Homebuyer Assistance Programs & Grants

Better living starts with homeownership. Be assertive in your quest of the American Dream. Be financially prepared and tap into the available resources to help you realize your goal sooner. Here’s a checklist of potential housing grants and homebuyer assistance programs available in Louisiana. This list includes state and federal programs that can help first-time and repeat homebuyers with down payments, closing costs, and more. Let us know you are ready and we can connect you to financial institutions facilitating these programs, get you on track for financing preapproval and shopping for a home that meets your lifestyle.

Louisiana Homebuyer Assistance Programs

Louisiana Housing Corporation (LHC) Programs:
- Market Rate GNMA Program:
  - Provides 30-year fixed-rate mortgages and down payment assistance.
  - Available to first-time and repeat buyers.
  - Income limits and purchase price limits apply.
- LHC Homeownership Assistance Program (HAP):
  - Offers down payment and closing cost assistance up to 4% of the mortgage amount.
  - Available to low- and moderate-income households.
- Mortgage Revenue Bond (MRB) Program:
  - Aimed at first-time homebuyers and veterans.
  - Offers low-interest-rate loans and assistance for down payments and closing costs.
  - Income and purchase price limits apply.
- Resilience Soft Second Program:
  - Provides up to $55,000 in assistance for down payments, closing costs, and principal reduction.
  - For residents in specific parishes affected by disasters (e.g., hurricanes).
- City-Specific Programs:
  - New Orleans Soft Second Program:
    - Offers forgivable loans for down payment and closing cost assistance.
    - Grants of up to $65,000 for eligible homebuyers.
  - East Baton Rouge Parish Down Payment Assistance:
    - Provides forgivable loans up to $7,000.
    - Must be a first-time homebuyer with income restrictions.
  - Federal Housing Programs:
    - FHA Loans (Federal Housing Administration):
      - Low down payment (as low as 3.5%) for first-time homebuyers.
      - Flexible qualification guidelines.
    - VA Loans (Veterans Affairs):
      - No down payment for eligible veterans, active-duty service members, and surviving spouses.
      - No private mortgage insurance (PMI) requirement.
    - USDA Rural Development Loans:
      - No down payment for homes in qualifying rural areas.
      - Income limits apply.
    - Good Neighbor Next Door (HUD):
      - Provides 50% off the list price of homes in certain revitalization areas.
      - For law enforcement officers, teachers, firefighters, and emergency medical technicians.
    - First-Time Homebuyer Tax Credits:
      - Mortgage Credit Certificate (MCC) Program (LHC):
        
        Allows first-time homebuyers to claim a tax credit for a portion of their mortgage interest.
        
        Must be used in conjunction with an LHC mortgage program.
      - Non-Profit and Other Assistance Programs:
        
        Habitat for Humanity:
        
        Offers affordable housing programs for low-income families.
        
        Homebuyers invest “sweat equity” by working on their home and others.
        
        Community Development Block Grants (CDBG):
        
        Federally funded grants that help low-income families with home purchases.
        
        Managed by local municipalities, with availability varying by city.
        
        Disaster Assistance Programs (FEMA & HUD):
        
        Louisiana Restore Program:
        
        For homeowners affected by natural disasters.
        
        Grants for home repairs, reconstruction, and rebuilding.

General Eligibility Requirements:

Most programs have income and purchase price limits.
Some are only for first-time homebuyers, while others are open to repeat buyers.
Credit score and debt-to-income ratio requirements vary by program.
Homebuyers typically must complete homebuyer education courses to qualify.

This checklist provides a general overview of the main assistance programs available in Louisiana, though many have specific eligibility and application requirements. Always verify details through program administrators or housing counselors for the most accurate and up-to-date information.