‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program

STEPS TO DETERMINE WHETHER YOU MAY QUALIFY:

The first step to determine whether you may be eligible to participate in the ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program is to determine whether the home you want to buy for your principal residence or the principal residence that you already own is located within the Housing Opportunity Zones

The second step is to determine which of the three ‘Pathway to Homeownership’ Funds you intend to use, i.e. The First-Time Homebuyer Fund, The Homebuyer Opportunity Fund or the Welcome Back Home Fund.

The third step is to gather tax returns and W-2s for the last three consecutive years, pay-stubs within the last 30 days, financial documents related to all your sources of income, listing of all real estate investments, listing of all investments in stocks and/or bonds, listing of the balances due to any creditor or for any credit account owed. For those present owners using the Welcome Back Home Fund you must also gather all insurance claim summaries and Road Home award documents. Please note that if you already received payments from the State of Louisiana Road Home Program under the ‘sell’ or ‘relocate’ option you may not be eligible to receive additional assistance.

The fourth step, if you intend to qualify for the The First-Time Homebuyer Fund, is to register with one of the participating homebuyer training organizations certified by the Louisiana Homebuyer Training Collaborative, Inc. and take the required 12-hour homebuyer education and training course.

The fifth step is to negotiate an Agreement to Purchase for a home in the Housing Opportunity Zones (you may need the help of a realtor) or, if you intend to qualify for the Welcome Back Home Fund, get proof of ownership of your home from the Orleans Parish Office of Conveyance, 1340 Poydras, Suite 410, New Orleans, Louisiana.

The sixth step is get at least three written estimates from licensed and insured contractors, if you will be borrowing money to renovate the property.

The final step is to complete a loan application with one of our participating lenders. Please bring all the documentation requested in the third step to the participating lender.

To learn more about the ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program click here.

For more information please call (504) 524-5533 local or (877) 524-5533 toll free.

To fill out the pre-application, CLICK HERE.