Louisiana Housing Finance Agency

Homeownership (Single Family)
First-time Homebuyer Program

Add me to the Single Family Program Mailing List
Lender ID Request Form

Program Documents

	First time Homebuyers (Home page)
	First time Homebuyers Table of Exhibits
	Bond Program Bulletins and Notices
	Participating Lenders by Parish - BOA
	Single Family Manual
	Loan Pre-Eligibility Testing
	Single Family Web Applications
	Mortgage Calculators (provided by Master Servicer, Standard Mortgage Corporation)
	LHFA Partners

Louisiana Housing Finance Agency offers a number of opportunities for low and moderate income Louisiana families to realize their dreams of owning a home through its First-Time Homebuyer Program.

The program offers a variety of 30-year, fixed-rate mortgages, some at below market interest rates to potential homebuyers. LHFA's current 2011A Program offers a four-tiered interest rate structure:

HOME/MRB Program:
The HOME/MRB Program provides assistance to first-time homebuyers whose annual income does not exceed 80% of the median income (adjusted for family size) in the parish in which the property being purchased is located. The interest rate for the HOME/MRB Program is 2.95% for a 30-year FHA or VA loan. Assistance Payments equal to 4.5% to 9.0% of the Mortgage Loan Amount will be paid at closing to cover part of the down payment, closing costs and prepaid items. The amount of the grant will vary with the size of the loan. Loans will be reviewed to assure that the amount of closing costs is reasonable and customary. Only single family (1–unit), vacant or seller occupied properties will be eligible for the HOME/MRB Program.

MRB Assisted Program:
The MRB Assisted Program loan is also available to homebuyers whose annual income does not exceed 115% of the median income - adjusted for family size - in the parish in which the property being purchased is located. If the property is in a Targeted Area (Qualified Census Tract), the annual income may go up to 140% of the median income - depending on family size along with the increased Targeted Acquisition Limit. The borrower’s investment will be regulated by the particular type of loan being made - FHA or VA. Assistance payments equal to 3% of the Mortgage Loan Amount will be paid at closing to cover part of the down payment, closing costs, and prepaid items. The interest rate for the MRB Assisted Program is 3.99% with a 30-year term. One (1) to four (4) family owner-occupied dwellings will be eligible under this program.

Unassisted Program:
Thisprogram offers an interest rate which is typically lower than market rate and does not provide for down-payment assistance. The current fixed rate is 3.49% and it is available to homebuyers whose annual income does not exceed 115% of the median income except for Targeted Areas (Qualified Census Tracts) where the income can be higher (up to 140% of the median income – adjusted for family size).

CDBG/MRB Program:
The CDBG/MRB Program will bear an interest at 3.15% andAssistance Payments equal to 4.5% to 9.0% of the Mortgage Loan Amount will be paid at closing to cover part of the down payment, closing costs and prepaid items. Properties are limited to 11 parishes and must be one (1) family or two (2) family homes. All applicants must be first-time homebuyers and must agree to use the home as their primary residence for at least 3 years.

Eligibility
2011A Bond Issue allows for the following:

Visit the website to view Exhibit F1 for Standard MRB Maximum Permissible Acquisition Cost & F2 for HOME/MRB Maximum Permissible Acquisition Cost.
Visit the website to view Exhibit G MRB Income Limits - 2011, Exhibit G HOME Income Limits - 2011 and F3 for CDGB/MRB Maximum Permissible Income Limits - 2011.
For the CDBG Program Loans use the HOME Acquisition Cost limit.

The prospective homeowner must also meet income and purchase price limits. Income limits vary with the number of persons in the household and by parish. Purchase price limits vary according to the number of units in the property and if it is located in a targeted or non-targeted area. Also, the homebuyer must use the house as his/her principal place of residence.

If you are interested in owning your home, please contact a participating lender who can provide you with detailed information regarding these programs and guide you through the financing options that are available. Your lender and real estate agent can help you through the process of purchasing your first home and should be able to answer any questions you may have regarding the program.

LOANS ARE AVAILABLE ON A FIRST-COME, FIRST-SERVED BASIS.