Louisiana Mortgage Revenue Bond (MRB) Assisted Program Guide

Guide to the Louisiana Mortgage Revenue Bond (MRB) Assisted Program

The Louisiana Mortgage Revenue Bond (MRB) Assisted Program is a government-backed initiative that helps first-time homebuyers and low-to-moderate income individuals in Louisiana secure affordable home financing. By providing access to favorable mortgage terms, this program makes homeownership more accessible and affordable. Below is an updated guide for 2025 that explains the eligibility requirements, application process, and key benefits of this program.

1. Program Overview:

• Purpose: The MRB Assisted Program helps homebuyers by providing mortgage loans at lower interest rates, making homeownership more affordable for first-time buyers and those with low-to-moderate incomes.
• Loan Structure: The program offers 30-year, fixed-rate mortgages, giving homebuyers the stability of predictable monthly payments.
• Assistance Amount: In addition to the mortgage loan, eligible homebuyers may receive down payment assistance to help reduce the upfront costs associated with purchasing a home.

2. Eligibility Requirements for 2025:

To qualify for the Louisiana Mortgage Revenue Bond (MRB) Assisted Program, you must meet the following criteria:

• First-Time Homebuyer: The program is generally available to first-time homebuyers, defined as individuals who have not owned a home in the past three years. Some exceptions may apply for homebuyers purchasing in certain areas or with specific circumstances.
• Income Limits: Your household income must fall within specific limits, which are based on the area median income (AMI) for the county or parish in which you are purchasing the home. These limits are updated annually to reflect the local economic conditions.
• Credit Score: A minimum credit score of 640 is typically required, although specific requirements may vary by lender. Some flexibility may exist depending on other factors like income or debt-to-income ratio.
• Property Requirements: The property must be located in Louisiana and must serve as your primary residence. Both new and existing homes are eligible for the program, provided they meet the program’s price limits and quality standards.
• Homebuyer Education: Applicants must complete an approved homebuyer education course, which ensures that you are well-prepared for the responsibilities of homeownership.

3. Application Process:

Applying for the Louisiana Mortgage Revenue Bond (MRB) Assisted Program is a simple process. Here’s how you can get started:

• Assigned Loan Officer: Once you begin the application process, you will be assigned a loan officer who will assist you with verifying your eligibility and gathering the necessary documentation for the loan application.
• Required Documentation: Be prepared to provide important documents such as proof of income, tax returns, a credit report, and the certificate from the homebuyer education course.
• Submit Your Application: Once all required documents are collected, you can submit your application to your loan officer, who will guide you through the approval process.

4. Homebuyer Education Course:

• Mandatory Requirement: All applicants must complete an approved homebuyer education course to be eligible for the program.
• Course Options: The homebuyer education course is available both online and in person. Upon completion, you will receive a certificate, which is required to complete your application process.

5. Key Benefits of the Program:

• Lower Interest Rates: The MRB Assisted Program offers mortgage loans with lower interest rates compared to conventional market-rate loans, making homeownership more affordable.
• Down Payment Assistance: In addition to providing competitive mortgage rates, the program offers down payment assistance, which can help cover the upfront costs of purchasing a home.
• Fixed-Rate Mortgages: The program offers 30-year fixed-rate mortgages, ensuring stability and predictability in monthly payments for the life of the loan.
• Government-Backed Security: Because the loans are backed by government bonds, lenders are able to offer more favorable terms, making the homebuying process more accessible to eligible buyers.

6. Finalizing the Loan:

• Approval Process: Once your application is reviewed and approved, your loan officer will guide you through the next steps, including signing the loan documents and preparing for closing.
• Closing Costs: You may be responsible for any closing costs that are not covered by the program or other forms of assistance. Your loan officer will help you understand what is included and what additional costs you may need to pay.

Our experienced loan officers are available to assist you every step of the way, ensuring a smooth and easy process. From verifying eligibility to finalizing your loan and securing the benefits of the Louisiana Mortgage Revenue Bond (MRB) Assisted Program, we make homeownership more attainable. With their guidance, you can confidently take advantage of this program to achieve your homeownership goals.