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Bond Money Available to New Orleans Home Buyers

New Orleans home buying

Home buyers have a new choice in mortgage programs with the Louisiana State Bond Program. You don’t have to be a first time home buyer to take advantage of this program, but there are income and credit score limits.

LOUISIANA STATE BOND PROGRAM

PRICING: Based on current market rate, 0% origination fees, 0% discount fees

ASSISTANCE: 3% (based on loan amount)

INCOME LIMITS: $69,345 (Orleans, Jefferson and St. Tammany Parishes)

PURCHASE PRICE LIMITS:

  • FHA (Orleans and Jefferson) $287,500
  • FHA (St Tammany) $271,050
  • VA (All parishes) $417,000
  • RD (All parishes) No limit

THE RULES FOR QUALIFYING:

  • Credit score of 640 or above
  • Limited to FHA, VA or RD loans
  • Single family homes only
  • Do not need to be a first time home buyer
  • Assistance is a grant and does not need to be repaid
  • Must occupy the home as your primary residence within 60 days of closing

If you are interested in applying for the state bond program, don’t delay – when the money is gone, it’s gone!

Call us at (504) 327-5303 and we will get you in touch with one of our lenders right away.

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Real buying, selling, and renting advice from New Orleans REALTORS