The Parish plans to use HOME Program funds to assist first-time homebuyers in purchasing their homes by subsidizing closing costs and/or down-payment requirements in conjunction with loan obtained through the Jefferson Parish Finance Authority or other qualified lenders. Qualified applicants may receive up to $50,000* to be applied for the down-payment and normal closing costs. Participants will be required to grant a mortgage to the Parish in the amount of the assistance provided. This mortgage will be for a term of up to fifteen (15) years, non-interest bearing, and will be non-repayable if certain conditions are met. (*Subject to change without further notice.)
Eligibility
Eligible participants include households that have not owned a home during the past three years. The annual maximum allowable household income limits, based on family size, are as follows:
Applicants are required to attend two classes and must present an acceptable certificate of training completion before loan closing. The monthly payment required to service the contemplated mortgage(s) may not exceed 30% of the monthly household income. Applicants must agree to attend a home maintenance class.
Property Requirements
No units built before 1978 will be eligible for program participation if our visual assessment of the property determines that there is deteriorated paint conditions (cracking, scaling, chipping, peeling, chalky, or loose) due to 24CFR, Part 35 "Lead Based Paint Requirements." Such defective condition(s) if found will permanently disqualify the property from further consideration of program participation. Only owner-occupied or vacant single-family homes (no tenant occupied properties) are eligible to qualify for assistance and they must be located in Jefferson Parish (except Kenner, which has its own program). The property must be intended for use as the principal residence of the applicants, cannot house any commercial activity or rental units and must be inspected by us to insure that it meets Section 8 Housing Quality Standards and Jefferson Parish code requirements. The appraised value of the property must not exceed the current FHA 203(b) mortgage value limit of $200,160.00 for Jefferson Parish.
