2 Programs That Will Let You Purchase a Home With Zero Money Down

    How much of a down payment do you need to buy a home? Today I’ll discuss your options.

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    If you were thinking of buying a home, but you’re concerned about being able to make a down payment, I’ve got great news for you today.

    There are two programs that will eliminate the down payment for you—one is provided by the city, and the other is provided by the state.

    The City of New Orleans will give you up to $30,000 to buy your first home. Now, this doesn’t necessarily mean that this must be the first home that you have owned; it primarily means that you shouldn’t have owned a home for the last three years. So when you turn in your income tax and other relevant financial information and you can demonstrate that you haven’t owned a house for the last three years, then you should be able to qualify.

    Under this program, you can also get special consideration if you were affected by Hurricane Katrina. While the hurricane struck back in 2005, there are still some of us living here in New Orleans who were massively affected by the storm, and there are still others who left after the fact and are now moving back to the area. This program can help struggling and displaced families find a home here again.

     

    Both of these programs will give you the opportunity to buy a home with your down payment and closing costs paid for, meaning you can finally stop paying rent.

     

    Provided by the State of Louisiana, the other program available allows you to purchase a home with zero money down. If you’re buying a home in a rural area outside of New Orleans proper, you can buy a home with zero money down. If you’re buying in a more densely populated area, then the state has up to $10,000 they can give you, as well as another $5,000 to help with your closing costs.

    Now, don’t misunderstand me—it’s still a good idea to have money in the bank, because your lenders will want to see that you’re financially capable of owning the home, which includes money for certain contingencies, moving expenses, and so forth.

    Both of these programs will give you the opportunity to buy a home with your down payment and closing costs paid for, meaning you can finally stop paying rent.

    If you have any questions about either of these programs or about buying a house in general, don’t hesitate to reach out to me. I’d be glad to help you.

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