Program Benefit: CAFA’s Mortgage Origination Program will provide a competitive 30-year fixed rate mortgage with a non-repayable homebuyers grant of up to 5.00% of the original mortgage amount to qualifying low and moderate income homebuyer families throughout all participating Parishes.
Program Mortgage Rate: The mortgage rate for the program will be slightly above market rate depending on the level of assistance. The program mortgage rates are subject to change daily in order to remain competitive with the market and will provide initially a 3 point, 4 point or 5 point assistance option. This program also offers a no assistance option.
Program DPA: Each homebuyer family will receive a non-repayable homebuyers grant equal to 3%, 4% or 5% of the initial principal balance of the mortgage loan.
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 assistance product that meets the needs of homebuyers and lenders.
Eligible Mortgagors: The normal tax-exempt bond or MCC program requirements (income & purchase price limit, and first-time homebuyer requirement) will NOT apply. In addition, the homebuyers are NOT subject to “Recapture Tax.”
Eligible Loans: Freddie Mac HFA Advantage, FHA, VA, or USDA RD, all 30-year, fixed rate. Minimum 640+ FICO score for VA, RD and Freddie Mac HFA Advantage Loans and 660+ for FHA Loans, maximum 45% debt-to-income (DTI) ratio for FHA, VA, RD and Freddie Mac HFA Advantage Loans. While there is NO first-time homebuyer requirement on this program, all first-time homebuyers under the program are required to take an approved homebuyer education course.
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.
|American Financial Network, Inc.||(985) 778-0899|
|BancorpSouth Mortgage||(225) 768-1100|
|DHI Mortgage||(225) 665-1640|
|Eustis Mortgage Corporation||(225) 295-1813|
|Fairway Independent Mortgage||(225) 664-5998|
|Gateway Mortgage Group||(225) 368-0005|
|Guild Mortgage||(225) 239-4920|
|Gulf Coast Bank||(225) 757-4450|
|Home Bank||(225) 761-2542|
|Loan Simple||(225) 400-5295|
|Nations Reliable Lending||(225) 368-0005|
|NOLA Lending||(225) 291-2100|
|Pacific Union Financial||(225) 910-8457|
|Premier Nationwide Lending||(225) 380-0477|
|Prime Lending||(225) 614-9468|
|Prospect Mortgage, LLC||(225) 224-6451|
|Regions Bank||(225) 292-1472|
|Red River Bank||(225) 928-8215|
|Republic State Mortgage||(225) 819-3699|
|Summit Funding Inc.||(225) 819-3699|
|Supreme Lending||(225) 248-4000|
|SWBC Mortgage Baton Rouge||(225) 292-2601|
|Westin Mortgage Group||(225) 304-4311|
|Whitney Bank||(225) 376-4512|
|Parish||FHA, VA, USDA RD Income Limits||Freddie Mac HFA Advantage (Conventional)|
|East Baton Rouge||$78,085||$95,060|
|West Baton Rouge||$78,085||$95,060|
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!