Your Questions Answered:

WHAT HAPPENS IF MY CREDIT ISN'T GREAT?

THE GATES ON MANHATTAN is a national model for making sure that working families can afford the American dream of homeownership. Banks and other lending institutions are requiring credit scores of 700 and above in order for families to qualify for homes. The partners of THE GATES ON MANHATTAN are making it possible for families who may have faced difficult times in the aftermath of Hurricane Katrina and whose credit scores are significantly lower than those required by banks to own for less than renting today!

HOW DOES THE GATES ON MANHATTAN PROGRAM WORK?

If you have a credit score of at least 500 and a minimum of one year stable work history, you may qualify for one of THE GATES ON MANHATTAN's beautiful two or three-bedroom homes at the Gates on Manhattan, 1050 Manhattan Blvd. on the Westbank, convenient to work and play. Once you qualify you will enter into a lease/purchase agreement that will allow you to live in your new home for up to 18 months while building your creditworthiness. Our non-profit organizational partners American Sunrise Communities and NACA will work with you while you lease until your credit rating reaches a level where you qualify for a mortgage.

HOW MUCH WILL MY LEASE PAYMENTS BE? HOW MUCH WILL MY MORTGAGE BE?

Under THE GATES ON MANHATTAN, you will pay less than rent while you lease your new home. Our experienced counselors will develop an individual lease/ mortgage payment with you that will allow you to pay the same to lease as your mortgage once you qualify.
WILL I GET A REGULAR MORTGAGE OR AN ADJUSTABLE-RATE MORTGAGE?
Thanks to the participation of the non-profit NACA in THE GATES ON MANHATTAN, once you switch from a lease to a mortgage, your mortgage will be a 30-year, fixed-rate mortgage at one full percentage point below the market rate!

HOW MUCH IS THE DOWN PAYMENT FOR THE MORTGAGE?

Because of their incredible financing strength, NACA is able to offer THE GATES ON MANHATTAN participants no down payment financing! there is only a required $500 deposit.

I LIVE IN BATON ROUGE AND AM HAVING TO COMMUTE TO NEW ORLEANS EVERY DAY TO WORK. I WANT TO MOVE MY FAMILY BACK TO NEW ORLEANS, BUT RENTS ARE TOO HIGH AND HOMES ARE TOO EXPENSIVE. IS THIS PROGRAM FOR ME?

The THE GATES ON MANHATTAN program has been designed specifically with you in mind. Whether you live in New Orleans and need a home, or you were displaced by Katrina and want to come home, THE GATES ON MANHATTAN Is Bringing New Orleans Home!!

THIS SOUNDS GREAT! HOW DO I GET MORE INFORMATION ON THE GATES ON MANHATTAN?

To find out more about THE GATES ON MANHATTAN, please call and speak with one of our representatives.