The Department of Community Development First-Time Homebuyer Assistance Program will use HOME funding to assist income-qualified First-Time Homebuyers to purchase their home by subsidizing the down payment and closing costs associated with the purchase. Participants must attend a First-Time Homebuyer Training Class and Financial Fitness Class presented by an organization that is a member in good standing of the Louisiana Homebuyer Education Collaborative. The First-Time Homebuyer Training Class certificate must have been awarded to the participant within the last two years.
The Jefferson Parish Finance Authority, in conjunction with Southern Mortgage Assistance Program, offers Down Payment Assistant (DPA) Grants equal to:
Either 3.00% or 4.00% of the loan amount to qualifying home buyers for an FHA, VA, or RHS loan or 3.00% of the loan amount to qualifying home buyers for a Freddie Mac HFA Advantage Loan to be used for down payment and/or closing costs.
A credit score of 640 or higher is required; however, eligible participants do not have to be a first time homebuyer to participate in these Finance Authority programs. Both programs are down payment grants and do not have to be repaid. The two programs can be combined to reduce the loan amount, or used separately, for qualified applicants. Additional program descriptions and requirements are available at the Jefferson Parish Finance Authority website at www.jpfinanceauthority.com or the Jefferson Parish Community Development site at www.jeffparish.net or call 736-6311.