MRB Home and Assisted

THE MORTGAGE REVENUE BOND ASSISTED PROGRAM

This program helps prospective homebuyers who may not have enough money to meet down payment and closing costs. The program has interest rates that are usually at market level.

PROGRAM DETAILS

• Must be a first-time homebuyer unless the property is in a targeted area
• The property must be in Louisiana
• The borrower must meet local income requirements
• Purchase price cannot exceed established purchase price limits
• If the property is in a Targeted Area (Qualified Census Tract), the annual income may go up to 140% of the median income - depending on family size along with the increased Targeted Acquisition Limit.
• Minimum Credit Score 640

PROGRAM BENEFITS

• Down payment and closing costs assistance come in the form of a soft-second that is equal to 4% of the mortgage amount
• Reduced MI for Conventional Loans

CDBG| MRB PROGRAM

This program helps prospective homebuyers in designated parishes of Louisiana who are at 80% AMI or less and may not have enough money to meet down payment and closing costs. The program has interest rates that are below market level.

PROGRAM DETAILS 

• Must be a first-time homebuyer
• The property must be located in Louisiana and in a parish affected by Hurricanes Laura, Delta and Ida in Louisiana
• Must meet 80% or below AMI income requirements by parish and household size
• Purchase price cannot exceed HOME purchase limits
• Minimum Credit Score 640

PROGRAM BENEFITS

• A Soft Second Loan of 20% of the purchase price up to $55,000 per household and up to $5,000 grant for closing cost for a total of up to $60,000
• Reduced MI for Conventional Loans
• Program has a CDBG Builder Assisted Set-Aside which provides lower interest rate

Determine If This Program Is Right for You

Not all prospective homebuyers are eligible for these programs. To determine if one of these programs is right for you, follow these simple steps:

STEP #1 – Determine Income Eligibility: See above to find out if you meet the income requirements for your area.

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

STEP #2 – Choose a Lender: 

• Select a lender. Find approved lenders here
• Make an appointment to be pre-qualified for a mortgage loan.
• Meet with the lender to complete the following:
  • Loan application
  • Credit report
  • Confirm pre-qualification
  • If you are pre-qualified, the lender will advise the price range affordability

STEP #3 – Select a Realtor: Begin your home search; once you have a signed 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.