Market Rate GNMA Program: 4.50%
Homeownership (Single Family)
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Market Rate GNMA Program:
Louisiana Housing Corporation’s Market Rate GNMA Program is available to potential homebuyers with household income up to 115% of area median income (AMI) established by parish. Borrowers are not required to be first-time homebuyers. The program offers FHA/VA/RD loan products with 30 year, fixed rate mortgages at competitive market interest rates. Rates are updated and posted daily to the LHC website. The program provides non-repayable down payment and closing costs assistance in the amount of 3.0% of the loan amount to be used towards down payment, closing costs and/or prepaids. The Market Rate GNMA Program allows mortgage limits set by the FHA/VA/RD loan products. Single family, one unit dwellings condos and townhomes are eligible property types. Borrowers that qualify for the LHC’s MRB and CDBG programs are not eligible to participate in the program. Applicants may apply through LHC participating lenders. “Reservations are ONLY allowed between 9:00 am and 6:00 pm CST daily”
HOME/MRB Program - Funds Currently Unavailable:
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
N/A for a 30-year FHA,
RD 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
- Funds Currently Unavailable:
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
, RD or VA. Assistance payments equal to 3.50% 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
N/A with a 30-year term. One (1) to four (4) family owner-occupied dwellings will be eligible under this program.
Unassisted Program - Funds Currently
This program offers an interest rate which is typically lower than market rate and does not provide for down-payment assistance. The current fixed rate is
N/A 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).
Targeted Unassisted Program
- Funds Currently Unavailable:
The Targeted Unassisted Program offers a lower than market rate of
N/A and does not provide any assistance for down-payment. Applicants must be first-time homebuyers and properties must be one (1) or two (2) family homes located in the following designated parishes: Acadia, Bienville, Calcasieu, Cameron, Claiborne, Concordia, East Carroll, Franklin, Iberia, Jefferson, Madison, Morehouse, Natchitoches, Plaquemines, St. Landry, St. Tammany, Tangipahoa, Tensas, Terrebonne, Vermilion and Washington. Income limits vary depending on the parish.
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.