With the Southern Mortgage Assistance Program, The Jefferson Parish Finance Authority offers residents a 30-year fixed rate mortgage with a Down Payment Assistance (DPA) Grant. The assistance covers either 3 or 4 percent of the loan amount for borrowers.

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Southern Mortgage Assistance Program

Financial Assistance for Homebuyers in Louisiana

With the Southern Mortgage Assistance Program, The Jefferson Parish Finance Authority offers residents a 30-year fixed rate mortgage with a Down Payment Assistance (DPA) Grant. The assistance covers either 3 or 4 percent of the loan amount for borrowers of FHA, VA, or RHS loans, or 3 percent of the loan amount for homebuyers with a Freddie Mac HFA Advantage Loan.

Eligibility Requirements:
  • A minimum credit score of 640 or higher is required
  • For an FHA, VA, or RHS loan the borrower's annual income cannot exceed $69,000. For a Freddie Mac HFA Advantage Loan the borrower's annual income cannot exceed $99,000.
  • Freddie Mac HFA Advantage Loan borrowers must be first-time homebuyers
  • If the borrower is a first-time homebuyer, a Home Ownership Education Program must be completed to qualify for a Freddie Mac HFA Advantage Loan. Home Ownership Education is not required for a FHA, VA, or RHS loan.

Property Requirements for Applicants:
  • The residence being purchased must be located within the Parish of Jefferson.
  • The acquisition cost of the residence cannot exceed the amount permitted by FHA ($271,050), VA ($417,000), RHS (no limit), and Freddie Mac's Advantage Loan ($417,000).
  • The property must be a single family home, which includes a condominium unit, or townhouse and can be either a new or existing residence
  • The home must serve as the borrower’s primary residence
  • Duplex, multi-unit, recreational, seasonal, vacation, or investment homes are not permitted in any program
  • Manufactured housing is not eligible for the Freddie Mac HFA Advantage Program
NOTE: Certain borrowers with an FHA, VA, or RHS loans may also be eligible for assistance through the Jefferson Parish Community Development Department. Call 504-736-6262 for further information on their program.

Down Payment Grants in Louisiana

The Expand to Homeownership Program assists homebuyers in New Orleans with the upfront down payment and closing costs when purchasing a home. Repayment is not required if you, the borrower, occupy the home as your primary residence. 

The First-time Homebuyers Assistance Program, established and administered by the City of Kenner Department of Community Development, is designed to provide financial assistance to low, moderate, and median income households trying to purchase a home in the City of Kenner.

With the City of Shreveport’s Home Buyers Assistance Program Participation Initiative (HAPPI), first-time homebuyers can access down payment, buy down, and closing cost assistance through participating local lenders. 

The City-Parish Office of Community Development (OCD) of Baton Rouge’s Homebuyer Assistance Program (HAP) is designed to assist families by providing down payment assistance.  The down payment assistance is a minimum of 3 percent of the purchase price.

With the Southern Mortgage Assistance Program, The Jefferson Parish Finance Authority offers residents a 30-year fixed rate mortgage with a Down Payment Assistance (DPA) Grant. The assistance covers either 3 or 4 percent of the loan amount for borrowers.