Urban Restoration Enhancement Corporation (UREC), a nonprofit community development organization serving the Greater Baton Rouge region, is providing amazing homeownership options in Baton Rouge that renters, families working and young professionals can afford.
UREC’s homeownership opportunities also provide many benefits over renting, including building equity, tax deductions, and long term cost savings. For example, a newly built home in UREC’s Urban Gardens neighborhood development costs approximately $138,900. Qualifying applicants with a credit score of 640 and monthly income of about $2,600 can own a 3 to 4 bedroom Urban Gardens with a projected, low monthly mortgage note of $611, including taxes, insurance and PMI.* The projected note is significantly less than what many renters pay for a one-bedroom apartment in the Greater Baton Rouge area.
How is this possible? UREC works hard to connect future homeowners with resources, such as the Homebuyer Assistance Program, which provides up to $50,000 in financial assistance to qualified applicants. In addition, UREC works with community partners that assist with reducing closing costs.
*The projected monthly note takes into consideration credit scores and maximum financial assistance. Actual cost savings for monthly mortgage notes vary and are determined on an individual basis.