The Louisiana Housing Corporation has provided the Market Rate GNMA Program to eligible individuals.
As much as 4% of the purchase price of the house can be accessed as funds to pay for part or all of the down payment, closing costs, or other prepaid items. As an added bonus, this program does not have any origination or discount fees.
In order to qualify, applicants cannot have a credit score lower than 640 or an annual income limit more than 115% of the area median income. Only single-family properties in Louisiana are accepted.
Interested individuals should talk with potential lenders about this program.
Other programs in Louisiana:
- Expand to Homeownership
- First-time Homebuyers Assistance Program
- Home Buyers Assistance Program Participation Initiative (HAPPI)
- Southern Mortgage Assistance Program
- LHC Preferred Conventional Program