 The Louisiana Housing Finance Authority (LHFA) has FINALLY released the long awaited 2007B issue of the state bond money! I will give a quick overview of the terms and qualifications for the East Baton Rouge,Ascension,West Baton Rouge and Livingston Parish areas. If you live outside of those areas (which is my market) please contact a REALTOR or lender in your area.
There are two points I would like to clarify:
1. I am a REALTOR, I am not a lender. If you are currently working with a REALTOR...PLEASE CONTACT HIM OR HER. If you are not working with an agent I would love the opportunity to speak with you and discuss your options.
2. This money will go FAST....if you are interested in buying a home with bond money please contact me TODAY!! Remember, this is not a parish bond issue this is a state bond issue. The entire state has access to these funds and when the money is gone....well it is gone.
Now, here are the terms and qualifications in the Greater Baton Rouge area:
Just as in the other 2006/2007 issues, are area is considered a target area due to Hurricanes Katrina and Rita. As a target area the following changes apply:
* First time home buyer requirement is waived
* Higher income limits
* Higher housing limits
There are also no origination fees or discount points, which means lower closing cost! The biggest misconception about bond money is that it is a separate loan program. These loans are still FHA, VA, RD or Conventional loans and must still meet their credit, debt ratios and other requirements.Eligible Properties: Single Family, 2-4 Family (FHA and VA only), Approved Condos, Townhouses and Planned Unit Developments
REMEMBER: ALL INFO BELOW PERTAINS TO EAST AND WEST BATON ROUGE,LIVINGSTON AND ASCENSION PARISH ONLY!
2007 B Programs The Assisted Program Rate: 6.34% for 30 years No origination fee and no discount points 4% assistance towards down payment and closing costs. This program is available for FHA, VA, RD and Conventional financing. Loans must close within 75 days. $70,471,342 allocated--This is for the ENTIRE state of La...The Money will go quickly! The Teacher Assisted Program Rate: 6.09% for 30 years Same guidelines as the Assisted Program but the borrower must be a certified teacher working in a city or parish school system. $4,000,000 allocated--This is for the entire state of La...the MONEY will go quickly!!! The Low Rate Program Rate: 5.84% for 30 years no origination Fee and no discount Points Same guidelines as other programs but with lower rate and no assistance. $18,571,085 allocated - For the entire state of Louisiana - Maximum Sales Price Property Type Unit Size 1 New & Existing $289,704 Maximum Income Limits - Livingston, Acension, East and West Baton Rouge Parishes - Family of 3 or More Family of 2 or Less $67,440 $78,680 IF you need any additional information or would like to explore the option of buying a home please contact me, SHANNON SIMS, EXCLUSIVE BUYER'S AGENT IN BATON ROUGE. You can reach me at (888)986-1999, (225)767-1999 or of course by email at shannon@Judyburkett.com.
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