Home buyers have a new choice in mortgage programs with the Louisiana State Bond Program. You don’t have to be a first time home buyer to take advantage of this program, but there are income and credit score limits.
LOUISIANA STATE BOND PROGRAM
PRICING: Based on current market rate, 0% origination fees, 0% discount fees
ASSISTANCE: 3% (based on loan amount)
INCOME LIMITS: $69,345 (Orleans, Jefferson and St. Tammany Parishes)
PURCHASE PRICE LIMITS:
- FHA (Orleans and Jefferson) $287,500
- FHA (St Tammany) $271,050
- VA (All parishes) $417,000
- RD (All parishes) No limit
THE RULES FOR QUALIFYING:
- Credit score of 640 or above
- Limited to FHA, VA or RD loans
- Single family homes only
- Do not need to be a first time home buyer
- Assistance is a grant and does not need to be repaid
- Must occupy the home as your primary residence within 60 days of closing
If you are interested in applying for the state bond program, don’t delay – when the money is gone, it’s gone!
Call us at (504) 327-5303 and we will get you in touch with one of our lenders right away.