{"id":4156,"date":"2016-04-27T09:21:59","date_gmt":"2016-04-27T09:21:59","guid":{"rendered":"https:\/\/www.movoto.com\/foundation\/?p=4156"},"modified":"2016-04-27T09:21:59","modified_gmt":"2016-04-27T09:21:59","slug":"first-time-homebuyer-louisiana-incentives-programs-and-grants","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/first-time-homebuyer-louisiana-incentives-programs-and-grants\/","title":{"rendered":"First Time Homebuyer Louisiana: Incentives, Programs, and Grants"},"content":{"rendered":"

There’s hardly a more exciting venture for\u00a0Americans than purchasing a home<\/a> for the very first time. If you are (or soon-to-be)\u00a0a resident\u00a0of Louisiana, there are many government and local incentives that can assist you during the first time\u00a0home buyer Louisiana process.<\/p>\n

What\u00a0programs are available to first\u00a0time home buyer Louisiana?<\/h2>\n

\"first<\/p>\n

The Louisiana Housing Corporation<\/a> offers two different programs to give low-to-moderate-income homebuyers the opportunity to achieve the American dream.<\/p>\n

Market Rate GNMA Program<\/em><\/p>\n

The Market Rate GNMA Program offers competitive 30-year fixed rate, FHA, VA, or USDA Rural Development mortgages. This program is only available for the purchase of a single-family housing until located in Louisiana. The household income can be up to 115 percent\u00a0of the area’s median income. Those applying must have a minimum credit score of 640. Benefits of this program include up to\u00a04 percent assistance with fees, such as down payment, closing costs, or prepaid items.<\/p>\n

LHC Preferred Conventional Program<\/em><\/p>\n

The LHC Preferred Conventional Program is ideal for first-time homebuyers at a higher income bracket. It\u00a0allows a considerably higher loan value when compared to FHA loans. Those who are eligible may enjoy a competitive 30-year fixed rate mortgage with a maximum loan amount of $417,000. Of course, this program is limited to single-family homes located within the state of Louisiana. Applicants are allowed an income of up to $99,000. Benefits include no additional bond documents or compliance package required from the homebuyer. There are also no origination or discount fees. Those in the program can earn assistance up to 3 percent for down payments, closing costs, or any prepaid items. Homebuyers in the LHC Preferred Conventional Program may also enjoy reduced mortgage insurance.<\/p>\n

Both programs offered by the Louisiana Housing Corporation may be eligible to first time home buyer Louisiana and those who have previously owned\u00a0homes. However, those purchasing homes for the first time must complete\u00a0homebuyer education from a list of sponsors throughout the state.<\/p>\n

Does Louisiana offer new homebuyer counseling?<\/h2>\n

\"first<\/p>\n

The state of Louisiana strives to prepare its residents for the homebuying process through education. Buying a home for the first time can be a complicated and confusing ordeal. That’s why the state features a range of first\u00a0time\u00a0home buyer Louisiana\u00a0education classes to ready you for homeownership. These courses are directed towards getting new homebuyers in the mindset of making big financial and personal decisions related to homeownership in Louisiana.<\/p>\n

These courses are designed to help you prepare for homeownership by:<\/p>\n