1st Time Homebuyer Revolving Loan Fund Program

Description:

The Lafayette Consolidated Government and the Lafayette Public Trust Financing Authority offer a First Time Home Buyer Down Payment and Closing Costs Revolving Loan Fund Program to assist qualified home buyers obtain an affordable first mortgage loan through a private lender licensed by the LA Office of Financial Institutions.

The program provides a 5% interest loan up to $8,000 which may be applied toward down payment and/or closing costs. This loan is secured with a second mortgage.

If the original home Buyer no longer occupies the house as his/her principal residence prior tot he end of the 15 year loan term, the loan is due in full.

There is no pre-payment penalty. Includes all previous loans serviced by Lafayette Consolidated Government.

Hours:

M-F; 8A - 5P

Intake Process:

Call for assistance

Program Fees:

None

Languages:

English

Eligibility:

Applicant(s) must meet the following requirements:
* First-time home buyer(s) who has not owned a home as a primary residence in the past three
years and/or displaced home makers (please check with our office).
* Applicant(s) must occupy the home purchased as their principal residence.
* Applicant(s) must have a current, signed purchase agreement.
* Applicant(s) shall have an adjusted gross income not exceeding 115% of the current Lafayette Parish Median Income.
* Applicant(s) meet the credit and loan requirements of the participating lender and mortgage insurer for the primary mortgage.
* Applicant(s) have completed the LCG Home Ownership Training (HOT) Course within the last 12 (twelve) months.
* Applicant(s) must obtain a first mortgage interest rate not to exceed 9% with no prepayment penalties.
* Front and back end debt to income ratios must be under 31% and 43% respectively

Income Limits: Family Size 2 or less - Maximum annual income of $69,000; Family size 3 or more - Maximum annual income of $80,500.

Handicap Accessible?

Yes

Is Shelter?

No

Related Resource

Date of Official Change:

August 16, 2014

Address Listings

Contacts

Phone Numbers

Legal Status:

Federal