Louisiana HomeStart Assist

What does repaying Louisiana HomeStart Assist involve?

As a forgivable loan, it's a 0% second mortgage; if you meet the program's rules, it's fully forgiven after 5 years (60 months).

With a forgivable loan, the balance is erased after you remain in the home, hold the first mortgage and complete the program's required years.

Louisiana HomeStart Assist: who qualifies?

• In targeted areas, household income can be up to 140%; elsewhere, up to 115% of the median for your area.
• This help is just for first-time buyers, which usually means no home owned during the last three-year period.
• You need a credit score of at least 640.
• Before you buy, a homebuyer education course is required.
• Through the LHC program, it comes with a fixed-rate first mortgage that runs 30 years.

Your county and household size set most limits. Our HUD income limits tool lets you see the median income in your area and where your household falls.

Apply for Louisiana HomeStart Assist: the steps

1. Since Louisiana Housing Corporation sends this help through its approved lenders, you apply with one of them as part of your home loan application.
2. A lender reviews your credit, income and the property under the program's rules, then sets aside your funds.
3. At closing, the money is paid and goes toward the down payment plus your closing costs.

For the full rules and current application status, see Louisiana Housing Corporation's page for HomeStart Assist.

More Louisiana programs for first-time buyers

• Louisiana HomeStart Plus:

  A forgivable loan: up to 20% of the price, with a maximum of $55,000.

Every Louisiana first-time home buyer program · Down payment help in every state