St. Bernard Mortgage Down Payment Assistance Program – SMAP
Call us today to see if you qualify 504-814-0169!
The Jefferson Parish Finance Authority has released the details to the Southern Mortgage Assistance Program (SMAP) that is now available to St. Bernard Parish! The SMAP program is currently available to any property that is located in the Southern Mortgage Assistance Area, which includes Jefferson Parish, St. Bernard Parish, St. Charles Parish and St. Tammany Parish (the assistance area may be updated by the Authority from time to time).
The SMAP allows for down payment assistance for FHA, VA and RHS loans to include 3% or 4% of the loan amount, as requested by the borrower, and for Freddie MAC HFA Advantage loans, 3% of the loan amount. The Mortgage Loan Rate is provided by the Jefferson Parish Finance Authority via email and is also available on the Standard Mortgage Corporations website.
The total loan amount allowed for the SMAP program is as follows:
- $275,665 FHA
- $424,1000 VA
- no limit for RHS
- $424,100 Freddie Mac HFA Advantage Loans
To qualify for the Southern Mortgage Assistance Program, the borrower’s income must not exceed the amount permitted by FHA, VA or RHS which is 115% of HUD median income:
- $69,000 for Jefferson Parish, St. Bernard Parish, St. Charles Parish, and St. Tammany Parish.
- $99,000 for Freddie Mac HFA Advantage Loans
Borrowers receiving the SMAP loan must occupy the residence within sixty (60) days of the loan closing.
The borrower does not have to pay any points or origination fees, but the Lender may collect from the borrower its usual and customary costs.The borrower’s FICO score must not be less than 640.
The residence purchased must be a single family, condominium, or townhome. Manufactured housing is not eligible for a Freddie Mac HFA Advantage loan.
Borrowers are not required to be first time homebuyers; however, borrowers cannot own other property at the time of loan closing for a Freddie Mac HFA Advantage loan.
If the borrower or neither of the borrowers of a Freddie Mac HFA Advantage loan has not previously owned a home, the borrower/borrowers must satisfactorily complete home ownership education. Home ownership education is not required for an FHA, VA or RHS loan.
For more information on how this program works or to see what properties are available to purchase that qualify for the SMAP program, give us a call at 504-814-0169 today.
Information curtesy of the Jefferson Parish Finance Authority SOUTHERN MORTGAGE ASSISTANCE PROGRAM TERM SHEET published 3/27/2017.