Meet the LHC HomeStart Programs: Louisiana Homebuyer Assistance with GMFS Mortgage
Buying a home in Louisiana? Whether you’re saving for your first down payment or preparing for your next move, understanding your mortgage options can help you take the next step.
GMFS Mortgage offers four Louisiana Housing Corporation (LHC) HomeStart programs designed to help eligible buyers purchase a home. Several include assistance toward down payment and closing costs.
You may recognize these programs by their former names: Keys for Service, MRB Assisted, Pathways to Homeownership, and Premier. Here’s a fresh look at their current names, benefits, and eligibility requirements.
New Names for Familiar Louisiana Homebuyer Programs
| Former program name | Current program name |
|---|---|
| Keys for Service | HomeStart Advantage |
| MRB Assisted | HomeStart Assist |
| Pathways to Homeownership | HomeStart Plus |
| Premier | HomeStart Ready |
Each program has its own requirements. Your household income, homeownership history, credit, and property location help determine which options may be available to you.
HomeStart Advantage: Assistance for First-Time and Repeat Buyers
If you’ve heard of Keys for Service, meet HomeStart Advantage.
Available statewide, this program combines a 30-year fixed-rate mortgage with assistance equal to 4% of the first mortgage amount to help eligible Louisiana buyers with upfront homebuying costs.
The assistance is provided through a 0% interest second mortgage that can be fully forgiven after five years when all program requirements are met.
Key qualifications include:
- First-time and repeat buyers are eligible.
- All occupations qualify.
- Projected annual household income may not exceed $125,000.
- A minimum credit score of 640 is required.
- Borrowers may not own another residence at closing.
- All occupying borrowers must complete approved homebuyer education.
Property, purchase-price, and mortgage requirements also apply.
HomeStart Assist: Help for Eligible First-Time Homebuyers
Formerly known as MRB Assisted, HomeStart Assist helps eligible first-time buyers who need assistance with down payment and closing costs.
The program offers a 30-year fixed-rate mortgage with 4% assistance, based on the original first mortgage amount. Assistance comes through a 0% interest second mortgage that can be fully forgiven after five years when program requirements are satisfied.
Highlights include:
- Designed for first-time homebuyers—generally buyers who have not owned a principal residence within the past three years.
- Income limits depend on household size and property location.
- Minimum credit score of 640.
- Approved homebuyer education required for at least one occupying borrower.
- Applicable purchase-price, property, and loan requirements.
A GMFS Mortgage loan officer can help you check the income limits for the area where you plan to buy.
HomeStart Plus: Assistance in Designated Hurricane-Affected Parishes
Formerly known as Pathways to Homeownership, HomeStart Plus helps eligible first-time buyers purchase a home in designated Louisiana parishes affected by Hurricanes Laura, Delta, or Ida.
Qualified buyers may receive:
- Up to 20% of the purchase price in second-mortgage assistance, capped at $55,000.
- Up to $5,000 in closing-cost assistance.
- A 0% interest second mortgage forgiven monthly over 10 years, subject to program requirements.
Household income may not exceed 80% of HUD Area Median Income, adjusted for household size and property location. Other requirements include a minimum credit score of 640, approved homebuyer education, and a minimum borrower contribution equal to the greater of 1% of the purchase price or $1,500.
The home must meet the program’s location, property, environmental, insurance, and flood requirements. Actual assistance depends on eligibility, purchase price, and applicable program limits.
Before choosing a property, talk with your GMFS Mortgage loan officer about whether it qualifies.
HomeStart Ready: A Mortgage Option for First-Time and Repeat Buyers
Formerly known as Premier, HomeStart Ready offers eligible Louisiana buyers a 30-year fixed-rate mortgage to purchase a qualifying home.
The program is available statewide to both first-time and repeat homebuyers. It requires a minimum credit score of 640, and income, property, and loan requirements apply. Approved homebuyer education is required for first-time buyers; repeat buyers are exempt from that education requirement.
HomeStart Ready does not currently provide separate LHC down payment or closing-cost assistance. It is another mortgage option to discuss when comparing your home financing choices.
What Does “Forgivable Assistance” Mean?
Some LHC HomeStart programs provide assistance through a second mortgage that may be forgiven over time.
Forgiveness depends on meeting the program’s conditions. Before choosing a program, make sure you understand the forgiveness timeline and any circumstances that could require repayment.
Your GMFS Mortgage loan officer can walk you through those terms so you know what to expect.
Which Louisiana Homebuyer Program Could Work for You?
Start with a conversation about:
- Your household income and credit.
- Whether you currently own or previously owned a home.
- Where you want to purchase.
- How much you have available for down payment and closing costs.
You don’t need to know which program to request before reaching out. Our team can help you compare available options and understand the requirements.
Explore LHC HomeStart Programs with GMFS Mortgage
Whether you’re purchasing your first home or planning your next chapter, GMFS Mortgage is here to help you understand your Louisiana home loan options.
Learn more about LHC HomeStart programs or find a GMFS Mortgage loan officer to get started.
GMFS. Let’s Make Home Happen.
Program availability, assistance amounts, and requirements are subject to change. Income, purchase-price, homebuyer education, and property restrictions vary by program. Assistance forgiveness requires satisfaction of program terms. All loans are subject to credit and property approval. Not a commitment to lend.