The Lafayette Community Development Fund offers a First Time Homebuyers Downpayment Assistance Program to assist qualified home buyers obtain an affordable first mortgage loan through a private lender licensed by the LA Office of Financial Institutions.
The program will provide a 5% interest loan up to $8,000 which may be applied toward down payment and/or closing costs. This loan is secured with a second mortgage. If the original homebuyer no longer occupies the house as his/her principal residence prior to the end of the 15-year loan term, the loan is due in full. There is no pre-payment penalty associated with this loan. The monthly payment is $63.26.
Applicants must meet the following requirements:
• First-time homebuyer who has not owned a home as a primary residence in the past three years and/or displaced homemakers.
• Applicant must occupy the home purchased as the principal residence.
• Applicant must have a current signed purchase agreement.
• Applicant shall have an adjust gross income not exceeding the maximum allowable amount established for participation in single family MRB programs administered by the LHC or the LCDF .
• Applicant must meet the credit and loan requirements of the participating lender and mortgage insurer for the primary mortgage.
• New or existing single-family home or town home which is (1) unoccupied, (2) occupied by seller, (3) occupied by the applicant(s) and located within Lafayette Parish.
• Manufactured homes, mobile homes, and duplexes are not eligible.
• Condominiums are eligible.
• The property must not exceed the Louisiana Housing Corporation current maximum acquisition cost for residential housing units in the MRB assisted program .
• The maximum acquisition cost for an existing home or new construction is $316,177
1 to 2 persons - $86,520
3 or more persons - $100,940