City of Kenner First-Time Homebuyers (FTHB) Assistance Program

City of Kenner First-Time Homebuyers (FTHB) Assistance Program is a forgivable loan for homebuyers in Kenner, Louisiana, administered by City of Kenner Department of Community Development. The City of Kenner Department of Community Development administers a First-Time Homebuyers (FTHB) Assistance Program using HUD HOME funds through the Jefferson HOME Consortium. Eligible low-to-moderate income first-time buyers (51%-80% AMI) may receive up to $40,000 (up to $50,000 for CHDO-sold properties) as a 0% soft second mortgage for down payment, closing costs, and/or principal buy-down. The soft second is forgiven over a HUD affordability period if the buyer occupies the home as their principal residence. Up to $40,000 in assistance (up to $50,000 if CHDO-sold). 0% soft second mortgage. Forgiven over the HOME affordability period with owner-occupancy. Can be applied to down payment, closing costs, or principal buy-down. Single-family, townhomes, and condos eligible. Funding comes from HUD HOME Investment Partnerships Program funds via the Jefferson HOME Consortium.

City of Kenner First-Time Homebuyers (FTHB) Assistance Program offers up to $40,000 in assistance. Amounts are the program's published maximums, not an offer — City of Kenner Department of Community Development determines any individual award.

City of Kenner First-Time Homebuyers (FTHB) Assistance Program is a forgivable loan, so the balance is forgiven once the program's conditions are met. Repayment is triggered by Soft second mortgage; forgiven over the HUD-established affordability period if the home remains the borrower's principal residence. If the property is sold or no longer occupied during the mortgage term, the full mortgage amount becomes due from net sale proceeds (with pro-rata reduction provisions). The assistance is recorded in Second position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Kenner First-Time Homebuyers (FTHB) Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Applicant or co-borrower must not have owned a home in the past three years. On credit, the program states: Not specified; set by lender/first mortgage product. A homebuyer education course is required, through Homebuyer Education Certificate through a HUD-approved counseling agency (online course permitted if combined with one-on-one counseling). Citizenship or immigration status: Buyer and co-borrower must be a U.S. citizen or permanent resident alien. Maximum $5,000 in liquid assets before closing (deferred assets like pensions/401(k) excluded). U.S. citizen or permanent resident alien required. Fixed-rate mortgage only. Back-end DTI cannot exceed 43%. Borrower cannot be delinquent on student loans, federal/state/local taxes, utilities, or City services.

City of Kenner First-Time Homebuyers (FTHB) Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Household income must be between 51% and 80% of AMI for the Jefferson HOME Consortium (HUD limits, published annually). Per the program's posted (2019) table: 1 person $37,750; 2 $43,150; 3 $48,550; 4 $53,900; 5 $58,250; 6 $62,550; 7 $66,850; 8 $71,150. Lenders must use the most current HUD limits. The limit applies to total household income, not only the borrower’s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Kenner First-Time Homebuyers (FTHB) Assistance Program caps the purchase price as follows: Purchase price/after-rehab value must not exceed 95% of the area median purchase price (HUD HOME value limits). Posted example (eff. April 15, 2019) listed Kenner existing-home limits of $196,000 and $227,000. Eligible property types include Single Family, Townhouse, and Condo. New construction is eligible.

City of Kenner First-Time Homebuyers (FTHB) Assistance Program serves homebuyers purchasing in Kenner, Louisiana.

Applications for City of Kenner First-Time Homebuyers (FTHB) Assistance Program go through City of Kenner Department of Community Development, which publishes the current terms and the application steps on its own site. Funds are reserved through Lender (from approved lender list) submits pre-approval and documents to the City; City schedules inspection, environmental review, and eligibility appointment. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.