Are You a First Time Homebuyer?
. . . if so, you may be eligible for a ‘Soft Second’
What exactly is a ‘soft second’?
This is a term used to denote a type of second mortgage on the home that is used to temporarily cover the funds advanced. This second mortgage is gradually ’forgiven’ based on the length of years the buyer lives in the home …..and it totally disappears after a buyer has been in his home ten years. In other words, after 10 years, you no longer owe any part of the $65,000!!
The primary criteria to qualify for this program is credit score and buyer income. (Buyer income limits apply.) It’s also important to note that all buyers on the loan must be first time homeowners… meaning they cannot have owned a home in the last three years.
Because this is a specially dedicated fund, once the funds are used up, it’s all over. So if you are a first time homebuyer with good credit, and you want to buy a home in Orleans Parish, call me immediately. We need to hurry. The home of your dreams is waiting for you!