How's The Real Estate Market?

The Market has changed, but we are excited that there are great opportunities for buyers and sellers.

The New Orleans Finance Authority has introduced the “Pathway to Homeownership’ Soft-Second Mortgage Program”. 

The First Time Home buyer Fund offers soft-second mortgage loans at zero (0%) per cent interest up to $65,000 and a closing cost assistance grant up to $10,000 for a home buyer who has not owned a principal residence within the last three (3) years or no longer owns a home because of a divorce or death of spouse. This fund serves first-time home buyers person purchasing homes in the Housing Opportunity Zones.

Income Limits Have Increased. Gross household incomes of qualifying borrowers for this fund cannot exceed the following:

The borrower must also invest at least 1% of the purchase price or $1,500 from personal funds, which ever is the greater.

Home buyers who have already received payments from the State under the “sell” or “relocate” option under the Road Home Homeownership Program are not eligible to receive additional financial assistance from this program.

To learn more about the ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program  or any we have listed below call us today.

We are the Realtor team here to help you with the above program or the various programs below that have come out that are of great importance if you do not qualify for the  path to homeownership- soft second or are in Jefferson Parish (Pathway Program, Soft Second, IDA’s, Liz Ruth Funds) and much more to assist the community.  We are asking your help in getting the word out.  We want to be the Realtors® to assist you and your employees in the home buying process.

Why should your staff rent when they can own?  The enclosed programs are geared to help make the purchasing of a home more affordable.  These are just a few of what is out in the market today. 

1)     Pinnacle Mortgage Group is offering a great program:
Rural Development Program with loans up to $102% of the appraised value under the.  You do not need to be a first time homebuyer.  Lexa McDaniel is the loan officer to go to for this program. She can be reached at 985-727-0755 or by email at lexa@mortgagebypinnacle.com

2)      Capital Lending has several programs to offer and can guide you to the best fit for  you.  She specializes in puchases and refinances of home loans.  Capital lending offers conventional, FHA, 100% Rural Development, and State bond loans.  For seniors they also offer Reverse Mortgages. Karla Herrera is the bilingual loan specialist.  Karla can be reached at (504)251-6636 or via email at karlaherrera1214@gmail.com.

3)      Jefferson Parish Finance Authority is offering a 4% grant to all borrowers for closing cost, DPA or pre-paid items. 6.36% interest on a 30 year fixed rate mortgage. Income limits: two or less people $71,760 three or more people $83,720.  Borrowers DO NOT need to be first time homebuyers.

4)      Kenner Community Development offers $10,000 grant for first time homeowners but you must own the home for 5 years minimum.

5)    Jefferson Parish Bond Money:  Program 2008B, Mortgage Rate - 6.75%, 4% DPA in the form of a Grant, NO RECAPTURE TAX, FHA and Conventional Loans
All Participating Lenders.  Call the Jefferson Parish Finance Authority for further info: 504-364-2767 or your lenders.

6)   Congress Enacts Bigger and Better Home Buyer Tax Credit of $8,000
A tax credit of up to $8,000 is now available for qualified first-time home buyers purchasing a principal residence on or after January 1, 2009 and before December 1, 2009. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid.

$7,500 Tax Credit: This program went into effect on April 8th and ended January 1, 2009.  The tax credit is for 10% of the purchase price up to $7,500. It is important to note that this is a tax credit and not a tax deduction.  In other words, if you owe $7,500 in taxes, it would be a wash.  You have to pay it back, of course. You would pay back $500 per year for the next 15 years.  It is interest free.  You should discuss this with your lender or CPA. For more information go to www.federalhousingtaxcredit.com

These monies can be used for down payment to lower the monthly note or closing cost or a combination of both.  What a great way to get into your home today!

Please pass on the information to your fellow workers, friends and family!  We would like to be your Realtor® Team and are willing to do what is necessary to get you in homes.  We are a bilingual firm.  We will gladly provide you a list of homes for sale in your area.  Thank you for give us your time.

We hope to hear from you (504) 464-6224 or www.conchitasulli.com!

Best regards,

Conchita L. Sulli, ABR, LTG, GRI

Conchita L. Sulli & Associates, Inc.

Realtor® / Bienes Raices