CAFA Gold 100

Program Benefit: The Program will provide a competitive 30-year fixed rate mortgage with a homebuyers grant of a small percentage of the original mortgage amount to qualifying low and moderate income homebuyer families throughout the participating Parishes in Louisiana. The program will offer assistance to qualified homebuyer families that can be used for down payment, closing costs, pre-paid items, or to buy out the mortgage insurance on the loan.  The assistance is in the form of a soft second mortgage (zero interest and zero payments) which is forgivable at a rate of 1/84th of the original principal amount of the soft second mortgage per month over a seven (7) year period.  If the first mortgage loan is paid off for any reason during the seven (7) year forgiveness period the unforgiven amount of the soft second mortgage shall be due and payable.   

Program Mortgage Rate: The mortgage rate for the program will be slightly above market rate and vary depending on the Down Payment Assistance Option chosen. The program mortgage rates are subject to change daily in order to remain competitive with the market. Approved lenders can provide clients with program mortgage rates upon request.

Program Size: This is a continuous program. Unlike a Bond Money Program, we will never run out of funding as this program is tied to a daily mortgage interest rate.

Program Period: The program is available immediately and CAFA intends to make the program available to provide for continuous origination as long as it delivers a competitive mortgage and grant product that meets the needs of homebuyers and lenders.

Eligible Mortgagors: The normal tax-exempt bond or MCC program requirements (income & purchase limit, and first-time homebuyer requirement) will NOT apply.

Eligible Loans: Freddie Mac HFA Advantage Program. Minimum FICO score and maximum debt-to-income (DTI) ratio are set by the approved lenders and subject to automated underwriting system (AUS) approval. All first-time homebuyers under the program are required to take an approved homebuyer education course.

Approved Courses

Participating Lenders

To participate in the Authority’s programs, homebuyers must originate their mortgage through one of our participating lenders. These lenders will work with you to determine if you meet the qualifications to be eligible for a mortgage through the Authority.

Participating Lenders
Assurance Financial
Iberia Bank Mortgage

Program Income Limits by Parish

East Baton Rouge$104,720
East Feliciana$104,720
Jefferson Davis$86,940
Pointe Coupee$104,720
St. Bernard$91,840
St. Helena$104,720
St. Landry$86,940
St. Martin$98,560
St. Tammany$91,840
West Baton Rouge$104,720
West Feliciana$104,720

Program Borrower Qualifications

For Federally Declared Disaster Census Tracts - the Income Limits on the HFA Advantage Conventional Loan Product have been lifted. Certain Louisiana Census Tracts have NO INCOME LIMITS on CAFA's Conventional Loan Products. Ask your lender for more information!