The Louisiana Housing Corporation (LHC) has created the LHC Preferred Conventional Program, a program which can help with closing costs, prepaid items, and the down payment.
As much as 4% of the sales price of a home is offered to eligible applicants.
In order to qualify, an applicant cannot have an annual income higher than $99,000 or a credit score lower than 640.
This program does not have a first-time homebuyer requirement, but first-time homebuyers who apply are required to finish a homebuyer education class.
Only single-family properties (with 1 or 2 units) that are owner-occupied are allowed.
This program has higher loan-to-value limits (LTV) than FHA loans. The LTV is 97% for 1-unit properties and for 2-unit properties it’s 95%.
Other programs in Louisiana:
- Expand to Homeownership
- First-time Homebuyers Assistance Program
- Home Buyers Assistance Program Participation Initiative (HAPPI)
- Southern Mortgage Assistance Program
- Market Rate GNMA Program