August 07, 2015
Baton Rouge, La.— The Capital Area Finance Authority (CAFA) has launched a new first mortgage loan program with down payment assistance through GMFS, LLC of Baton Rouge. The program will be available to mortgage brokers, correspondents, credit unions and banks who choose to broker homebuyer loans.
The program will provide homebuyer grants of 3% of the loan amount for down payment or closing costs. The program is available in West and East Baton Rouge, Pointe Coupee, West and East Feliciana, St. Helena, Livingston, Ascension and Iberville parishes.
“This announcement represents many months of work to create, develop and build this program which is unique to any other HFA in the US”, says Executive Director Mike Airhart. “We are proud to partner with GMFS and grateful for their leadership in creating the LA CAFA Home Loan Grant program.” He added, “We’re here to serve the people across our nine parishes in the capital region and to continue to help build thriving communities through homeownership in the Capital Area Parishes.”
Over the years, the Capital Area Finance Authority has had a direct hand in building communities from its humble beginnings to its current role as a major lender in nine parishes across the Capital Area.
The product of an August 1974 Trust Indenture, CAFA, formerly EBR Mortgage Finance Authority, issues bonds and uses the proceeds to provide financing for housing conducted in the public interest within the boundaries of its nine designated parishes including East and West Baton Rouge, Pointe Coupee, East and West Feliciana, Iberville, Ascension, Livingston and St. Helena. Since 1979, the Authority has issued $1.3 billion in single-‐family revenue bonds, which ranks as one of the top issuers in the nation in volume of bonds issued and in number of issues completed in comparison to other parish or county issuers of single-‐family bonds.
For questions or any other inquiries, please contact Billy Maxwell at 225-214-5002 or Ashley Dugas at 225-771‐8567.