You may customize the display of services below.
Click here to print this page or use your computer's Print function.
Full Resource Name:
1st Time Homebuyer Revolving Loan Fund Program
Address
200 West Second Street
Lafayette, LA 70501
(337) 504-2314
Date of Official Change:
August 16, 2014
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
Mailing
Lafayette Public Trust Financing Authority
P.O. Box 3205
Lafayette, LA 70502
Physical (Primary)
200 West Second Street
Lafayette, LA 70501
Contacts
Information
Phone Numbers
Referrals/Admin
(337) 504-2314
Home Ownership Training (HOT) Course
(337) 291-5450
Legal Status:
Federal
Services
Click here to show all service details. Or click on a service name to see its details specifically.
Geography Served
If a location is grayed out it means that only certain areas within it are covered. The areas with complete covereage are listed in black.
Geography Served
If a location is grayed out it means that only certain areas within it are covered. The areas with complete covereage are listed in black.