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Mortgage program session Saturday
An outreach program sponsored by the Jeremiah Group for prospective first-time homebuyers interested in a new mortgage subsidy will be held Saturday from 10 a.m. to 2 p.m. at Southern University at New Orleans.
Thursday's editions of The Times-Picayune erroneously reported the event was set for Thursday.
The event is an effort by community organizers to identify families of modest means who might be able to take advantage of a soft-second-mortgage program being implemented by state and local agencies.
The program will offer qualified buyers up to $65,000 in a no-interest, partially forgivable second mortgage and as much as $10,000 in closing cost assistance, as long as they meet certain income qualifications and can get a first mortgage loan from a participating bank.
The Finance Authority of New Orleans, the New Orleans Redevelopment Authority and the Louisiana Recovery Authority are still working on devising final regulations for the $52 million program, but officials say now is a good time for interested families making less than $71,000 (for a family of four) to try to get pre-qualified for loans.
