Louisiana First-Time Home Buyer Resources

Homeownership in Louisiana: A Comprehensive Guide for First-Time Buyers.

1. USDA Loan: 100% Financing for Rural Dwellers.

If you’re a first-time home buyer in Louisiana, explore the USDA loan, offering 100% financing. While restricted to rural areas, the definition is broad, covering 97% of the country. This could be your ticket to homeownership with minimal upfront costs.

2. Louisiana Housing Corporation’s Support.

Leverage down payment and closing cost assistance from Louisiana’s Housing Corporation. While it might not cover all expenses, it can significantly reduce your financial burden, and it’s stackable with other programs.

3. Delta 100 Mortgage for Low-Moderate Income.

Tailored for Louisiana first-time home buyers with low to moderate income, the Delta 100 mortgage provides up to 100% financing and assistance with closing costs. Traditional credit standards may not be a barrier.

Resources for New Home Construction:

4. Habitat for Humanity: Building Dreams for Low-Income Families.

Consider Habitat for Humanity if you’re very low-income and interested in building a new home. While you contribute labor, the organization prioritizes those in dire need of housing, ensuring a safe haven for families.

5. Mortgage Credit Certificate (MCC): Lower Rates, Tax Credits.

For first-time buyers in Louisiana, MCC offers lower rates and potential tax credits. This program reduces your overall mortgage costs, providing financial relief for new homeowners.

6. VA Home Loan Advantage for Veterans.

If you’re a veteran and a first-time home buyer in Louisiana, explore the  VA home loan. This option allows for 100% financing without requiring a down payment, helping you save significantly on interest rates.

Local Assistance Programs by Parish:

7. Shreveport – Caddo Parish: Buyer Assistance Programs.

Shreveport residents can tap into down payment assistance and reduced-rate programs. Counseling services are also available, aiding in preparing for homeownership.

8. Lake Charles – Calcasieu Parish: Down Payment Assistance.

The City of Lake Charles offers programs supporting first-time home buyers with down payments and assistance toward closing costs, particularly aiding those facing obstacles to homeownership.

9. Baton Rouge – East Baton Rouge Parish: Incentives for Home Buyers.

Baton Rouge‘s housing development agency provides incentives for first-time home buyers, potentially helping with down payments or closing costs.

10. Kenner – Jefferson Parish: Diverse Housing Options.

In Kenner, various programs assist first-time home buyers, offering options to lower mortgage rates, down payment assistance, and counseling services.

11. Monroe – Ouachita Parish: Urban Development Assistance.

Urban development and community development agencies in Monroe work with low to moderate-income families, providing support to make homeownership achievable.

12. Alexandria – Rapides Parish: Community Development Initiatives.

Community Development in Alexandria City aids low-income individuals looking to purchase homes in Rapides Parish, contributing to the beautification of the community.

13. Terrebonne Parish: Finding Homes and Financial Assistance.

For first-time home buyers in Terrebonne Parish, the community development agency not only assists with down payments and closing costs but also aids in locating suitable homes through their community development efforts.

Embarking on homeownership in Louisiana can be less daunting with these diverse programs and local initiatives. Explore these resources to pave your way to a new home.

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