Purchase Advantage Program

Program Benefit: PAC’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, December 28, 2017

Downpayment Assistance Option
0%
3%
4%
FHA Mortgage Rate*
N/A%
N/A%
N/A%
FHA Mortgage Rate*
N/A%
N/A%
N/A%
Conventional Mortgage Rate*
4.375%
5.375%
N/A%
Conventional Mortgage Rate*
4.500%
5.750%
N/A%

* 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
Patterson State Bank(985) 395-6131
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
Key Lending Solutions(225) 291-7901
LA Home Lending(225) 291-9700
LA Lending, LLC(225) 926-5408
Pelican State Credit Union(800) 351-4877
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
Lakeside Mortgage(504) 469-9393
Premier Lending(504) 888- 4104
The Weeks Team at MFS(985) 300-5626
Northeast Louisiana
Centric Federal Credit Union Mortgage(318) 340.9656
Northshore Parishes
Ace Mortgage Company(985) 888-1660
Arbor Lending(985) 867-8334
Crescent City Home Mortgage(985) 951- 2230
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
Nations Loan Services(985) 778-2600
Premier Lending(504) 888- 4104
Signature Home Lending(985) 230-2366
The Weeks Team(985) 300-5626
Southwest Louisiana Parishes (SWLA)
Absolute Mortgage Group dba AFI Mortgage(337) 494-5626
Dunn Mortgage & Associates(337) 310-1703
Louisiana Mortgage Associates(337) 310-4663
Progressive Mortgage & Associates(337) 480-4122
Pelican State Credit Union(800) 351-4877

Program Income Limits by Parish

ParishFHAFreddie Mac HFA Advantage (Conventional)
Acadia$82,127$99,981
Allen$82,127$99,981
Ascension$98,923$120,428
Assumption$83,185$101,269
Beauregard$82,656$100,625
Calcasieu$82,127$99,981
Cameron$82,127$99,981
East Baton Rouge$98,923$120,428
East Feliciana$98,923$120,428
Evangeline$82,127$99,981
Franklin$82,127$99,981
Iberia$82,127$99,981
Iberville$82,127$99,981
Jefferson$86,756$105,616
Jefferson Davis$82,127$99,981
Lafayette$93,104$113,344
Lafourche$82,127$99,981
Livingston$98,923$120,428
Ouachita$82,127$99,981
Pointe Coupee$98,923$120,428
St. Bernard$86,756$105,616
St. Helena$98,923$120,428
St. Landry$82,127$99,981
St. Martin$93,104$113,344
St. Tammany$86,756$105,616
Tangipahoa$83,714$101,913
Terrebonne$82,127$99,981
West Baton Rouge$98,923$120,428
West Feliciana$98,923$120,428

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!