St. Tammany Parish Soft Second Program Provides 100% Financing – First Time Home Buyer Grant Program
First time home buyer grant money is now available to assist buyers with purchasing their dream home in St. Tammany Parish. A qualified purchaser will receive a Soft-Second Loan for 20% of the purchase price up to $30,000 available for down payment and up to $5,000 for closing cost based on need. Maximum Purchase Price $200,000 for qualified home buyers to purchase a new or existing home for Single family or 2-unit properties.
Up to $35,000 assistance available for down payment and closing costs- Minimum required home buyer investment-greater of 1% or $1,000
- Minimum 640 credit score
- Single family or 2-unit properties are eligible
- Borrower must complete homebuyer training course
Eligible Borrowers
First time homebuyers with annual household incomes at or below 120% area median income. Income Limits will be adjusted annually according to HUD MSA publications.
Household Size: 1 Income Limit: $49,440
Household Size: 2 Income Limit: $56,520
Household Size: 3 Income Limit: $63,600
Household Size: 4 Income Limit: $70,560
Household Size: 5 Income Limit: $76,320
Household Size: 6 Income Limit: $81,960
Household Size: 7 Income Limit: $87,600
Household Size: 8 Income Limit: $93,240
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.
Soft Second Payment Requirement Upon Sale or Refinance
- 0–3 years: 100% of Soft Second Loan
- 3-4 years: 80% of Soft Second Loan
- 4-5 years: 60% of Soft Second Loan
- After 5 years: $0 due
To qualify for this program as a first time home buyer, you may not have owned a principal residence in the three years prior to purchasing the property.
To find our if you may be eligible for the first time home buyer grant money, contact us today!
