Mortgage Programs

Mortgage assistance programs are available to assist potential homeowners.  Did you know there are private, charitable and government-funded program grants available to assist you?

There are also a number of programs that guarantee your loan or offer a large discount for working in certain career fields.

All have eligibility guidelines and some may only be available through certain lenders, so carefully review each prior to application.
 

MORTGAGE FICO SCORES (2/8)

  • Conventional = 620+
  • FHA = 580+ (3.5% down)
  • FHA 203K = 620+
  • RD = 640+ (zero down)
  • VA = 620+ (zero down)

Lenders look at more than just your credit score. Even with poor credit, some factors could work in your favor:

  • Low loan-to-value ratio (High down payment 10%+) Large amount of money in savings
  • High income Low debt-to-income ratio Long employment history with current employer
     

NATIONAL PROGRAMS

LOUISIANA SPECIFIC PROGRAMS

  • LHC Preferred Conventional Program – allows higher loan to value compared to FHA; higher income limits; and no up-front mortgage insurance premium.
  • Market Rate GNMA – offers 30-year, fixed-rate FHA, VA or USDA Rural Development mortgages at favorable income rates increasing the opportunity for Louisiana citizens to purchase a home.
     

TEXAS SPECIFIC PROGRAMS