) Duplication of benefits will be checked
4.) Available in 53 parishes that were impacted by Isaac, Gustav and Ike
5.) Homeowners, wind/hail and flood insurance will be required
6.) Eligible borrowers (80% AMI) will receive 20% of the purchase price up to $30,000.00 for down payment assistance (Second mortgage is forgiven after 5 years of occupancy as a principle residence)
7.) Eligible borrowers (80% AMI) will receive up to $5,000.00 in closing costs assistance (Closing cost assistance is forgiven after 2 years of occupancy as a principle residence)
8.) Loan types are: FHA/VA/RD/Conventional (Borrower must qualify for one of LHC’s Market Rate Programs)
9.) Front-end ratio = 30% – 35%
10.) Back-end ratio = 48% or below
11.) Eligible borrowers must invest the greater of 1% of the purchase price or $1,500.00
12.) 1 -2 units are allowed – Homebuyer Education is required. Landlord Ownership Education is required if purchasing a 2 family unit
For more information, see the Jefferson Parish Program Description or call us for details at (504) 291-2022.