The dream of owning a home is more within reach than many Louisiana residents realize, thanks to first-time homebuyer assistance through the Louisiana Housing Corporation.
LHC offers access to low-interest loans — as well as up to 4 percent assistance for a down payment and closing costs — to qualifying Louisiana residents looking to purchase their first home. Homebuyers must have a credit score of at least 640 and must meet income requirements based on their location. Assistance is available statewide for home purchases up to $435,000.
“We’re really excited about offering these opportunities for homeowners,” says LHC Executive Director Keith Cunningham.
LHC administers federal and state funds to further its mission of seeking to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable and energy-efficient housing.
Cunningham spoke with WWL-TV’s Eric Paulsen earlier this year to highlight the organization’s first-time homebuyer programs. “We’ll direct you to a local lender that will work with you and actually get you to a point where we can make that loan and make you a successful homeowner,” Cunningham said.
He says first-time homebuyers programs are especially important now because residents in markets around New Orleans and in southwest Louisiana have experienced substantial rent increases. He says renters across the state are starting to realize the growing opportunities for purchasing a home, as well as the benefits of homeownership.
“What we’re seeing now is, because interest rates are rising and because we’re able to offer a product at such a minimal rate, that we’re able to create more homeowners and more opportunities,” he says.
For more information on these first-time homeowner programs, visit the LHC website or watch the WWL video, linked below.
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