1.     Market Rate GNMA Program is a 30-year loan for both first-time and repeat homebuyers. If you become an eligible borrower, you will be offered up to 4% assistance for down payment, closing costs and/or prepaid items with no restrictions for a first-time buyer.

Market Rate GNMA Program is part of the FHA, VA or RD federal programs and offers you to purchase a home in Louisiana at favorable income rates. You are required to reach a minimum credit score of 640 and your household income be up to 115% of area median income. You are required to contact a lender who will determine the maximum income limits you can reach (all household members are included).

Market Rate GNMA Program allows you to purchase a single family housing (1 unit principal residence) with no origination or discount fees and no additional bond documents or compliance package.

Market Rate GNMA Program requires you to attend a homebuyer educational course and to earn a certification and the necessary knowledge as a homebuyer. You are also advised to contact a specialized lender who will guide you through the application and buying process. The lender is also entitled to reserve the assistance funds for you with Louisiana Housing Corporation and complete all the remaining processes from loan application to loan closing.

 

2.     LHC Preferred Conventional Program is a 30-year conventional loan for both first-time and repeat homebuyers. To be an eligible borrower, your annual income has to be less than $99,000 and you must to reach a minimum credit score of 640. Moreover, you can receive 3 % of the loan amount to be used for a down payment and/or closing costs.

LHC Preferred Conventional Program allows you to purchase a single family housing (1- 2 unit principal residence) with no origination or discount fees and no additional bond documents or compliance package; 97% LTV applies for 1–unit and 95% LTV for a 2–unit property.

LHC Preferred Conventional Program offers you a conventional product which easily allows Louisiana citizens to purchase a home because the program doesn’t require very restrictive conditions. Your income limits may be higher compared with other programs and the maximum loan amount is of $417,000. The property has to be located in the State of Louisiana and the first-time homebuyer requirement does not apply.

LHC Preferred Conventional Program requires you to attend a homebuyer educational course and to earn a certification and the necessary knowledge as a homebuyer. You are also advised to contact a specialized lender who will guide you through the application and buying process.

 

 

 Market Rate GNMA Program

LHC Preferred Conventional Program