This program, offered by the Jefferson Parish Finance Authority, provides up to 4% of the loan amount as down payment or closing cost assistance.
Assistance is offered in the form of a grant. FHA, VA, or RHS loan borrowers can receive up to 3% or 4% of the loan amount, while Freddie Mac HFA Advantage Loan can receive up to 3%.
In order to qualify, an individual can have a credit score no lower than 640. Annual income cannot be more than $69,000 (for FHA, VA, or RHS) or $99,000 (for Freddie Mac HFA Advantage Loan). Those utilizing a Freddie Mac HFA Advantage Loan must be first time homebuyers and must complete homebuyer education.
Only properties located within the Parish of Jefferson are eligible for this program. The purchase price limits for 2020 are as follows: $271,050 for an FHA loan, or $417,000 for a VA or Freddie Mac HFA Advantage Loan. There is no limit for an RHS loan.
Only single-family homes are allowed, but properties can be either new or existing residences. The property must be used as the applicant’s primary residence. Manufactured housing is not allowed.
Other programs in Louisiana:
- Expand to Homeownership
- First-time Homebuyers Assistance Program
- Home Buyers Assistance Program Participation Initiative (HAPPI)
- Market Rate GNMA Program
- LHC Preferred Conventional Program