2015 First Time Home Buyer Programs for Louisiana USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. Market Rate GNMA Program Market Rate GNMA Program offers 3 percent down payment assistance to both first time and repeat homebuyers must be part of the FHA, VA or RD federal programs. While a bit restrictive in that sense, qualifying borrowers can eliminate the following if they choose this program: Origination or discount fee, potential repayment of soft second mortgage, IRS recapture provision, compliance package, additional bond documents requiring borrower's signature. Market Rate GNMA Program is available on one unit properties. Qualified buyers in Louisiana may apply. LHC Preferred Conventional Program LHC Preferred Conventional Program is for buyers, both first time and repeat, who make less than $99,000 per year. With a minimum credit score of 640, borrowers can qualify to receive 3 percent of the loan amount to be used for a down payment and/or closing costs. LHC Preferred Conventional Program comes with reduced mortgage insurance costs and no origination or discount fees. Qualified buyers in Louisiana may apply.
To apply visit http://buyerprograms.net/louisiana