Louisiana - Government Backed Loans

The Louisiana Housing Finance Agency was established in 1980 pursuant to the Louisiana Housing Finance Act contained in Chapter 3-A of Title 40 of the Louisiana Revised Statutes of 1950, as amended. The enacting legislation grants the Agency the authority to undertake various programs to assist in the financing of housing needs in the state of Louisiana for persons of low and moderate incomes.

Purchase Programs

HOME/MRB Program

First-time homebuyers are offered low-interest, fixed-rate 30-year mortgages with the HOME/MRB Program. Up to 2% of the monthly interest paid on a HOME Assisted Program loan may be deposited into an escrow account and transferred to another eligible borrower with a HOME Assisted Program loan to supply other borrowers with loaned funds.

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Low Rate Program

The Low Rate Program bears interest at 5.95%, with the borrower's investment regulated by a FHA, VA, RD or Conventional loan. The Low Rate Program offers a low-interest, fixed-rate 30-year mortgage to first-time homebuyers.

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Teacher's Assistance Program

Designed for first-time homebuyers who are employed full-time by their county school board, the Teacher's Assistance Program offers low-interest, fixed-rate 30-year mortgages to eligible applicants. Payments equal to 4% of the loan will be paid at closing in order to partly cover downpayment and closing costs.

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Assisted Program Loan

The Assisted Program Loan offers an interest rate of 6.3% to first-time homebuyers on a fixed-rate mortgage loan with a 30-year term. An initial payment equal to 4% of the loan is to be paid by borrowers at closing in order to partly cover downpayment and closing costs.

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American Dream Downpayment Initiative - ADDI

ADDI offers low-income, first-time homebuyers grants up to 6% of the home's sale price or $10, 000, whichever is greater, in conjunction with homebuyers' first mortgage loan.

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