Louisiana LHC Down Payment Assistance Program Checklist
A comprehensive guide for applicants of the Louisiana Housing Corporation's Down Payment Assistance Program in 2025.
Assess Your Eligibility
- Verify that your household income does not exceed the program's maximum limits, which vary based on family size and county.
- Ensure your credit score meets the minimum requirement of 640 for most programs.
- Confirm that the property you intend to purchase will serve as your primary residence and meets the program's purchase price limits.
- Review any additional criteria, such as being a first-time homebuyer or purchasing in a designated area.
Collect Necessary Documentation
- Gather recent pay stubs, W-2 forms, or other proof of income.
- Obtain copies of your tax returns for the past two years, including all schedules.
- Compile bank statements from the last two to three months for all financial accounts.
- Prepare property details, including the address, purchase agreement, and sale price.
- Assemble any other documents requested by your Loan Officer, such as asset, debt, or liability verifications.
Engage with Your Assigned Loan Officer
- A Loan Officer will be assigned to assist you through the LHC Down Payment Assistance Program application process.
- Arrange an initial meeting or call with your Loan Officer to discuss eligibility requirements and outline the application steps.
- Clarify any questions regarding the program, required documentation, or the application process.
- Follow your Loan Officer's instructions to efficiently gather and submit all necessary documentation.
Submit Your Application
- Collaborate with your Loan Officer to complete your application for the LHC Down Payment Assistance Program.
- Provide all required documents to confirm your eligibility for down payment and closing cost assistance.
- Review your application with your Loan Officer to ensure it is accurate and complete before submission.
- If mandated, attend a homebuyer education course to meet program prerequisites.
Finalize Your Enrollment
- Sign all necessary documents provided by your Loan Officer to complete your participation in the program.
- Prepare for any expenses not covered by the program, such as additional closing fees or prepaid items.
- Receive confirmation of your enrollment and details on how the assistance will be applied to your home purchase.
Adhere to Program Requirements
- Ensure the purchased property remains your primary residence for the duration specified by the program.
- Inform your Loan Officer promptly if you plan to sell, refinance, or make changes to your mortgage, as this could impact your program benefits.
- Stay updated on any changes to program requirements to maintain compliance and retain your assistance benefits.