Louisiana Housing Corporation's Bond Money Grant Program Guidelines
Home Federal Bank is a participating lender for the LHB's MRB and Preferred Conventional Program. See program guidelines below.
Market Rate GNMA Program | LHC Preferred Conventional Program |
Competitive 30 Year Fixed Rate Mortgages | Competitive 30 Year Fixed Rate Mortgages |
Available State-Wide | Available State-Wide |
Origination or Discount Fees Not Allowed | Origination or Discount Fees Not Allowed |
3% Assistance – Grant | 3% Assistance – Grant |
Minimum FICO Score of 640 | Minimum FICO Score of 640 |
Purchase Money Transaction Only | Purchase Money Transaction Only |
No First Time Homebuyer Requirement | No First Time Homebuyer Requirement |
Bond Documents or Compliance Package Not Required | Bond Documents or Compliance Package Not Required |
Second Mortgage Not Required | Second Mortgage Not Required |
Lender SRP 2% | Lender SRP 2% |
No IRS Recapture Provision | No IRS Recapture Provision |
Manual Underwriting Not Allowed | Manual Underwriting Not Allowed |
Buydowns Not Allowed | Buydowns Not Allowed |
Income Limit 115% AMI (Household Income) | Income Limit $99,000 (Borrower(s) Income) |
Non-Occupying Co-Borrowers Allowed - FHA | Non-Occupying Co-Borrowers NOT Allowed |
Homebuyer Education Not Required but Recommended | Homebuyer Education Required for FTHB Only |
Mortgage Insurance Based on Loan Product | MI Companies Offer Reduced Premiums for HFA Loan Products |
Fees (Paid to SMC) Document Review Fee $175 Tax Service Fee $85 Wire Fee $20 Flood Certification Fee $14.50 Transferring your own Flood Certification to SMC is allowed and that will omit this fee | Fees (Paid to SMC) Document Review Fee $175 Tax Service Fee $85 Wire Fee $20 Flood Certification Fee $14.50 Transferring your own Flood Certification to SMC is allowed and that will omit this fee |
Acceptable Mortgage Types: FHA 203(b) FHA 234(c) FHA 203H USDA Rural Development (RD) Veterans Assistance (VA) | Acceptable Mortgage Types: 97% LTV HFA Preferred – 1 unit 95% LTV HFA Preferred – 2 unit |
Acceptable Property Types 1 Unit Site Built Houses Condos Townhomes Double Wide Mobile Homes (FHA) | Acceptable Property Types 1 – 2 Units Site Built Houses Condos Townhomes |
Mortgage Limits: FHA $217,050 VA $417,000 RD No Limit | Mortgage Limits: Fannie Mae $417,000 |
Deadlines: Lender Certification 15 days Closed Loan Delivered 45 days Purchase Loan 70 days | Deadlines: Lender Certification 20 days Closed Loan Delivered 45 days Purchase Loan 70 days |
