‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program
The Finance Authority of New Orleans in cooperation with the Louisiana Recovery Authority, the State Office of Community Development and the City of New Orleans presents its ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program. This post-Katrina housing assistance program is designed to help homebuyers to purchase a home and those present homeowners who need help to renovate their homes in the Housing Opportunity Zones in Orleans Parish. The Housing Opportunity Zones were created in response to the two year citizen driven United New Orleans Plan (UNOP) for recovery and redevelopment of New Orleans.
The ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program offers soft-second home mortgage loans through participating lenders up to $65,000 at 0% interest with payments on the loan deferred until sale or refinance of the home. In addition, the program offers up to $10,000 closing cost assistance when buying a home that will be your principal residence in any one of the Housing Opportunity Zones. The actual amount of the soft-second loan and closing cost grant received will be determined by need and annual household income, since the goal of this loan program is to cover the ‘gap’ between the highest affordable first mortgage loan for which you qualify and the purchase price or value of the home.
The ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program does not discriminate on the grounds of race, sex, religion, age, disability or national origin.
