Your best bet would be to consult with an agent to discuss where you are financially. This way you can best structure what and how you will go about buying a home.
Unless you really have to own a custom home, your best value is to buy an existing home. Unless you are an experienced builder, building in New Orleans is a HBO mini-series all of it's own involving too many potty words.
One of the harsh realities is the $4000 to $6000 a year in insurance in Lakeview...but if you consider the low interest rates available now that may be less of an issue.
This is a great time to buy, but be sure to have a Buyer's agent, (get's paid out of the commission). A true Buyer's Agent is a Realtor that has learned the tools and techniques to negotiating and evaluating the best deal possible for you. It is irrelevant for them to choose one house over another, so the commission is not an issue.
Call me at 615-2333 if you would like some help.
There are grants and closing assistences available to home buyers in Lakeview and other areas of New Orleans.