FAQs
Can I get a mortgage from a CAFA Approved Lender if the house I want to buy is not in Baton Rouge?
Yes. We are currently offering our program in 62 parishes. Click here for a list of the approved parishes.
Do I need to have a certain credit score to get one of your mortgage loans?
Credit requirements vary between the various types of mortgage loans that are available. The company that originates your loan will explain the credit requirements for the specific mortgage program under which you plan to borrow.
I expect to get a big raise soon that will put us over the income threshold. Will I still be eligible for one of your mortgages?
Your family maximum income is calculated from the day you close on your loan to 12 months past that date. For example, if you meet the maximum income requirement on the day that you plan to close on your mortgage, but your spouse is starting a new job with pay that will place you OVER the maximum family income limit, then you might not be eligible for our program.
How do I apply for a mortgage from the Authority?
The Authority’s mortgages are originated through our participating lenders.
How much down payment is required for a mortgage from the Authority?
The down payment that is required can vary from program to program. The Authority’s assistance grant (or soft second mortgages, depending on the program) funds can be applied toward a down payment. Some programs require little or no down payment.
We own a home now and want to buy a new one. Are we eligible for a mortgage from the Authority?
Several of our programs do not require you to be a first time home buyer however, the CAFA First Home program and our Hometown Heroes program do require you to be a first time home buyer.
Can I meet with someone at the Authority to see if I qualify for a mortgage?
The Authority does not provide mortgages directly. All mortgages are originated through one of our participating lenders.
You should contact one of them to determine eligibility. This web site discusses some of the basic eligibility requirements.
Can I get a variable rate mortgage from the Authority?
No. The Authority’s program is for 30-year fixed-rate mortgages.