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 Resilience Soft Second program is designed to cover the affordability gap between the maximum amount that a homebuyer can afford and the purchase price of the home.
Read on to find out if this program is right for your prospective borrower.
A first-time homebuyer is an individual who meets any one of the following criteria:
This program is specifically designed for individuals with an annual household income at or below 80% of the Area Median Income (AMI).
Properties cannot be located in a flood zone.
Repayment of the principal amount of the resilience soft second loan shall be deferred until the loan is extinguished upon sale or refinance.
In other words, if the homebuyer occupies the home for the full ten year term, then the soft second loan will be forgiven.
There are income and purchase price limitations and the program is limited to Gustav/Ike and Isaac designated parishes:
Acadia, Allen, Ascension, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, De Soto, East Carroll, East Baton Rouge, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Helena, St. James, St. Landry, St. Martin, St. Tammany, Tangipahoa, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana and Winn Parish
Use this helpful mortgage calculator to determine your monthly payment amount and help budget for your new home. Go to calculator
The LHC offers several programs that can assist eligible homebuyers reduce their down payments. Learn More
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