LA-CAFA Grant Program

Program Benefit: LA-CAFA’s Mortgage Origination Program will provide a competitive 30-year fixed rate mortgage with a non-repayable homebuyers grant of 3% or 4% of the original mortgage amount to qualifying low and moderate income homebuyer families throughout East Baton Rouge Parish and any other participating Parishes.

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.

Program DPA: Each homebuyer family will receive a non-repayable homebuyers grant equal to either 3% or 4% of the final principal balance of the mortgage loan depending on the interest rate selected.

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 DPA 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. In addition, the homebuyers are NOT subject to “Recapture Tax.”

Eligible Loans: Freddie Mac HFA Advantage Program, FHA 30 year, fixed rate. Minimum 640 FICO score, maximum 45% debt-to-income (DTI) ratio. All first-time homebuyers under the program are required to take an approved homebuyer education course.

Approved Courses

Current Rates

Mortgage RatesThursday, August 17, 2017

Downpayment Assistance Option
3%
4%
FHA Mortgage Rate*
4.500%
5.250%
FHA Mortgage Rate*
5.000%
%
FHA Mortgage Rate*
5.500%
%
Conventional Mortgage Rate*
4.750%
5.000%
Conventional Mortgage Rate*
4.875%
5.125%
Conventional Mortgage Rate*
5.125%
5.375%

* Interest rates are pre-determined based upon the information provided above. Please speak to your approved lender for the interest rate that would apply to your specific mortgage loan.

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.

Acadiana Parishes
Acceptance Capital Mortgage Corporation(337) 453-0012
Coast Capital Mortgage(337) 337-0388
Family First Mortgage(337) 993-5626
GMFS(337) 456-3088
Intertrust Mortgage(337) 289-1303
Preferred Lending Solutions(337) 534-0725
Priority Mortgage Lending, Inc.(337) 289-0550
Universal Lending Services Inc.(337) 264-9990
Bayou Region
American South Mortgage Lending(985) 447-9890
First Access Mortgage(985) 868-4300
First Choice Mortgage(985) 873-7772
Capital Area Parishes
1st Phase Mortgage LLC(225) 293-5199
360 Mortgage(225) 293-8334
Acceptance Capital Mortgage Corporation(225) 202-4674
Affluent Home Loan(225) 295-3800
Arbor Lending Group LLC(504) 832-6279
Area Home Lending, LLC(225) 663-2500
Campus Federal Credit Union(225) 769-8841
DSLD Mortgage(225) 802-8954
E Federal Credit Union(225) 214-6925
Essential Federal Credit Union(225) 298-4781
Essential Mortgage(225) 763-3209
First Choice Mortgage, LLC(225) 665-4399
GMFS(225) 214-5000
Homeowners Mortgage, LLC(225) 778-5004
In-House Lending, LLC(225) 295-0750
Key Lending Solutions(225) 291-7901
LA Home Lending(225) 291-9700
LA Lending, LLC(225) 926-5408
Pelican State Credit Union(225) 408-6100
Reliant Mortgage(225) 412-7773
US Capitol Group of Louisiana, LLC(225) 490-4996
Greater New Orleans
Arbor Lending(504) 832-6279
Cross Country Mortgage(504) 207-7600
The Weeks Team at MFS(985) 300-5626
Northshore Parishes
Ace Mortgage Company(985) 888-1660
Arbor Lending(985) 867-8334
Cross Country Mortgage(985) 612-1900
Entrafund Home Mortgage(985) 612-1385
First Access Mortgage(985) 429-1770
GMFS Lending(985) 231-5190
Integra Mortgage Inc.(985) 206-0960
The Weeks Team(985) 300-5626
Southwest Louisiana Parishes (SWLA)
Dunn Mortgage & Associates(337) 310-1703
Louisiana Mortgage Associates(337) 310-4663
Progressive Mortgage & Associates(337) 480-4122

Program Income Limits by Parish

ParishFHAFreddie 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
Iberville$63,940$77,840
Jefferson$72,795$88,620
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. Bernard$72,795$88,620
St. Helena$78,085$95,060
St. Landry$43,470$52,920
St. Martin$75,325$91,700
St. Tammany$72,795$88,620
Tangipahoa$65,090$79,240
Terrebonne$64,285$78,260
West Baton Rouge$78,085$95,060
West Feliciana$78,085$95,060