Programs For 1st Time Buyers
First time home buyers in Louisiana have many options available to them for help in purchasing their first residence. The Louisiana Housing Corporation (LHC ) provides some very substantial programs for Louisiana residents seeking to purchase their first home.
Here are some highlights:
The LHC’s Single Family Homeownership Programs help low- to-moderate- income homebuyers achieve the American dream of owning their own homes. The programs offer a variety of 30-year, fixed rate mortgages, some at below market interest rates. Assistance is available for both first-time homeowners and people who have owned homes before. Each program has different rules and regulations.
Market Rate GNMA Program
The Market Rate GNMA program offers 30-year, fixed-rate FHA, VA or USDA Rural Development mortgages at favorable income rates increasing the opportunity for Louisiana citizens to purchase a home.
- Competitive 30-year fixed rate
- Available for purchase of Single Family housing (1 unit principal residence)
- Property must be located in Louisiana
- Household income up to 115% of area median income
- Minimum credit score of 640
- First-time homebuyer requirement does not apply
- Up to 4% assistance for down payment, closing costs and/or prepaid items
- No origination or discount fees
- No additional bond documents or compliance package
For complete details on these programs, including contact information and instructions on how to apply, please visit this LHC programs page.
More Louisiana First Time Buyer Programs
In addition to the above homebuyer programs offered by IHDA, there are local housing agencies in various towns, cities and counties throughout the state that provide financial assistance to 1st time property buyers as well. To determine if there any near you, please visit local first time home buyer programs in Louisiana.