The long awaited LHFA State Bond program has finally been released! A total of $103,855,247.00 in funds are allocated for this issue. While this is a major increase in funds that are available; the demand will still be great for the bond money and time is still very much of the essence!
Just as in the Louisiana bond programs for 2006, the Greater Baton Rouge area is still considered a targeted area due to the effects of Hurricanes Katrina and Rita. Other Katrina/Rita affected areas include the 37 parishes below St. Landry Parish.
As a Targeted area the following changes apply to bond loans in the Greater Baton Rouge area:
- First time home-buyer requirement waived
- Higher sales price limits
- Higher income limits
Another positive feature of the Louisiana State Bond Loans are: no origination fees or discount points charged to the buyers. This results in lower closing cost and less out of pocket expense for you as a homeowner. The biggest misconception about bond loans are that they are separate loans, they are not. If you decide to utilize the LHFA Bond Program to purchase your next home you must still meet the credit,debit ratios and other qualifications of either an FHA,VA,RD or Conventional loan.
The qualification for the LHFA bond program in the parishes of East Baton Rouge,Ascension,Livingston and West Baton Rouge are as follows:
Maximum Income Limits: This is GROSS income
Family of 2 or less- $66,960 Family of 3 or more- $78,120
Maximum Sales Price
The programs are as follows:
The Assisted Program
- Rate 5.99% for 30 years
- 4% of sales price to be paid on behalf of buyer. This will be used for either closing cost/prepaids or down-payment.
- Loans must close within 75 days
The Teachers Assisted Program
- Rate 5.75% for 30 years
- Same guidelines as the assisted program but borrower must be a certified teacher working in a city or parish school system.
The Low Rate Program
- Rate 5.60% for 30 years
- Same guidelines as the other programs but with lower rate and no down payment assistance
This is an entirely different program the East Baton Rouge Parish Bond loan that is now available. That loan is applicable only for homespurchased in East Baton Rouge Parish. If you would like more information on the EBR Bond Loan program click here.
Keep in mind that not all lenders are approved by the bond authority to administer bond loans, so if you call looking for information on the programs many lenders will not be able to help you. If you think you qualify for one of the loans and would like to start the process..give me a call at (888)986-1999 or (225)767-1999 BE SURE TO ASK FOR SHANNON SIMS WHEN YOU CALL!!!! You can also e-mail me at email@example.com. But HURRY bond money typically goes fast!