STATEWIDE PROGRAMS

Market Rate GNMA Program

Assistance Available:
In order to ensure that the maximum number of Louisiana residents have access to safe, affordable, energy efficient housing, the Louisiana Housing Corporation offers them 30 year fixed rate mortgages through the FHA, VA, and USDA Rural Development.

You can get a maximum of 4% for downpayment and closing costs. There are no discount or origination fees. There are no compliance packages or bond documentation required.

Qualifications:
You must have a minimum credit score of 640. Your household income cannot exceed 115% of the area median. The home purchased must be located in Louisiana and be single family construction. You do not have to be a first time home buyer.

LHC Preferred Conventional Program

Assistance Available:
The Louisiana Housing Corporation also offers qualified Louisiana residents a Preferred Conventional Loan Program. This program allows a higher loan to value ratio than FHA, no upfront mortgage insurance premiums, and a higher income limit. These are 30 year fixed rate mortgages.

You are allowed to purchase a one or two unit residence as long as it is used as your primary residence. The maximum loan to value for a one unit property is 97%. The maximum loan to value for a two unit property is 95%. The maximum amount borrowed cannot exceed $484,350.

Qualifications:
You must have a minimum credit score of 640. Your household income cannot exceed $99,000. You can get up to 4% for downpayment and closing costs. You must complete a home buyer education course. There are no additional compliance packages or bond documents required. There are no discount or origination fees. You do not have to be a first time home buyer. There is reduced mortgage insurance.

CITY AND COUNTY PROGRAMS

New Orleans
Own New Orleans

Assistance Available:
The Finance Authority of New Orleans has 2 assistance options to assist New Orleans residents obtain affordable and safe housing. They offer a 30 year FHA or Freddie Mac mortgage with downpayment assistance in the form of a maximum 10% interest free second mortgage. Payments on the second mortgage are made concurrently with the first mortgage.

The Own New Orleans program also offers a plan that includes a 30 year FHA or Freddie Mac mortgage along with a 3% - 5% forgivable second mortgage to assist with your downpayment and closing costs. The second mortgage does not have to be repaid as long as you live in the home for a minimum of 5 years.

Qualifications:
Your household income cannot exceed $101,280. A minimum credit score of 640 is required. Your debt to income ratio cannot exceed 45%. A Homebuyer Education Class certificate is required. The property purchased must be located in New Orleans Parish. It must be 1 or 2 units. The home must be move in ready. The loan cannot be used for renovations.

City of Kenner
First Time Homebuyers Assistance Program

Assistance Available:
The City of Kenner Department of Community Development administers this program for residents of Kenner who are first time homebuyers and have low to moderate incomes. The program offers deferred payment loans of up to $50,000 to cover the cost of downpayment, closing, and to reduce primary loan amounts.

These loans are forgiven according to the specific terms of the grant. For instance, if you receive assistance of less than $15,000 you must occupy the property as your primary residence for a minimum of 5 years. If the amount of assistance you receive is over $40,000, you must occupy the property for a minimum of 15 years.

Qualifications:
You must be a citizen of the United States or a legal alien. Your income cannot exceed the limits defined by HUD. For instance, the income of a family of 4 cannot exceed $52,500. You may not have owned a home in the last 3 years. You must not have been excluded from the program in the last 3 years.

The property purchased must be located within the city limits of Kenner. The home must be a single family dwelling. You cannot purchase the property as a rental or for an investment. You must live in the home as your primary residence. New and existing homes qualify. The current maximum purchase price is $180,000. Homes constructed prior to 1978 are not eligible if a visual inspection reveals deteriorated paint conditions as per federal regulations regarding lead base paint.

City of Shreveport
Homebuyers Assistance Program Participation Initiative (HAPPI)

Assistance Available:
Shreveport Community Development offers financial assistance through the Homebuyers Assistance Program Participation Initiative (HAPPI) in the form of up to 20% of the purchase price. The actual amount of assistance is dependent on the percentage of median income. Additional incentives are provided to homebuyers who purchase property in specific zones designated by the Community Development Department.

Qualifications:
Your income must not exceed 80% of the area median. You must have sufficient credit to obtain a loan from an approved HAPPI lender. You must not have owned your own home in the past 3 years. You must complete an approved homebuyer education course. Repossessed HUD and VA homes as well as manufactured homes do not qualify. All homes must meet minimum property standards.

Jefferson Parish
Southern Mortgage Assistance Program

Assistance Available:
The Jefferson Parish Finance Authority offers 30 year, fixed rate, fully amortizing loans with 3% - 4% grant assistance through the Southern Mortgage Assistance Program. Participants must qualify for an FHA, VA, or RHS mortgage. There is no repayment, no recapture, and no second lien.

Qualifications:
You must have a minimum credit score of 640. You do not have to be a first time homebuyer. Effective April 18, 2018 the maximum allowable annual borrower income is $75,440, which is 115% of the area median income. There are currently no loan limits.

The property purchased must be located in Jefferson, St. Tammany, St. Charles, or St. Bernard Parish. Single family, condominiums, townhomes, new and existing homes are eligible. Duplexes, multi-family, vacation homes, rental property, and investment properties are ineligible. There are no origination or discount fees. Homeownership education courses are not required.