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LHC - Louisiana Housing Corporation

MRB – Mortgage Revenue Bond

30 year fixed rate mortgage with a 4% assistance of total loan amount second mortgage. Second Mortgage forgiven 1/36th per month forgiven in 3 years if maintained as primary residence and no refi in first three years. Available on single family home for 1st time homebuyers. Program can be used with Conventional and Government loan options. Single Family 1 unit owner occupied only Income varies per parish, family and target area.  1st Time Homebuyer only.

HOME MRB – HOME Mortgage Revenue Bond

30 year fixed rate mortgage with a 5-9% assistance of total loan amount as a non repayable grant.  Available on single family home for 1st time homebuyers. Program can be used with Conventional and Government loan options. Single Family 1 unit owner occupied only Income varies per parish, family and target area.  Borrower to contribute 1% of sales price or $1500 the lesser of the two. Flood Insurance required regardless of zone.

Soft Second Program

30 year fixed rate mortgage with up to $30K in assistance of total loan amount as a second mortgage forgiven in 5 years if maintained as primary residence and no refi in first five years. An additional 5% assistance of total loan amount for closing cost and pre-paids as a forgivable grant forgiven in 2 years if maintained as primary residence and no refi in first two years. Available on single family and double homes for 1st time homebuyers. Program can be used with Conventional and Government loan options. Income varies per parish, family and target area. Borrower to contribute 1% of sales price or $1500 the greater of the two. Flood Insurance required regardless of zone.

GNMA – Market Rate GNMA Program

30 year fixed rate mortgage with 0, 2 or 3% assistance of total loan amount as a Non–Repayable Grant. Property must be located in State of Louisiana. 1-2 units allowed owner occupied only. Income varies per parish, family. 1st Time Homebuyer NOT REQUIRED. Government Only program.

PREFERRED – Fannie Mae Preferred Conventional Program

30 year fixed rate mortgage with 0, 3 or 4% assistance of total loan amount as a Non–Repayable Grant. Property must be located in State of Louisiana. 1-2 units allowed owner occupied only. 97% Max LTV for single family; 95% Max LTV for 2 unit.  Income cannot exceed $99K. Conventional (Fannie Mae only) first mortgage loans.  These programs offer greatly reduced mortgage insurance costs than comparable FHA loan. 1st Time Homebuyer NOT REQUIRED.

CHOICE – Freddie Mac Choice Conventional Program

30 year fixed rate mortgage with 0, 3 or 4% assistance of total loan amount as a Non–Repayable Grant. Property must be located in State of Louisiana. Single Family owner occupied only. 97% Max LTV for single family. Income cannot exceed $99K. Conventional (Freddie Mac only) first mortgage loans.  These programs offer greatly reduced mortgage insurance costs than comparable FHA loan.

CHOICE – Freddie Mac Choice Conventional Program with Additional Assistance 

30 year fixed rate mortgage with 0, 3 or 4% assistance of total loan amount as a Non–Repayable Grant. In addition to above assistance for income less than 80% AMI additional $1500 in non repayable grant assistance is offered; for Income less than 50% AMI an additional $2500 in non repayable grant assistance is offered. Property must be located in State of Louisiana. Single Family owner occupied only. 97% Max LTV for single family. Income varies per parish. Conventional (Freddie Mac only) first mortgage loans.  These programs offer greatly reduced mortgage insurance costs than comparable FHA loan.  1st Time Homebuyer NOT REQUIRED.  –1st Time Homebuyer NOT REQUIRED however, can’t own a home at time of closing.

Jefferson Parish Housing Authority

SMAP – Southern Mortgage Assistance Program

30 year fixed rate mortgage with 0, 3 or 4% assistance of total loan amount as a Non–Repayable Grant. Property must be located in Jefferson, St. Bernard, St. Charles, and St. Tammany Parish. Single family owner occupied only. 1st Time Homebuyer NOT REQUIRED. Government Only program.

LAGNIAPPE – Freddie Mac Home Advantage Program (Lagniappe Program)

30 year fixed rate mortgage with 0, 3 or 4% assistance of total loan amount as a Non–Repayable Grant. Property must be located in Jefferson, St. Bernard, St. Charles, and St. Tammany Parish. Single Family owner occupied only. 97% Max LTV for single family. Income cap is currently waived.  Conventional (Freddie Mac only) first mortgage loans.  These programs offer greatly reduced mortgage insurance costs than comparable FHA loan. 1st Time Homebuyer NOT REQUIRED however, can’t own a home at time of closing. Freddie Mac Conventional Only.

LAGNIAPPE – Freddie Mac Home Advantage Program (Lagniappe Program) with Low Subsidy Assistance

30 year fixed rate mortgage with 0, 3 or 4% assistance of total loan amount as a Non–Repayable Grant. In addition to above assistance for income less than 80% AMI additional $1500 in non repayable grant assistance is offered; for Income less than 50% AMI an additional $2500 in non repayable grant assistance is offered. Property must be located in Jefferson, St. Bernard, St. Charles, and St. Tammany Parish. Single Family owner occupied only. 97% Max LTV for single family. Income varies per parish. Conventional (Freddie Mac only) first mortgage loans.  These programs offer greatly reduced mortgage insurance costs than comparable FHA loan.  1st Time Homebuyer NOT REQUIRED.  –1st Time Homebuyer NOT REQUIRED however, can’t own a home at time of closing.

Capital Area Finance Authority

CAFA – Government Program

30 year fixed rate mortgage with 3 or 4% assistance of total loan amount as a Non–Repayable Grant. Property must be located in Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Evangeline, Franklin, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, Lafourche, Livingston, Ouachita, Pointe Coupee, St. Helena, St. Landry, St. Martin, St. Mary, Tangipahoa, Terrebonne, Vermillion, Washington, West Baton Rouge, West Feliciana parishes. Income varies per parish and family size. 1-4 Unit owner occupied only. 1st Time Homebuyer NOT REQUIRED. Government Only program.

CAFA – Freddie Mac Home Possible Advantage for HFA Program

30 year fixed rate mortgage with 0, 3 or 4% assistance of total loan amount as a Non–Repayable Grant. Property must be located in Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Evangeline, Franklin, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, Lafourche, Livingston, Ouachita, Pointe Coupee, St. Helena, St. Landry, St. Martin, St. Mary, Tangipahoa, Terrebonne, Vermillion, Washington, West Baton Rouge, West Feliciana parishes. Single Family owner occupied only. 97% Max LTV for single family.  Conventional (Freddie Mac only) first mortgage loans.  These programs offer greatly reduced mortgage insurance costs than comparable FHA loan. 1st Time Homebuyer NOT REQUIRED however, can’t own a home at time of closing. Freddie Mac Conventional Only.

Finance Authority of New Orleans

FANO – Own New Orleans Down Payment Grant Forgivable Program

30 year fixed rate mortgage with a 0, 3 or 5% assistance of total loan amount second mortgage. Stand alone soft second forgivable in five years (20% each year).  Property must be located in City of New Orleans. Program can be used with FHA, VA and Freddie Mac Conventional loan options. Single Family 1 unit owner occupied only. Income Limit for FHA / VA $84,000; Conventional $104,960. 1st Time Homebuyer NOT REQUIRED – For Conventional cannot own a home at time of closing. 1% origination charged on all loan types. Flood Insurance required regardless of zone.

FANO – Own New Orleans Down Payment Grant Non Forgiven Program

30 year fixed rate mortgage with a 10% (up to $20K) assistance of total loan amount. Second Mortgage is a 30 year fixed rate at 0% - Principal Payments are due monthly with 1stmortgage. Property must be located in City of New Orleans. Program can be used with FHA, VA and Freddie Mac Conventional loan options. Single Family 1 unit owner occupied only. Income Limit for FHA / VA $84,000; Conventional $104,960. 1st Time Homebuyer NOT REQUIRED – For Conventional cannot own a home at time of closing. 1% origination charged on all loan types. Flood Insurance required regardless of zone.

Lafayette Public Trust Finance Authority / City of Kenner Community Development

Lafayette Public Trust Finance Authority

Stand alone soft second forgivable in the amount of $8,000 assistance of total loan amount amortized over 15 years at 5%. Principal Payment paid each month. Property must be located in Lafayette Parish Only. Single Family Owner Occupied Only.  Income Limit for family size of 2 or less $78,600; 3 or more $91,700.  1st Time Homebuyer REQUIRED. Government and Conventional loan program options.

City of Kenner Community Development

$35,000 assistance of total loan amount amortized over 5-10 years depending on amount of assistance at a rate of 0%. Stand alone soft second forgivable in the amount of $35,000 assistance of total loan amount amortized over 5-10 years depending on amount of assistance at a rate of 0%. Property must be located in City of Kenner. Single Family Owner Occupied Only.  Income Limit for family size.  1st Time Homebuyer REQUIRED. Government and Conventional loan program options.

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