The Mortgage Revenue Bond Assisted 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.

Just the facts

If you are interested in owning your home, please contact a participating lender who can provide you with detailed information regarding these programs and guide you through the financing options that are available. Your lender and real estate agent can help you through the process of purchasing your first home and should be able to answer any questions you may have regarding the program.

 

Program Details

  • Must be a first-time homebuyer unless the property is in a targeted area. 
  • Down payment and closing costs assistance come in the form of a soft-second that is equal to 4% of the mortgage amount
  • 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.
  • Find a house that meets the program requirements (1 unit). You can do this through a real estate agent or on your own.
  • Obtain a signed purchase agreement for the home
  • A real estate agent can help you negotiate a contract. Apply for the home loan with any LHC participating lender.

MRB Assisted Program Documents

Income and Purchase Price Limits

  • Greater Baton Rouge Non-Targeted Area
    • Family Income – 2 or fewer people: $74,800
    • Family Income – 3 or more people: $86,020
    • Home purchase price limit up to $271,164
  • Greater Alexandria And Monroe Non-Targeted Area
    • Family Income – 2 or fewer people: $62,100
    • Family Income – 3 or more people: $71,415
    • Home purchase price limit up to $271,164
  • Greater New Orleans Area
    • Family Income – 2 or fewer people: $65,600
    • Family Income – 3 or more people: $75,440
    • HOME purchase price limit up to $271,164