Come see live music in Mandeville.
Festival of the Lake
Our Lady of the Lake Roman Catholic Church
312 Lafitte St.
Mandeville, LA 70448
November 1 – 3, 2024
Free Admission; Tickets for Games & Food/Beverages
Click Here for More Information
A much needed store added to this area in Covington.
Costco Grand Opening
Covington, LA
August 16, 2024
Free event
Click Here for More Information.
This will be the twelfth year for this event in New Orleans.
Gleason Gras
Generations Hall
310 Andrews Higgins Blvd
New Orleans, LA
October 4, 2024
8pm – 11pm
Tickets $75.00 – $50,000+
Click Here for More Information.
Spend the day with the New Orleans Home Builders Association for Fishing & Fun!
Reel Fishing Tournament
Island Marina at Lake Catherine
26204 Chef Menteur Hwy
New Orleans, LA 70129
October 26, 2024
6am – 5pm
$5,000 Total Prizes: $1,000 Largest Redfish (NO BULLREDS) $1,000 Largest Trout $3,000 Largest Stringer (3 trout, 2 redfish)
Tickets $75
Click Here for More Information.
Buying your first home is an exciting milestone that can significantly enhance your life. As a first-time homebuyer, you can make this dream come true, but today’s housing market presents some challenges, particularly the limited supply of homes for sale and ongoing affordability issues. If you’re ready to take this important step, here are three tips to help you navigate the process and achieve your goal. 
The initial costs of homeownership, such as down payments and closing costs, can be daunting. Fortunately, numerous assistance programs for first-time homebuyers can help you secure a loan with little or no upfront money. According to Bankrate:
“. . . you might qualify for a first-time homebuyer loan or assistance. First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. Many help buyers with closing costs and the down payment through grants and low-interest loans.”
To explore these options, reach out to your state’s housing authority or visit websites like Down Payment Resource.
With the current shortage of homes for sale, prices are rising, making affordability a challenge. One way to find a home within your budget is to consider condos and townhomes. Realtor.com suggests:
“For many newbies, it might just be a matter of making a shift toward something they can better afford—like a condo or townhome. These lower-cost homes have historically been a stepping stone for buyers looking for a less expensive alternative to a single-family home.”
Condos and townhomes are often more affordable because they are smaller, but they still allow you to achieve homeownership and build equity. This equity can be a valuable asset, helping you move into a larger home in the future if needed. Hannah Jones, Senior Economic Analyst at Realtor.com, explains:
“Condos can help prospective homebuyers who perhaps have a smaller budget, but who are really determined to get a foothold in the market and start to accumulate some equity. It can be a really great entry point.”
Another strategy for entering the housing market is to buy a home with friends or family members. Sharing the costs of the mortgage and other expenses can make homeownership more affordable. Money.com highlights the benefits:
“Buying a home with another person has some obvious advantages in the mortgage department. With two incomes in the mix, buyers can likely qualify for a larger mortgage — a big help in today’s high-cost market.”
By taking advantage of first-time homebuyer assistance programs, considering condos and townhomes, and exploring multi-generational living, you can overcome the challenges of today’s housing market and purchase your first home. When you’re ready to start the journey, connect with a local real estate agent for expert guidance.
One-fifth of aspiring homeowners (20 percent) believe they’ll never be able to save enough for a down payment, according to Bankrate’s Down Payment Survey. However, you don’t have to rely solely on savings to buy a home. There are numerous forms of down payment assistance available in varying amounts to help you bridge the gap. Here’s a comprehensive guide to your options and how to qualify.
Down payment assistance (DPA) programs provide homebuyers with funds to help cover down payments and, in some cases, closing costs. While a few programs are available at the federal level or through individual mortgage lenders, most assistance is offered locally through state, county, and city government programs.
Most down payment assistance is designed for first-time homebuyers or those with lower to moderate incomes. A first-time homebuyer is defined as someone who hasn’t owned a home in the past three years. These programs are specifically for primary residences, not investment or rental properties. Depending on the program, eligible properties might include single-family homes, condos, townhomes, homes in planned unit developments (PUDs), or multifamily properties up to four units, provided you live in one of the units.
Eligibility typically requires:
Additional requirements may include meeting credit score minimums, contributing personal savings to the home purchase, and completing a homebuyer education course before closing.
Grants:
Grants provide a one-time cash sum, often as a no-interest second mortgage, that doesn’t have to be repaid. These funds can cover all or part of a down payment or closing costs.
Forgivable Loans:
These are second mortgages that function as grants if you meet certain requirements, such as timely mortgage payments and residing in the home for a set period (typically three to ten years). If you move before the period ends, you must repay the loan prorated based on your time in the home.
Low-Interest Loans:
These second mortgages come with affordable interest rates. You’ll repay the loan over a few years along with your primary mortgage, covering the down payment assistance amount plus interest.
Deferred-Payment Loans:
These loans don’t charge interest, and you’ll repay the assistance when the loan term ends, you move, or you refinance your first mortgage.
Individual Development Accounts (IDAs):
IDAs are matched savings accounts where your contributions are matched by private or public funds. They usually have strict income caps and employment requirements and often require financial literacy training. These accounts can be used for down payments and closing costs.
Lender Down Payment Assistance Programs:
Some mortgage lenders offer down payment assistance to eligible borrowers, often in the form of grants or matched savings opportunities. Examples include Bank of America, Chase, and Wells Fargo. To qualify, you’ll need to obtain your mortgage from that lender, which might affect the interest rate.
State Housing Finance Agency (HFA):
Every state has an HFA that assists homeowners and renters. Contact your state’s HFA or visit its website to explore available down payment assistance options.
City or County Website:
Many counties and cities offer down payment assistance. Check your municipality’s website for information.
HUD:
The U.S. Department of Housing and Urban Development (HUD) website provides a list of local homebuying programs by state.
Your Lender:
Your loan officer can guide you to appropriate assistance programs.
Down Payment Resource:
This private company offers resources for homebuyers, real estate agents, and lenders, including an eligibility and assistance lookup tool.
By leveraging these resources, you can find the right down payment assistance program to help you achieve homeownership, easing the financial burden of your down payment.
