Louisiana state Bond money is now available on a first come basis with an accepted contract for first time home buyers. Those who have not owned a home in the last 3 years would be eligible. The LHFA State bond money carries an interest rate of 3.95% for 30 years. You also get a 3% down payment assistance as well. This is like a gift. The rates are great and everyone likes a gift as well. There is a .75% origination fee.
This can folded into a an FHA or VA where you are allowed to ask the seller to pay your closing cost and pre-paid up to a certain point. This will normally fall between 3% and 4%. On a $200,000 loan you can get $12,000 with 3% assistance and 3% sellers concessions to off set your cost of buying.
There are income limits will vary by Parish along with limits on the purchase price. The best I can tell is that the maxium purchase price is $258,690. The income limits for two or less is $61,200 and $70, 380 for three or more. The State has 20 million for this so it may not stay around for long.
For additional information you should call my favorite lender Julie Baudier at 504-583-1793 cell to check out the details. She gives quality service plus the best deal that she can. She works for Standard Mortgage in Metairie. If you fish then you can give her your best fish story. Tell her Eric sent you…………