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
- USDA Rural Development – offers a Guaranteed Loan Program and Direct Loan Program for purchase of owner occupied property and a Multifamily Housing Direct Loans for financing rental housing.
- VA Home Loan Program – provides home loan guarantee to honorably discharged Veterans, Servicemembers and surviving spouses to purchase or build a home.
- HUD Good Neighbor Next Door Program – offers law enforcement officers, teachers, firefighters and emergency medical technicians homes in certain communities for 50% of list price.
- FHLBank Atlanta – grant programs available for active duty soldiers and veterans.
- Military Housing Assistance Fund – provides grants to assist active duty soldiers with purchasing a home.
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
- Homes for Texas Heroes / Home Sweet Texas Home – available for teachers, fire fighters, police and correctional officers, veterans, and low and moderate-income homebuyers.
- Mortgage Credit Certificate Program – available to teachers, fire fighters, peace officers, veterans, and low and moderate-income homebuyers.
- Taxable Mortgage Program – offers more competitive fixed interest and annual percentage rates while providing down payment and closing cost assistance of up to 5 percent of the mortgage loan.