New Louisiana State Bond Issue released March 16,2007-No longer only for first time homebuyers!

By
Real Estate Agent with Judy Burkett Realtors

 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

$289.704.00

 

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 shannon@judyburkett.com.  But HURRY bond money typically goes fast! 

 

 

 

Comments (3)

Anonymous
CHRISTI BROWNELL
I AM CLODING NEXT WEEK I WAS JUST WONDERING IF THERE IS ANY WAY WE CAN GET HELP.WE HAVE TO PAY OUR CLOSING COST AND THE COST OF OUR BUYER WHICH IS A TOTOAL OF 11,000.00 I ALREADY HAVE A MORTGAGE BROKER AND EVERYTHING ...
Oct 10, 2007 03:11 PM
#1
Anonymous
Executive Mortgage

Give us a quick call to discuss at (337) 993-9303 if you haven't already closed.

Let us show you how we can help!

Oct 16, 2007 05:07 AM
#2
Anonymous
Loren Young

I'm a first time home buyer and I was qualified for 120,000 but the home I was purchasing is 209,900 and I was trying to see if you can help.I want to know about the bonds money program.You can email me.If,I don't here from you I'll just give you a call Monday.

Jun 05, 2011 06:47 PM
#3