1. Louisiana has down payment funds available with no extra work on your part. This is available to all Louisiana residents, but is only available through some lenders. In Orleans, I have a contact who can assist you.
2. City and parish level down payment and closing cost funds are available but there may be additional requirements. They are worth it, and detailed below. (Orleans and Jefferson parishes)
LOUISIANA STATE-WIDE INFO
First of all, the state has funds available for down payment assistance that do not require any extra work on your part. No classes, no extra applications or anything. This is the program I used to purchase my first property.
You apply for your mortgage and mention that you are a first time buyer and you want the down payment assistance. Your banker will tell you how much is available and help you prepare to shop for a property.
Also, you can buy a single family or multi-family property as long as you live in the property for one year after purchase.
But there is a program in Orleans that covers down payments and closing costs, reducing your out of pocket costs to almost $0 for the purchase of your first property. However, you will need to complete a course and other requirements as listed below.
JEFFERSON PARISH INFO
(the following was sent to the brokerage I work with, from lenders in Jefferson Parish)
Good morning –
I wanted to let you know that Jefferson Parish Department of Community Development opened their program yesterday, 05/20/2019. You and your client(s) can go to their website www.jeffparish.net for any questions or concerns. Jefferson Parish has up to $40,000.00 for down payment, closing cost and prepaid assistance. City of Kenner has up to $50,000.00 for down payment, closing cost and prepaid assistance. City of Kenner clients can also be directed to the Jefferson Parish Department of Community Development website. Please let me know if you should have any questions.
Have a nice day!
NEW ORLEANS INFO
The following comes directly from: Nola.gov's Community Development page.
CITY OF NEW ORLEANS DIRECT HOMEBUYER ASSISTANCE PROGRAMDirect Homebuyer Assistance Program
The Direct Homebuyer Assistance Program provides down payment and closing costs subsidies to eligible first- time homebuyers. Subsidies made available to Homebuyers Bridge the gap between the purchase price of the home and the maximum first mortgage loan amount. Subsidies also include closing costs.
The City of New Orleans Office of Community Development is pleased to announce that $3,000,000 in Community Development Block Grant funds (CDBG) will be made available for the Soft Second Mortgage Program beginning March 11, 2019. This program is a direct homebuyer assistance program that provides down payment and closing cost subsidies to eligible first-time homebuyers whose income does not exceed 80% of the Area Median Income (AMI). The Soft Second Mortgage Program assist Homebuyers to bridge the gap between the purchase price of the home and the maximum first mortgage. Eligible homebuyers may receive up to $35,000 in soft second funds and up to $5,000 in closing cost assistance.
To qualify, the buyer must:
Please contact Tonya Bernard 504-658-4245, Taymia Muse 504-658-4243 or Lindsay Smith 504-658-4244
There are deals out there, and I use my time and skills to locate exactly what matches my client's goals. If you are an investor, here are 3 properties that are low priced and likely to be profitable. Whether you are a first time investor or a seasoned one.
Not an investor? Send me a message (firstname.lastname@example.org) or leave me a comment and I'll locate some great options for you.
Under the new tax law (effective 2018) the first $250,000 from a home purchase are tax free for single individuals and up to $500,000 for those married and filing jointly. (Shout out to extra savings for the loving couples out there.)
Don't sell just to take advantage of the current tax law. BUT if you have been thinking about selling, it would be a good idea to make that move before the end of the year.
Every year, the government makes decisions about fiscal matters, such as taxation. This means the current tax free benefit might not be there next year.
I'm ready to work for you and get you the profits you deserve. Let's grow your wealth.
Source: Snider, Susanne. US News & World Report, "What Are the Tax Benefits of Buying a House?," Ocr 17, 2018.