The Home Buyer's Korner

Information presented should be used for educational purposes only.

January 28th, 2017

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Down Payment Assistance


The days government assistance programs aren’t as easily found as they were a few years ago, but home buyers can still get mortgages with little to no money down if they know were to look.

From down payment assistance grants to interest-free second mortgages and other special mortgage programs, there are a number of options for home buyers who want to buy a home without a down payment.

You still need to have decent credit and all of your income has to be thoroughly documented.

Often, potential home buyers have what it takes to qualify for a mortgage, but haven’t managed to save enough for a down payment, or simply don’t want to spend all of their savings on a down payment. Meanwhile, money from the many types of down payment assistance programs, available through state and local housing agencies, goes unused because home buyers think they don’t qualify for help.

When you think of down payment assistance, you think of would-be home buyer that are income challenged, but these are not just for low-income folks. They are for working people who make a decent income, but don’t have enough to save for a down payment.”

Buyers can earn as much as 120 percent to 140 percent of the median area income and still qualify for some down payment assistance programs.

For instance, that median income for New Orleans is $26,131 and would-be home buyers can often qualify for down payment assistance, soft seconds and grant whose income is 31,357 or less a year for a single person. Higher income levels are available for families.

To find down payment assistance programs available in New Orleans your best resources will come from a real estate agent who works with first time home buyers and your mortgage lenders.

We’ve provided a few resources you should contract to find out what is available:

American Dream 

Down Payment Resource



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Organizing your home shopping experience affords a wise decision making process.

This simple home inspection tool makes your ultimate buying decision a smart one.

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