Menu

MRB Home and Assisted

The Mortgage Revenue Bond Home Program

This program helps prospective homebuyers 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 in Louisiana
  • Must meet local income requirements
  • Purchase price cannot exceed home purchase limits

Program Benefits

  • Down payment and closing cost assistance ranges between 5% to 9% depending on the loan amount
  • Reduced MI for Conventional Loans

Purchase Price and Income Limits for 2020

Greater Baton Rouge Area
    • Home purchase price limit up to $271,164
      • Family Income – 1 person: $44,000
      • Family Income – 2 people: $50,250
      • Family Income – 3 people: $56,550
      • Family Income – 4 people: $62,800

Greater New Orleans Area
    • GNO purchase price limit up to $271,164
      • Family Income – 1 person: $39,450
      • Family Income – 2 people: $45,050
      • Family Income – 3 people: $50,700
      • Family Income – 4 people: $56,300


 

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 or below 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.

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

Purchase Price and Income Limits for 2020

Greater Baton Rouge Non-Targeted Area
    • Home purchase price limit up to $271,164
      • Family Income – 2 or fewer people: $78,500
      • Family Income – 3 or more people: $90,275

Greater Alexandria and Monroe Non-Targeted Area
    • Home purchase price limit up to $271,164
      • Family Income – 2 or fewer people: $64,300
      • Family Income – 3 or more people: $73,935

Greater New Orleans Area
    • Home purchase price limit up to $271,164
      • Family Income – 2 or fewer people: $70,400
      • Family Income – 3 or more people: $80,960

Resources

WANT TO LEARN MORE ABOUT OUR PROGRAMS FOR HOMEBUYERS?

Request More Info
See Daily Rates