Hey there! If you're thinking of buying a home for the first time, and haven't saved up for a down payment, you still might be able to get it done.

Before I jump into the programs, let me briefly explain how down payment assistance works.

How it works

Down payment assistance comes in two forms: a grant, or a loan

A grant doesn't require repayment.

A loan does require repayment, but there are 3 different ways:

Monthly repayment. This is where they charge you interest and a monthly payment until the loan is paid off

Silent second. This is where they don't charge you interest, they don't charge you monthly payments, they just require that you pay it back when you sell the home.

Forgivable. This is where they forgive the loan as long as you meet certain criteria. A common requirement is that you live in the home as your primary residence for a set number of years. Once you've completed the timeframe, they forgive your loan and you don't need to pay it.

Approved lenders only

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Now that we have that out of the way, let's jump in! Below are the local programs available to help make homeownership more accessible.

Louisiana

Louisiana Housing Corporation (LHC) Homebuyer Programs

  • What It Offers: Provides up to 4% of the loan amount in down payment and closing cost assistance.

  • Who Qualifies: First-time and repeat homebuyers with a minimum credit score of 640.

  • Income Limits: Varies by county and household size.

  • Repayment: Forgivable after 10 years if the buyer stays in the home.

Resilience Soft Second Program 

  • What It Offers: Provides up to $55,000 in down payment and closing cost assistance.

  • Who Qualifies: Homebuyers purchasing within New Orleans or Baton Rouge who meet income requirements.

  • Income Limits: Based on HUD guidelines.

  • Repayment: Forgivable after 10 years if the buyer remains in the home.

The Finance Authority of New Orleans (FANO) Homebuyer Assistance

  • What It Offers: Provides up to 5% of the loan amount for down payment and closing costs.

  • Who Qualifies: Homebuyers purchasing in New Orleans who meet credit and income requirements.

  • Income Limits: Based on HUD guidelines.

  • Repayment: Forgivable after a set period.

New Orleans (Orleans Parish)

  • Direct Homebuyer Soft Second Mortgage Assistance Program
    • Assistance: Provides up to $55,000 in soft second funds and up to $5,000 in closing cost assistance.

    • Eligibility: First-time homebuyers with income not exceeding 80% of the Area Median Income; must complete homeownership training and qualify for a first mortgage.

Jefferson Parish

  • First-Time Homebuyer Assistance Program
    • Assistance: Offers assistance to low- to moderate-income individuals and families for down payment and closing costs.

    • Eligibility: Applicants must have an income less than 80% of the median income for Jefferson Parish and meet other program criteria.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.

Lake Charles (Calcasieu Parish)

  • Down Payment Assistance Program
    • Assistance: Provides funding assistance for down payments and closing costs on a first-come, first-served basis.

    • Eligibility: Applicants must meet certain requirements set by the Community Development Department.

Shreveport (Caddo Parish)

  • Home Ownership Assistance Program
    • Assistance: Offers down payment, buy-down, and closing cost assistance through participating local lenders.

    • Eligibility: Applicants must meet program requirements and work with participating lenders.

Lafayette (Lafayette Parish)

  • First-Time Home Buyer Down Payment and Closing Costs Assistance Program
    • Assistance: Provides a 2% interest loan up to $11,000 for down payment and/or closing costs, secured by a second mortgage.

    • Eligibility: Applicants must meet income requirements and other program criteria.

Baton Rouge (East Baton Rouge Parish)

  • Capital Advantage Program
    • Assistance: Provides up to 5% of the final loan amount as a grant for down payment, closing costs, prepaid items, or mortgage insurance buyout.

    • Eligibility: Homebuyers must meet credit score, debt-to-income ratio, and income limits based on parish.

These programs can only be handled by approved lenders. If you would like help from a local realtor familiar with the programs and lenders with access, fill out this form here and I will connect you with one.