The Louisiana Housing Corporation offers residents the LHC Preferred Conventional Program, which offers favorable terms when compared to FHA loans. Additionally, the program provides up to 4 percent assistance for down payment, closing costs, and/or prepaid items.

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LHC Preferred Conventional Program

Financial Assistance for Homebuyers in Louisiana

The Louisiana Housing Corporation offers residents the LHC Preferred Conventional Program, which allows higher loan-to-value compared to FHA; higher income limits; and no up-front mortgage insurance premium. Additionally, the program helps homebuyers meet upfront costs with up to 4 percent assistance for down payment, closing costs, and/or prepaid items.

The LHC Preferred Conventional Program is a competitive 30-year fixed rate loan with the maximum loan amount of $417,000. There are no origination or discount fees, and has reduced mortgage insurance.

Eligibility      
  • There is no first-time homebuyer requirement
  • Available for purchase of single family housing (1-2 unit principal residence)
  • Applicants must meet the maximum income limit of $99,000
  • Applicants must have a minimum credit score of 640
  • The property must be located in Louisiana
  • 97 percent LTV  1–unit property, and 95 percent LTV 2–unit property
  • Homebuyer education is required for first-time homebuyers   
Choosing a Lender
The program is partnered with many lenders for a borrower to choose from, and has instructions for applicants when deciding which one is the best for their situation.
  • Select the lender
  • Confirm pre-qualification
  • Make an appointment to be pre-qualified for a mortgage loan utilizing the Market Rate GNMA Program.
  • Meet with lender to complete the loan application process, give them permission to pull a credit rport, and to get help detemining which loan product is most suitable (FHA, VA, or Rural Development).

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.

The Louisiana Housing Corporation offers residents the LHC Preferred Conventional Program, which offers favorable terms when compared to FHA loans. Additionally, the program provides up to 4 percent assistance for down payment, closing costs, and/or prepaid items.

The Louisiana Housing Corporation offers the Market Rate GNMA Program in order to assist residents make the upfront costs of buying a home. Along with a 30-year, fixed rate FHA, VA or USDA Rural Development loan, the program offers homebuyers up to 4 percent assistance for down payment, closing costs, and/or prepaid items.

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.