PATHWAYS TO HOMEOWNERSHIP SOFT SECOND

Program Details

A first-time homebuyer is an individual who meets any one of the following criteria:

• An individual who has had no ownership in a principal residence during the 3-year period
  ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers).
• A single parent who has only owned with a former spouse while married.
• An individual who is a displaced homemaker and has only owned with a spouse.

This program is specifically designed for individuals with an annual household income at or below 80% of the Area Median Income (AMI). Properties cannot be located in a flood zone.

Program Benefits

• A Soft Second Loan of 20% of the purchase price up to $55,000.
• Up to $5,000 for Closing Costs for a total of up to $60,000.

TERMS OF THE PATHWAY TO HOMEOWNERSHIP SOFT SECOND LOAN

Repayment of the principal amount of the Pathway To Homeownership soft second loan shall be deferred until the loan is extinguished upon sale or refinance. In other words, if the homebuyer occupies the home for the full ten year term, then the soft second loan will be forgiven.

INCLUDED PARISHES

Acadia, Allen, Beauregard, Ascension, Assumption, Caddo, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Grant, Iberia, Iberville, Jackson, Jefferson, Jefferson Davis, Lafayette, Lafourche, LaSalle, Lincoln, Livingston, Morehouse, Natchitoches, Orleans, Ouachita, Plaquemines, Pointe Coupee, Rapides, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Union, Washington, West Baton Rouge, West Feliciana, Vermilion, Vernon and Winn.