Information for Home Buyers in the New Orleans Metro AreaInformation for Home Buyers in the New Orleans Metro Area

One of the largest, most nerve-racking purchases you will ever make is buying a home. Whether its your first home or your fifth home, this is no small decision. There is so much advice out there regarding this topic and yet many of the steps remain the same. First-time home buyers often feel lost and need additional information before moving ahead with their first purchase.  Let’s break it down. There are 10 major steps to buying a home. 

How much can you afford? Budget & Stick to it!

This is THE MOST important part. Find out how much you are qualified for, but even more so, how much you can actually afford. It is said that your mortgage payment should only be ¼ of your total monthly income. This is so you don't become “house poor”. Whatever this number is for you, that should be your budget and you want to stick to it no matter what. It might not be time for your dream home but it could be time for your starter home. 

What are your mortgage options?

There are many mortgage options out there depending on what you do for a living and if you are putting a down payment onto the purchase of this home. 

  • VA Loan- For eligible veterans/no down/low and fixed interest rates
  • Conventional Loan- not insured by the federal government/has a PMI if there is less than 20% of a down payment
  • FHA Mortgage- little or no down/from an FHA approved lender and insured by federal housing administration

Preapproval Letter

Once you have selected your mortgage type and what lender you are going through they will work with you to get a preapproval letter that you can use with your agent as you begin to look for your home. 

Select a real estate agent

Reach out to trusted friends and family around you for a referral or call a local real estate office to get referred to an agent. 

Pick your home/neighborhood

Alongside your agent you will begin your search within your parameters financially and your desires. 

Offer/Offer acceptance

Once you have selected your desired home your agent will work with you to write and submit your offer. This offer can be accepted or the sellers can counter your offer and then you can accept or counter again. This can go back and forth until there is an agreement or you walk away from that transaction. 

Inspection/Appraisal

Once your offer is accepted, then you move forward into the escrow process. This involved many things but the two major ones are the inspection and appraisal.

  • Inspection- A licensed inspector that has the state building codes will come to inspect every inch of the home to point out anything and everything that may possibly need repair or meets all the standards. A full report is given to both the buyer and seller. 
  • Appraisal- this is done by an appraiser who comes out to determine the value of the home in the current market conditions and many times this needs to match the sale price in order for the mortgage loan to have final approval. 

Negotiations with seller

Based on the results of the two above, you will work with your agent to negotiate with the seller for repairs on the home, lowering of the sale price, or a financial credit within the sale of the home. 

Loan Approval/Loan Docs signed

When all negotiations are settled and the loan is approved then you will sign your loan docs with a notary. 

Escrow docs signed/Close of Escrow.

When the loan is financed and everything is complete, you will sign closing docs, the loan will be funded, and you will close escrow.This is the moment you get your keys and the house becomes your new home!


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8 Properties
$125,000
Neighborhood: Not a Subdivision
2
Beds
2
Baths
832
Sq.Ft.
2016
Year Built
1
Day on Site
2379431
MLS
Freshly painted with updates, 2 bedroom 2 bath unit in prime Metairie location. This unit overlooks the pool area, community is gated for security and beautifully landscaped with common areas that...
3
Beds
2
Baths
1,905
Sq.Ft.
2008
Year Built
1
Day on Site
2379452
MLS
Classic craftsman home with original architectural details updated in 2008. Much activity in the area with renovations and new construction. Lots of space with real wood floors. Off street parking in...
$365,000
Neighborhood: Not a Subdivision
3
Beds
2
Baths
1,750
Sq.Ft.
2020
Year Built
1
Day on Site
2379458
MLS
WHO WANTS TO LIVE ON THE LAKE? BEAUTIFUL THREE BEDROOM TWO BATH HOME HIGH ABOVE LAKE PONTCHARTRAIN!! HOME IS LESS THAN 4 YEARS OLD. OPEN FLOOR PLAN THAT OVERLOOKS LAKE PONTCHARTRAIN. LARGE MASTER...
$189,000
Neighborhood: Not a Subdivision
3
Beds
1F11/2
Baths
1,400
Sq.Ft.
1978
Year Built
1
Day on Site
2379167
MLS
Move in ready all brick home in Reserve! Kitchen features stainless steel appliances and granite countertops. Large laundry room with utility sink. Covered carport in back and detached shop/shed in...
3
Beds
2F11/2
Baths
1,765
Sq.Ft.
2020
Year Built
1
Day on Site
2379442
MLS
Located just a few blocks from the Freret street corridor and St Charles Ave. Built in 2020, this gorgeous three bedroom with two and a half baths comes equipped with stainless steel appliances,...
$695,000
Neighborhood: Not a Subdivision
5
Beds
5
Baths
5,011
Sq.Ft.
1978
Year Built
1
Day on Site
2379313
MLS
Stunning Victorian Style home on approx 2.87 Acres, in-ground pool, tennis/basketball court, and BREATHTAKING views of the grounds. 400 yr old Oaks. Boasting 5 bedrooms, 5 baths, Open Kitchen/Great...
$190,000
Neighborhood: Harvey Canal
3
Beds
2
Baths
1,476
Sq.Ft.
2022
Year Built
1
Day on Site
2379358
MLS
Come check out this Fully Renovated Property and make it your home! Kitchen has granite countertops, stainless steel appliances, and big farm style sink. Brand new roof, HUGE backyard, and Good size...
3
Beds
2
Baths
1,520
Sq.Ft.
2007
Year Built
1
Day on Site
2379464
MLS
Double Lot Property With Home That Has Been Renovated After Katrina And Recently Freshened Up Throughout. Newer Roof "After Ida" Newer Double Insulated Windows, New Doors, New Paint, Must See Special...