BATON ROUGE, La. – April 7, 2015 – (RealEstateRama) — In an effort to further expand homeownership opportunities across the state, the Louisiana Housing Corporation (LHC) will now offer a 30-year LHC Preferred Conventional mortgage program with 3 percent down payment assistance and reduced mortgage insurance.
“Our new mortgage program will enable more Louisiana families to realize their dreams of owning a home,” said LHC Executive Director Fred Tombar. “The program offers some unique advantages including a higher loan to value compared to FHA, higher income limits, and no up-front mortgage insurance premiums.”
Benefits of the LHC Preferred Conventional Mortgage Program include:
- 3 percent assistance provided for down payment, closing costs or prepaid items
- Competitive 30-year fixed rate
- Maximum Loan amount of $417,000
- Available to potential homebuyers with household incomes up to $99,000
- Minimum credit score of 640
- First-time homebuyer requirement does not apply
- Reduced mortgage insurance
- No origination or discount fees
- Available for purchase of 1-2 unit single family residences in Louisiana
Potential homebuyers may also be interested in the LHC’s Market Rate GNMA Program, which offers 30-year FHA, VA or RD mortgage loans with 3 percent down payment or closing cost assistance. This program is available to families whose annual income does not exceed 115 percent of the median income in the parish where the property is located.
For more information about LHC mortgage products, lenders or housing counseling classes, visitwww.lhc.la.gov and click the “Buyers” icon on the homepage. The LHC also operates a toll-free hotline at 1-888-454-2001 and posts program news on Facebook and Twitter.