Trying to unravel Louisiana first time home buyer grants to buy a home? Find the most grants/programs for home buying in Louisiana and other assistance options below.
Tired of renting and want to own your own house? Awesome! That is truly an exciting prospect. Buying a house in any state is a fabulous endeavor.
Although exciting, it can also be overwhelming. But don't let that bog you down.
The reason for this site is to help you get all the information you need to help you with this much sought after venture of buying a home.
To begin with, the State of Louisiana does offer a Louisiana first time home buyer grant program for its residents. The state agency which maintains this grant program is the Louisiana Housing Corporation.
The program is called the "MRB Program" that gives assistance monies at closing to help with the down payment and closing costs. This assistance can range of 2% to 3% towards those costs. There are income restrictions and various other qualifications for this grant so do your homework.
Another assistance program is called "GNMA Program." It offer assistance for the down payment and closing costs up to 3%. The nice thing with this program is you don't have to be a first time home buyer to qualify! It too has specific income restrictions and other qualifications you'll have to investigate before deciding.
Additionally, there is a program called "Preferred Conventional Program." It has associated with it up to 4% assistance and allows for a higher loan amount. You will have to look into their requirements to see if its a good fit for you.
You can also consider the "MRB Home and Assisted Program." It's assistance program ranged from 5% to 9% depending on how much you are planning to borrow.
Finally, there is the "Choice Conventional Program" with up to 4% assistance associated with it and an additional 2% depending on the area's medium income amount. Plus repeat home buyers can qualify for this program.
All these programs have restrictions and limitations so do some comparisons to find the right one for you.
Louisiana offers a lot of buying options for their residents!
To check out their eligibility requirements, visit their website by clicking here.
The federal government offers additional grant assistance for first time home buyers in Louisiana. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
It is important to note that there are several local first time home buyer grant programs available from specific private organizations in Louisiana.
It is a good idea to start your grant search early in the year. Why? Funding for these programs come in early and are limited. Thus funds can run out before the year ends. Also they take time from applying to actually receiving of funds. So give yourself plenty of time to complete this process.
Another suggestion is to start saving a little money each week. If for some reason you don't get approved for the grant, you have money saved to purchase a home anyway. How is that possible? Since it takes quite a bit of time for this process, you might be surprised what you have saved by the time you find out your status.
The savings may be just enough for the low down payment programs like FHA.
Remember, most of these program can only be offered through certain lenders. So you will need to find a lender who will work with any of these Louisiana first time home buyer grants.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Would you like to know what type of loans are available? Visit our Home Mortgage Information page for tons of information on all kinds of loans. Learn about FHA, VA, and various other types of options.
Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with grants for housing.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Happy House Hunting!!
Go to House Buyer Solutions Home Page.
Oct 08, 19 08:33 AM
Hello, I have a question regarding USDA vs. FHA home loans. I am in the process of getting a home in the next month but was told I wouldn't be approved
Aug 05, 19 10:44 PM
Hi Help please! I am a first time home buyer, buying a home with my fiance'. He is selling his home currently on the market for $125K with no contingencies.
Apr 15, 19 12:36 PM
When buying a home out of state, should we wait for employment contracts? Or can we use our current state's bank? Find the answers here.
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