Jefferson Parish has just released their new HOME Grant Program for First-Time Homebuyers!
The HOME program allows UP TO $40,000 of down-payment and closing cost assistance!
Call us at (504) 509-4771 now to see if you qualify.
- Eligible “First-Time Homebuyers” must be a U.S. Citizen or Legal Alien with permanent residential status (in the U.S), who has not owned a home during the past three year period.
- The current applicable 2017 HOME Program maximum Median Income Limits of 80% of the area median income according to family size are as follows:
- Participants must attend a First-Time Homebuyer Training Class and Financial Fitness Class presented by an organization that is a member in good standing of the Louisiana Homebuyer Education Collaborative.
- The monthly payment required to service the anticipated primary mortgage may not exceed 30% of the gross monthly household income, after the application of all available down-payment funds and financial assistance.
- Only owner-occupied or vacant single-family properties (no tenant occupied properties) are eligible for participation and the property must be located in Jefferson Parish (excluding the City of Kenner). The property may include the following types of residential property: A single family structure A condominium unit A manufactured home (on land to be owned by applicant)
- The appraised value of the property to be purchased must not exceed the HUD limit of 95% of the area medium purchase price for Jefferson Parish. The current maximum appraised property value is $179,000.00 for existing and $224,000.00 for New Construction.
- Jefferson Parish will use HOME Funding to assist income-qualified First-Time homebuyers to purchase their home by subsidizing the down payment and closing costs associated with the purchase. The maximum amount of the HOME purchase subsidy to be used for down payment and closing cost assistance will not be more than Forty Thousand Dollars ($40,000) per client.
- Affordability and recapture provision – purchasers must occupy the home as their primary residence per the schedule below or they may be required to repay the grant funds
- HOME funds may be used to pay generally acceptable closing expenses as determined by Jefferson Parish Community Development such as: loan points, origination fees, credit and title examination costs, recordation fee, legal fees, land surveys, appraisals, and down-payment costs, with the exception of the purchaser’s minimum cash contribution of $1,500.
Interested in buying a home and want to learn more about this great program? Call us today (504) 509-4771 and see if you qualify!