Information for Homebuyers

Prepare Yourself

Preparing yourself to purchase a home takes several steps to ensure you meet all qualifications and requirements.  Follow these simple steps to determine if you are eligible to participate in Louisiana Housing Corporation’s Market Rate GNMA Program:

STEP #1Determine Income Eligibility:  Your household income cannot exceed the maximum allowed for the parish in which you plan to purchase.  Income for all household members is included when determining the maximum income limit.  Click the link for the table of income limits. 

If you meet the Income Limit Requirement, advance to step #2.

STEP #2Choose the Lender:  Click the link for the participating Lenders by parish: 

  • Select the lender.
  • Make an appointment to be pre-qualified for a mortgage loan utilizing the Market Rate GNMA Program.
  • Meet with lender to complete the following:
    • Loan application
    • Credit report (minimum qualifying credit score is 640)
    • Determine loan product (FHA, VA or RD)
    • Confirm pre-qualification

If you are pre-qualified, the lender will advise the price range affordability.

STEP #3Select a Realtor:  Begin your home search and once you have a signed purchase agreement, return to the lender to complete the loan process.

STEP #4Reserve Funds:  The lender will reserve the assistance funds for you with Louisiana Housing Corporation and complete all the remaining processes from loan application to loan closing.

LOAN CALCULATOR – Click the link from Standard Mortgage Corporation, Master Servicer to calculate monthly payments (Principal & Interest only) or loan amounts.