East Baton Rouge Parish, LouisianaWest Baton Rouge ParishIf you are buying a home in East Baton Rouge or West Baton Roug,  the Louisiana LHFA bond can provide from 4% to 9% of the mortgage loan amount to be paid at closing to cover part of the down payment, closing costs, and prepaid items.  There are income limits and home cost limits.  And the program interest rates vary depending on which type of loan for which you quality.  The HOME program gives a minimum of 4.5% and a lower interest rate.  The assisted program gives 4% and a slightly higher interest rate.  Both give assistance toward other monthly costs. This program allows slightly lower credit scores than the present FHA lowiest limit of 620.  The popular rural developmnet funding isn't available for homes inside the city limits of Baton Rouge.

Many are wondering:   can use these programs and still get the $8000 1st time homebuyer tax credit?  Yes, there is no exclusion for type of mortgage or if you pay cash.  The important thing is that you be sure you close on an home BEFORE November 2009, which is the desdline for obtaining the $8000 tax credit that is part of the Economic Stimulus plan.

What a great time to buy a home with interest rates ranging from 4.5% to 6.9% depending on which mortgage program you select and qualify for!

Related questions about the $8000 tax credit for 2009:

1.  What Is a First Time Homebuyer?

2,  Do I Have to Wail until next year when I file my 2009 return to get the $8000 credit?

 
This post has been included in Louisiana Real Estate News East Baton Rouge Parish, LA Real Estate News Baton Rouge, LA Real Estate News
Post is included in group: Christianity and Real Estate
Post is included in group: First Time Homebuyer
Post is included in group: Home Builders of America
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1 Comments on 1st Time Home Buyer Tax Credit Question 3: Can I Get the Credit if I get assistance from state bond program?

MAR
29
2009
192,861 Points

Hi Ann,

Yes, now is a GREAT time to buy a home! The interest rates are at a low, making it even more viable for people to own their own home.
9:17pm • #1


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Ann Dail, Broker/Realtor,ePRO, SRS, B.A.Chem

Baton Rouge, LA

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Baton Rouge Area Homes, Louisiana, 225-761-0551

Address: Baton Rouge, LA, 70809

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