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Louisiana Mortgage Revenue Bond (MRB) Assisted Program

The Louisiana Mortgage Revenue Bond (MRB) Assisted Program, offered by the Louisiana Housing Corporation (LHC), provides affordable mortgage options paired with financial assistance to help eligible homebuyers reduce upfront costs and achieve homeownership. This program supports low- and moderate-income residents in securing long-term housing stability.

Benefits

  • Offers 30-year fixed-rate mortgages with competitive interest rates, ensuring predictable and manageable monthly payments.
  • Provides up to 4% of the loan amount in down payment and closing cost assistance, reducing upfront financial barriers.
  • Works with various loan types, including FHA, VA, USDA, and conventional loans, offering flexibility to meet individual needs.
  • Supports both first-time and repeat homebuyers who meet program eligibility requirements.
  • Encourages financial stability by making homeownership more affordable and accessible for Louisiana residents.

Eligibility Requirements

  • Applicants must meet income limits, which vary based on household size and property location within Louisiana.
  • The property must be located in Louisiana and used as the buyer’s primary residence.
  • A minimum credit score of 640 is required, with lender-specific underwriting standards also applicable.
  • Debt-to-income ratios must meet program guidelines to ensure affordability and financial stability.
  • Completion of a homebuyer education course may be required to prepare participants for homeownership responsibilities.

Additional Information

The Louisiana Mortgage Revenue Bond (MRB) Assisted Program is a critical initiative designed to support homebuyers in overcoming financial challenges associated with purchasing a home. By offering affordable mortgage options and financial assistance, the program empowers eligible residents to achieve long-term stability and build equity. Administered by the Louisiana Housing Corporation, this program promotes sustainable homeownership and strengthens communities throughout the state.

Frequently Asked Questions About Our Program

What is the Louisiana Mortgage Revenue Bond (MRB) Assisted Program?

The Louisiana Mortgage Revenue Bond Assisted Program offers first-time homebuyers low-interest, 30-year fixed-rate mortgages along with down payment and closing cost assistance to make homeownership more affordable.

Who qualifies for the MRB Assisted Program?

Eligibility is limited to first-time homebuyers, defined as individuals who have not owned a primary residence in the last three years, and those who meet income, credit, and property requirements.

What is the down payment assistance offered by the MRB Program?

The program provides up to 4% of the loan amount to assist with down payment and closing costs, reducing the upfront financial burden for homebuyers.

What is the minimum credit score required for the MRB Program?

Applicants must have a minimum credit score of 640 to qualify for the program.

Are there income limits for the MRB Assisted Program?

Yes, income limits apply and vary based on household size and the property's location. These limits are updated annually to reflect current market conditions.

What is the maximum purchase price allowed under the MRB Program?

The maximum purchase price for eligible properties is generally $375,000, though it may vary depending on the property's location and program guidelines.

Is homebuyer education required for the MRB Program?

Yes, completing a homebuyer education course is required to ensure buyers understand the financial and practical responsibilities of homeownership.

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What types of properties are eligible under the MRB Program?

Eligible properties include single-family homes, condominiums, townhouses, and certain manufactured homes if permanently affixed to a foundation and meeting program requirements.

Can the MRB Program be combined with other assistance programs?

Yes, the MRB Program can often be combined with other local or state assistance programs, provided eligibility requirements are met.

Are there debt-to-income (DTI) ratio limits for the MRB Program?

Yes, the maximum allowable DTI ratio is typically 45%, although exceptions may be granted depending on other qualifying factors.

Are there reserve requirements for borrowers in the MRB Program?

No reserves are specifically required, but having reserves may strengthen your application during the loan approval process.

Is the down payment assistance a loan or a grant?

The assistance is offered as a forgivable loan, which does not need to be repaid if certain conditions, such as staying in the home for a specified time, are met.

Are there fees associated with the MRB Program?

Standard loan fees, including origination and processing fees, may apply. Borrowers should discuss these with their lender to understand all associated costs.

Can the MRB Program be used for newly built homes?

Yes, newly constructed homes that meet program eligibility criteria can be financed using the MRB Program.

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Is there a first-time homebuyer requirement for the MRB Program?

Yes, the program is generally limited to first-time homebuyers, although exceptions may apply for homes located in targeted areas or for specific buyer profiles.

Are there location requirements for the MRB Program?

Properties must be located within Louisiana and meet specific program guidelines, including those related to purchase price and property type.

Can the MRB Program be used for refinancing an existing mortgage?

No, the MRB Assisted Program is specifically designed for purchasing a primary residence and does not apply to refinancing existing loans.

What happens if I sell or move before meeting the forgiveness conditions?

If you sell or move before fulfilling the forgiveness period, you may be required to repay a portion or all of the assistance provided.

What are the key benefits of the MRB Program?

The program offers competitive interest rates, down payment assistance, and the opportunity to combine benefits with other programs, making homeownership more affordable for first-time buyers.

What is the typical loan term for the MRB Program?

The program offers a standard 30-year fixed-rate mortgage, providing predictable and stable monthly payments for the life of the loan.

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