LHC Choice Conventional Program

LHC’s Commitment

In keeping with its mission to ensure that every Louisiana resident is granted an opportunity to obtain safe, affordable, energy-efficient housing, the LHC offers the Choice Conventional Program. This program can provide an additional subsidy to help cover closing costs for homebuyers that meet the income requirements for their parish.

Read on to find out if this program is right for you.

Program Details

Competitive 30-year fixed rate
Available for purchase of 1-unit principal residence (Detached/attached, PUD's, Condos)
Maximum loan amount of $424,100
Property must be located in Louisiana
Maximum income limit of $99,000
Minimum credit score of 640
97% LTV 1-unit property
Homebuyer education required for first-time homebuyers

Program Benefits

Up to 4% assistance for down payment, closing costs and/or prepaid items
Up to an additional 2% assistance for closing cost and prepaid items based on borrower AMI
First-time homebuyers and repeat buyers allowed
Reduced mortgage insurance - HFA Advantage Mortgage Insurance Coverage 18%
No origination or discount fees
No reserves required
No borrower contribution required
Permitted ownership of other residential property under certain circumstances
Limited program documentation

Determine If This Program Is Right for You

Not all prospective homebuyers are eligible for this program. To determine if the Choice Conventional Program is right for you, follow these simple steps:

STEP #1 – Determine your income: The maximum annual household income is $99,000.

To determine if you’re eligible for the additional subsidy, refer to Exhibit F(b).

If your income is equal to or below the amount the 80% AMI amount for your parish, you may be eligible for the subsidy. Consult with an approved lender for more details.

STEP #2 – Choose a Lender:

Select a lender. Find approved lenders here
Make an appointment to be pre-qualified.
Meet with the lender to:
- Complete a loan application
- Order credit report
- Pre-qualify for a mortgage loan

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

STEP #4 – Reserve 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.

LHC Choice Conventional Program

LHC’s Commitment

Program Details

Program Benefits

Determine If This Program Is Right for You

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