Capital Advantage Program

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.

Approved Courses

Contact Us

Current Rates

Mortgage RatesWednesday, October 18, 2017

Assistance Amount
0%
3.00%
4.00%
5.00%
FHA/RD/VA
N/A%
N/A%
5.250%
5.500%
Conventional
4.250%
5.000%
5.250%
5.625%

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.

Bayou Region
American Financial Network, Inc.(985) 778-0899
Capital Region
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

Program Income Limits by Parish

ParishFHA, VA, USDA RD Income LimitsFreddie Mac HFA Advantage (Conventional)
Acadia$52,900$64,400
Allen$58,420$71,120
Ascension$78,085$95,060
Assumption$65.090$79,240
Beauregard$71,760$87,360
Calcasieu$67,275$81,900
Cameron$67,275$81,900
East Baton Rouge$78,085$95,060
East Feliciana$78,085$95,060
Evangeline$49,335$60,060
Franklin$51,405$62,580
Iberia$62,100$75,600
Iberville$63,940$77,840
Jefferson Davis$60,260$73,360
Lafayette$75,325$91,700
Lafourche$64,285$78,260
Livingston$78,085$95,060
Ouachita$60,490$73,640
Pointe Coupee$78,085$95,060
St. Helena$78,085$95,060
St. Landry$43,470$52,920
St. Martin$75,325$91,700
Tangipahoa$65,090$79,240
Terrebonne$65,285$78,260
West Baton Rouge$78,085$95,060
West Feliciana$78,085$95,060

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!