Home Buying in New Orleans>Question Details

Becky, Home Buyer in New Orleans, LA

I need info on the $10,000 grant for closing cost in new orleans. I've heard you have to take a class, but

Asked by Becky, New Orleans, LA Tue Apr 21, 2009

can't find info...

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9
I recently met with the director of this program.
The facts are as follows:
1) The soft second is a LOAN. If you live in the house after 5 yrs it begins to be forgiven, with a certain % forgiven each year you live in the home after the 5 years. So after 5 years it begins to be a GRANT..as in money to not have to pay back.
2) The closing cost money is a GRANT, STRAIGHTUP MONEY a buyer does not have to come up with. The closing cost money can be used for INSURANCE for the first year which equates to about $3000 to $6000 per year PLUS the other closing costs.

To further clarify:
A. Most sellers are not paying closing costs...words like "most", "average" and "smell" are not part of the rebuilding process.
B. The monies for this program are there..but you have to qualify. This means you need to be able to afford and show you are responsible enough to hold down a job and pay a mortgage. The house needs to be completed as per Fannie Mae and Freddie Mac guidelines....this means the house must be 100% complete.
C. If buyer's have a Buyer's Agent helping them along to guide a potential homeowner to buy the right property for a decent price this program can happen. It takes work from a dedicated Realtor who is acting on behalf of a buyer, not a seller...and as such the buyer serves themselves best by having a Buyer's agent representing them throughout the entire process of finding financing and a home.
Web Reference: http://iansellsnola.com
1 vote Thank Flag Link Wed May 13, 2009
from what Ive read from...

http://www.financeauthority.org/fund_firsttimehomebuyer.htm

"First-Time Homebuyer FundThe First Time Homebuyer Fund offers soft-second mortgage loans at zero (0%) per cent interest up to $65,000 and a closing cost assistance grant up to $10,000 for a homebuyer.

What grant? Closing cost to take out a loan?? Closing cost that most sellers are paying anyway??

This smells! Ohh, I see, New Orleans, of course!
1 vote Thank Flag Link Tue May 12, 2009
Isnt this type of no money down, no skin in the game financing led to the real estate disaster we are facing now??

Amazing how soon we forget
0 votes Thank Flag Link Fri May 15, 2009
IsSulli helping you find that home?
0 votes Thank Flag Link Sat May 2, 2009
I took the class. it was 12 hours. I did it at Sulli Education Services in Kenner. You can take it at other places but make sure you take the full 12 hours and get a certificate otherwise you will be wasting your time and money. The reg. at Sulli was $75. I learned a lot and I am purchaising a home in New Orleans right now. I hope this helps.
0 votes Thank Flag Link Sat May 2, 2009
here is the number to call..524*5533. The program is called "A pathway to home ownership"
Web Reference: http://iansellsnola.com
0 votes Thank Flag Link Tue Apr 21, 2009
Email me so i can send you the flyer, but this seminar is not the one you need to take for the grant. We are just discussing options.
0 votes Thank Flag Link Tue Apr 21, 2009
Yes! that's the one! I will try and make it to your seminar!
0 votes Thank Flag Link Tue Apr 21, 2009
Are you talking about the one that is associated with the 65,000 grant through teh housing authority? If so I have details, let me know. I am also having a first time home buyer seminar on April 28th at 6pm if you are interested.
0 votes Thank Flag Link Tue Apr 21, 2009
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