Louisiana down payment assistance programs allow qualified homebuyers to own their own home with funds for down payments as well as other closing costs that might be associated with their purchase.
Whether you wish to live in an urban or rural environment, there are plenty of homeowner down payment assistance programs available to you. The state of Louisiana differs from many states in that down payment assistance is available for practically any purchase, anywhere. There are qualifications for this assistance, but there are generally two organizations that make this assistance possible and administer the programs. These are statewide and regional programs, the Louisiana Housing Corporation and the U.S. Department of Agriculture Rural Housing. Both of these organizations make down payment and closing cost assistance available to those who qualify.
Louisiana down payment assistance programs are available to urban residents through the Louisiana Housing Corporation, which makes down payment and closing cost monies available to those who qualify. The successful applicants for this program are from low- and medium income single families. Applicants do not necessarily have to be first time homebuyers to qualify for these funds, but they must meet certain income requirements established by the area to qualify. These income requirements are based on a sliding scale dependent on income.
If you so desire, living in a rural environment can be possible through a program set up and administered by the U. S Department of Agriculture Rural Housing Program, which makes monies available for down payment assistance for homes in a rural setting. This program offers successful applicants loans, grants, as well as loan guarantees. This program also offers funds to rehab homes so that they are safe, sanitary, decent, and ready for move-in.
linking words for descriptive essay viagra professional ingredients click here http://www.cresthavenacademy.org/chapter/case-study-example-marketing/26/ https://tffa.org/businessplan/ielts-essay-grading/70/ https://rainierfruit.com/cialis-online-vipps/ research expository essay format outline source http://hyperbaricnurses.org/14271-buy-viagra-by-paypal/ close reading essay strategies bsc nursing dissertation examples free professional essay writers source link http://jeromechamber.com/event/writing-wallpapers-love/23/ side effects viagra use india pharmacy zoloft chemistry coursework rate of reaction analysis enter lancia thesis interior argumentative editing service us classification research paper go to site http://go.culinaryinstitute.edu/write-an-essay-on-the-worst-day-in-my-life/ academic writers methods of problem solving in psychologyВ viagra 100mg price walgreens enter site https://www.sojournercenter.org/finals/opinion-essay-about-fashion/85/ https://thembl.org/masters/sample-high-school-lab-report/60/ http://www.danhostel.org/papers/write-my-paper-for-free/11/ narrative of the life of frederick douglass thesis Below is a list of Louisiana Down Payment Assistance Programs:
No Down Payment Mortgages – mortgages that require no down payment
VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.
Low Down Payment Mortgages – mortgages that require up to 3.5% down payment
FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.
Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.
The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.
Louisiana Down Payment Assistance Programs
LHC Preferred Conventional Program This Louisiana down payment program is for buyers, both first time and repeat, who make less than $99,000 per year. With a minimum credit score of 640, Louisiana borrowers can qualify to receive 3 percent of the loan amount to be used for a Louisiana down payment and/or closing costs. This Louisiana down payment program comes with reduced mortgage insurance costs and no origination or discount fees.
Market Rate GNMA Program This Louisiana down payment program offers 3 percent Louisiana down payment assistance to both first time and repeat home buyers must be part of the FHA, VA or RD federal programs. While a bit restrictive in that sense, qualifying Louisiana borrowers can eliminate the following if they choose this program: Origination or discount fee, potential repayment of soft second mortgage, IRS recapture provision, compliance package, additional bond documents requiring Louisiana borrower’s signature. This Louisiana down payment program is available on one unit properties.
The US Department of Housing and Urban Development (HUD) offers the following programs:
The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.
To learn more about the Good Neighbor Next Door Program, click here.
The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.
Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.
To learn more about Section 184, click here.
Louisiana Housing Agencies
Louisiana housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.