Is Homeownership For Me?

• Many people can become a homeowner. With a solid credit rating and a stable income, the leap to homeownership is entirely possible. A house can fulfill the greatest hopes you have for yourself and your family; it is a place be happy, feel healthy, and  call home for the rest of your lives.

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Why Own a Jericho Road Home?

• Wealth accumulation, eventually leading to improved credit scores, greater financial stability and increased resources for retirement.

• The opportunity to invest in a community where property valuesare continuously increasing.
  

• New construction, meaning less maintenance over time than older structures.
  
• Increased square footage with more bedrooms and bathrooms, and space to spread out.
• A healthier and a more energy-efficient setting.

• An institution—to raise children in, to grow old in, and to be a permanent part of your family.

• The freedom to decorate and model your house as you wish.
  

• Be a part of a community revitalization movement.
  

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Jericho Road Homeowners Are:

• Diverse: individuals and families, single fathers and mothers, , young and old, professional andretired, local and new residents

• Earning at or below 120% of Area Median Income: considered low-to-middle income

• Dynamic community leaders, respectable and responsible
  
• Often first-time homebuyers

• Respectable and responsible

• An essential component to the neighborhood goal of revitalization
  
• Role models and leaders for other community members.
  
  

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What Is Required to Qualify for a Jericho Road Home?

Jericho Road homeowners must meet the following requirements before purchasing a home:

INCOME


• Jericho Road determines our income requirements from a yearly index published by the U.S. Department of Housing and Urban Development. This data uses the average income of variously sized households to calculate the income limits both above and below this amount.
  
• Chart: 2010 Area Median Income (AMI) for New Orleans

Number of People in Household (Adults and Children)	80% Limit of AMI	120% Limit of AMI*
1	$34,300	$51,480
2	$39,200	$58,800
3	$44,100	$66,120
4	$48,950	$73,440
5	$52,900	$79,320
6	$56,800	$85,200
7	$60,700	$91,080
8	$64,650	$96,960
*Calculated by multiply the 50% Income Limit by 2.4




• As a minimum requirement, Jericho Road homeowners must make less than 80% of the AMI, or the second column in the chart above.

• If you are considered an “essential worker” for the City of New Orleans, we will allow you to make up to 120% of the AMI, or the third row in the chart.

• For Jericho Road, essential workers are employed in civic-orientated occupations, such as nurses, teachers, police officers, and fire-fighters
  

HOMEBUYER TRAINING

• Homeowners must complete a 12-hour First-Time-Homebuyer Training Course before closing.
• Training locations include:
  • Neighborhood Housing Services (NHS)
  • Neighborhood Development Foundation (NDF)
  • The Preservation Resource Center (PRC)

BANK APPROVAL

• A potential homeowner must be pre-approved by lender for a traditional mortgage before submitting an offer to purchase. However, if you are concerned about this, Jericho Road has experts on staff who are here to help you find out what is possible.

INITIAL INVESTMENT

• Homebuyers must invest a minimum of $2,500 as a down payment towards the purchase of a new home.

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How Do I Finance a New Home?

• Don’t be intimidated by the price of a Jericho Road home.
• Those who have rented for years often don’t realize that homeownership is a possibility. With a good credit score and reliable income, many renters can buy a house and set up a mortgage that is similar or sometimes less expensive than what they were previously paying in rent.

• A mortgage, like rent payments, is usually a monthly expense. However, each payment on a mortgage works towards paying off
  the price of the home loan. In our experience, monthly mortgage payments for a Jericho Road home are often between $700 and
  $900 per month.

• Jericho Road recognizes that most homebuyers may need special assistance. We can offer assistance to homebuyers by way of subsidies, grants and down-payment assistance programs.

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I Am Interested in Owning a Jericho Road Home. What Do I Do Now?

• If you would like to move forward and learn more about buying a home, please contact a Chris Ross, Jericho Road Director of Housing. He will set up a meeting with you to discuss next steps, take a closer look at a Jericho Road home and begin the qualifying process.