Are you looking to buy a home with 100% Financing and make too much money to qualify for the Rural Development program?
The LA CAFA Home Loan Grant may be your solution!
CAFA’s Mortgage Origination Program will provide a competitive 30-year fixed rate mortgage with a non-repayable homebuyers grant of up to 4% of the original mortgage amount to qualifying low and moderate income homebuyer families in eligible loan area parishes of Louisiana.
The details for the CAFA program are as follows:
- The mortgage rate for the Louisiana CAFA Home Loan Grant program will be slightly above market rate and vary depending on the Down Payment Assistance Option chosen. The program mortgage rates are subject to change daily in order to remain competitive with the market.
- Each homebuyer family will receive a non-repayable homebuyers grant equal to either 3% or 4% of the final principal balance of the mortgage loan depending on the interest rate selected.
- FHA 30 year or Freddie 30 year Home Possible-HFA, fixed rate only. Minimum 640 FICO score, maximum 45% debt-to-income (DTI) ratio. All first-time homebuyers under the program are required to take an approved homebuyer education course.
- No first-time homebuyer requirement
- Maximum “credit qualifying” income 115% of AMI for FHA or 140% AMI on Freddie Conventional (see parish specific limits in table above)
- Maximum home loan limits: Agency limits as applicable
If you are looking to buy a home, give us a call at 985-778-2525 and get started today!
