These government initiatives can make the process easier and more affordable, empowering Louisiana residents to own their first home.
One example of these programs is Louisiana ‘s First Time Home Buyer Grant (FTHBG) program. The FTHBG program assists those in Louisiana who qualify as first-time homebuyers in covering the costs associated with purchasing their first home or refinancing their existing mortgage. The program offers up to $5,000 to assist with down payment and closing costs for single-family homes, townhouses, or condominiums, depending on the lender’s eligibility requirements. In order to qualify, buyers must have an income that is 120% or less of the area median income, must have not owned a house within the last three years, and must complete a homeowner counseling program.
Louisiana also provides two additional homebuyer assistance programs. The Step Up Louisiana Homeownership Program provides up to $20,000 for down payment and closing cost assistance to qualified buyers in certain parishes. The program is available for single-family detached homes, townhouses, and condominiums, as long as the property is located in one of the eligible parishes. The program’s qualifying criteria includes an income that is 140% or less of the area median income, and the buyer must have not owned a house within the last three years. Additionally, buyers must obtain an approved mortgage loan from a participating lender, and must complete an approved homebuyer education course.
The LA Housing Trust Fund (LHTF) provides down payment and closing cost assistance to eligible low- and moderate-income families in areas where the housing supply is insufficient. The LHTF program offers up to $15,000 toward down payment and closing costs for single-family homes, multi-family units, and condominiums, as long as the property is located in an eligible parish. To qualify, people must have an income that conforms to local and state guidelines, must have not owned a house in the past three years, must obtain an approved mortgage loan through a participating lender, and must complete an approved homebuyer education course.
In summation, Louisiana has a number of competitive grants and programs to help first-time homebuyers get into their dream home. The state offers up to $5,000 in assistance with down payments and closing costs through the First Time Home Buyers Grant (FTHBG) program, up to $20,000 in assistance through the Step Up Louisiana Homeownership Program, and up to $15,000 in assistance through the LA Housing Trust Fund (LHTF). All of these initiatives are designed to make home ownership more affordable and attainable for qualified Louisiana residents.
This article was contributed on Jul 10, 2023
