Louisiana First-Time Home Buyer Programs of 2020

NerdWalletJanuary 27, 2020

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Buying a home in the Bayou State can mean choosing a neighborhood close to lakes and rivers, abundant with recreational opportunities, or selecting a house in a historic district, bounded by brick streets and boutiques. Either way, Louisiana’s great food and music are always nearby.

Choosing a mortgage is much harder. But first-time home buyers living in Louisiana can access some helpful programs, from down payment assistance to closing cost grants. The Louisiana Housing Corporation helps low- to moderate-income residents obtain 30-year fixed-rate mortgages with below-market interest rates.

National first-time home buyer programs

For residents in all 50 states, these national loan programs allow low, and sometimes even no down payments.

Louisiana Housing Corporation first-time home buyer programs

Programs offered by the Louisiana Housing Corporation (LHC) can apply to first-time home buyers as well as to state residents purchasing again. Some programs are for particular parishes or regions in the state. There are income limits, as well as maximum purchase prices.

Details vary by program, but here are some general guidelines.

LHC highlights and eligibility requirements

Highlights

  • Down payment and closing cost assistance up to 9% of the home’s purchase price

  • Reduced mortgage insurance programs available

  • No origination or discount fees

  • 30-year fixed-interest loans at or below market rates

Eligibility

  • A home buyer education course is required

  • Minimum credit score for most programs: 640

  • The home must be your primary residence

  • Maximum purchase price limits range from $253,800 to $417,000, depending on the program

Your next step

Although these programs are enabled by the Louisiana Housing Corporation, authorized lenders implement them. It’s smart to shop more than one lender, as credit qualifications, terms and other borrower requirements may vary from one lender to the next.

For full details on any Louisiana Housing Corporation program, visit the LHC website.

To get started, consult the list of lenders that participate in LHC programs.

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