Direct Homebuyer Soft Second Mortgage Assistance Program

Direct Homebuyer Soft Second Mortgage Assistance Program es un préstamo condonable para compradores de vivienda en New Orleans, Louisiana. CDBG-funded Soft Second Mortgage Assistance: up to $55,000 at 0% interest, 10-year forgivable; full repayment in years 1-5, then 25% forgiven year 5, +15% per year in years 6-9, 100% forgiven year 10. Alternative $5,000 closing cost assistance. 80% AMI, first-time homebuyer, $324K max sales price, Orleans Parish-wide. $350 Homebuyer Education Stipend due at closing. $1M funded January 2026. City of New Orleans Office of Community Development's Direct Homebuyer Soft Second Mortgage Assistance Program provides up to $55,000 in soft second mortgage assistance to bridge the gap between the home purchase price and the maximum first mortgage loan amount, OR up to $5,000 in closing cost assistance (program covers up to 50% of total closing costs per CDBG guidelines). The soft second is structured as a 0% interest, 10-year forgivable loan: full repayment required if buyer sells/moves within years 1-5. 25% forgiven at year 5. +15% forgiven each year in years 6-9. 100% forgiven at year 10. $1M CDBG funding allocation as of January 2026. Maximum sales price $324,000 anywhere in Orleans Parish. 80% AMI ceiling. Los fondos provienen de Federal, CDBG y City.

Direct Homebuyer Soft Second Mortgage Assistance Program se perdona después de 10 años, así que un comprador de vivienda que se quede ese tiempo no lo devuelve. El reembolso se activa por Full repayment of the unforgiven balance is required if the buyer sells, refinances, or moves before year 5. After year 5, 25% of the loan is forgiven, +15% forgiven per year in years 6, 7, 8, 9 y 100% forgiven at year 10. No prepayment penalty. Assumptions not allowed. La ayuda se registra con un gravamen en posición 2nd Lien. Los términos de condonación y reembolso los fija el programa y pueden cambiar; confírmalos en la página oficial del programa antes de presentar la solicitud.

Direct Homebuyer Soft Second Mortgage Assistance Program está abierto a compradores de vivienda por primera vez y compradores de vivienda que vivirán en la vivienda como su residencia principal. “Primera vez” tiene excepciones aquí: First-time homebuyer = no homeownership in past 3 years. Displaced homemaker exception applies. Sobre el crédito, el programa indica: No specific City-imposed minimum FICO; first-mortgage lender overlays apply. Se requiere un curso de educación para compradores de vivienda, a través de HUD-approved homebuyer education course required (HUD Approved Homebuyer Training Agencies list at nola.gov). $350 Homebuyer Education Stipend due at closing, separate from any class fees. Requisito de residencia: Property must be located in Orleans Parish (City of New Orleans). Homebuyer must occupy as primary residence for the full 10-year forgiveness term; selling/moving before year 10 triggers prorated repayment. Ciudadanía o situación migratoria: Per HUD CDBG federal eligibility - U.S. citizen or qualifying non-citizen. First-time homebuyer (or no homeownership in past 3 years; displaced homemaker exception). Household income at or below 80% AMI per HUD New Orleans MSA limits (2025 1p=$48,650; 8p=$91,700). Soft Second cannot exceed 50% of home's purchase price (program limit). Front-end DTI 30-33%; back-end DTI up to 48%. Buyer must contribute minimum 1% of sale price or $1,500 (whichever is less) and have liquid assets equal to at least one month of proposed household expenses after closing costs. Gift funds permitted up to 10% of purchase price (gift letter and bank statement required). HUD-approved homebuyer education required. $350 Homebuyer Education Stipend due at closing. Property must meet City of New Orleans Housing Code, International Residential Code, and HUD Housing Quality Standards (NSPIRE/HQS inspection by City). Site-specific NEPA environmental review by City. Buyers must use City-approved closing/title agent. Homeowner's and flood insurance required for full replacement value or sale price; City listed as Loss Payee. City of New Orleans employees are eligible. Maximum sales price $324,000.

Direct Homebuyer Soft Second Mortgage Assistance Program limita el ingreso del hogar al 80% del ingreso mediano del área, que varía según el condado y el tamaño del hogar. Household income at or below 80% AMI per HUD New Orleans MSA / Orleans Parish (2025 1p=$48,650; 8p=$91,700). Per Income Guideline Chart at nola.gov. El límite se aplica al ingreso total del hogar, no solo al del prestatario. El programa indica un tamaño máximo de hogar de 8. Las cifras del ingreso mediano del área las publica HUD y se actualizan cada año, así que consulta la tabla vigente del condado antes de basarte en una cifra.

Direct Homebuyer Soft Second Mortgage Assistance Program limita el precio de compra a $324,000. Los tipos de propiedad elegibles incluyen Single-family homes, newly constructed homes, renovated homes, townhouses, condominiums within City of New Orleans / Orleans Parish. La construcción nueva es elegible. Las viviendas prefabricadas no son elegibles.

Direct Homebuyer Soft Second Mortgage Assistance Program menciona a veteranos, miembros del servicio militar activo, reservistas y miembros de la Guardia Nacional y cónyuges sobrevivientes entre los grupos a los que atiende. Aparecer aquí significa que el programa menciona al grupo, no que pertenecer a él baste por sí solo para que un solicitante califique; las demás reglas de elegibilidad siguen aplicándose.

Direct Homebuyer Soft Second Mortgage Assistance Program atiende a compradores de vivienda que compran en New Orleans, Louisiana.

Las solicitudes de Direct Homebuyer Soft Second Mortgage Assistance Program se tramitan a través de la agencia que administra el programa, que publica los términos vigentes y los pasos de la solicitud en su propio sitio. Los fondos se reservan a través de City reviews loan packages after first-mortgage underwriting; commitment letter issued before payment processing. Funds disbursed to title company at closing once all conditions met. Subject to CDBG funding availability ($1M as of January 2026). Hey Prescott no es un prestamista y no acepta solicitudes; esta página describe el programa para que un comprador de vivienda pueda llevarlo a un prestamista o a un asesor de vivienda.