Shreveport Home Buyers Assistance Program
Financial Assistance for Homebuyers in Louisiana
Available Assistance
The maximum amount of assistance available with the program is up to 20 percent of the sales price or appraised value of the home, whichever is lesser, depending on the percentage of area median income.
Eligibility Requirements
To be considered eligible for HAPPI, all applicants must meet certain program requirements. Borrowers must be first-time homebuyers; those who have owned a home or held title to a property for three years or longer are not eligible. They must have an annual household income at or below 80 percent of the area median income as determined by HUD (limits shown below). Applicants are required to complete an approved homebuyer education class and must have sufficient credit to qualify with one of the city's HAPPI approved lenders.
Property Guidelines
Any home being purchased must serve as the borrower's primary residence. Properties must be eligible for HUD mortgage insurance or a specific insurance program and must meet minimum property standards. HUD, VA, repossessed properties or manufactured housing are not eligible under HAPPI.
Income Limits
All applicants must have an annual household income at or below 80 percent of the area median income, as shown below:
1 person household: $31,750
2 person household: $36,250
3 person household: $40,800
4 person household: $45,300
5 person household: $48,950
6 person household: $52,550
7 person household: $56,200
8 person household: $59,800
(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)
Down payment assistance programs and/or grants were researched by the team at FHA.com. Please note that all programs listed on this website may involve a second mortgage with payments that are forgiven, deferred, or subsidized in some manner until resale of the mortgaged property.
FHA.com's compilation is not a complete list, but it can serve as a starting point in your search for the down payment assistance program or grant for your situation. It is up to the consumer to contact these entities and find out the specifics of each program.
Down Payment Grants in Louisiana
City of Kenner First Time Homebuyers Assistance Program
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.
Expand to Homeownership
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.
LHC Preferred Conventional Program
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% assistance for a down payment, closing costs, and/or prepaid items.
Market Rate GNMA Program
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.
Shreveport Home Buyers Assistance Program
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.
Southern Mortgage Assistance Program
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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