Shreveport’s Program for Assisting Home Buyers
With the City of Shreveport’s Home Buyers Assistance Program Participation Initiative (HAPPI), first-time homebuyers can take advantage of a fantastic opportunity to access financial assistance for down payments and closing costs. Here’s an in-depth look at how HAPPI can make your homeownership dreams come true:
Available Assistance HAPPI offers substantial support, providing eligible participants with financial assistance of up to 20 percent of either the sales price or the appraised value of the home, depending on their income level. This assistance is a significant step toward reducing the upfront costs associated with purchasing a home.
Eligibility Requirements To qualify for HAPPI, you need to meet specific criteria:
- You must be a first-time homebuyer. This means you haven’t owned a home or held title to a property for at least three years.
- Your annual household income must not exceed 80 percent of the area median income, as determined by HUD.
- Completing an approved homebuyer education class is mandatory.
- You must have a credit score and financial profile that meet the requirements set by one of the city’s HAPPI-approved lenders.
Property Guidelines The property you intend to purchase should meet certain guidelines:
- It must serve as your primary residence.
- Eligible properties should qualify for HUD mortgage insurance or a specific insurance program.
- The property should meet minimum property standards to ensure it’s a safe and habitable place to live.
- Keep in mind that HUD, VA, repossessed properties, or manufactured housing are not eligible under HAPPI.
Income Limits The income limits for HAPPI are set at or below 80 percent of the area median income, which is determined by HUD. Here are the specific limits based on household size:
- 1 person household: $31,750
- 2 person household: $36,250
- 3 person household: $40,800
- 4 person household: $45,300
- 5 person household: $48,950
- 6 person household: $52,550
- 7 person household: $56,200
- 8 person household: $59,800
By participating in HAPPI, you can take a significant step towards achieving homeownership while receiving valuable financial support to make your dream a reality.
