HomeStart Advantage
HomeStart Advantage, formerly known as Keys for Service, helps eligible Louisiana homebuyers cover these upfront expenses. GMFS has partnered with Louisiana Housing Corporation to provide this unique program.
Formerly Known as Keys for Service
HomeStart Advantage: Louisiana Down Payment Assistance
Saving for a down payment and closing costs can be one of the biggest challenges when buying a home. HomeStart Advantage, formerly known as Keys for Service, helps eligible Louisiana homebuyers cover these upfront expenses.
GMFS Mortgage offers this Louisiana Housing Corporation (LHC) program to qualified first-time and repeat buyers. With assistance equal to 4% of your first mortgage amount, HomeStart Advantage could help bring homeownership within reach.
How Does HomeStart Advantage Work?
HomeStart Advantage combines a 30-year fixed-rate mortgage with down payment and closing-cost assistance.
The assistance is provided through a 0% interest second mortgage that can be fully forgiven after five years when all applicable program requirements are met.
Your GMFS Mortgage loan officer can explain how the assistance works, which mortgage options are available, and the requirements for forgiveness.
Who Qualifies for HomeStart Advantage?
HomeStart Advantage is available statewide to eligible buyers purchasing a qualifying home in Louisiana. Program requirements include:
- First-time and repeat buyers
- You do not have to be a first-time homebuyer.
- All occupations eligible
- The program is not limited to teachers, first responders, or other specific professions.
- Household income
- Projected annual household income may not exceed $125,000.
- Homeownership
- Borrowers may not own another residence at closing.
- Homebuyer education
- All occupying borrowers must complete an approved homebuyer education course.
- Property eligibility
- The home must meet applicable program and mortgage requirements.
Additional loan and purchase-price requirements apply. A GMFS Mortgage loan officer can help determine whether you qualify.
HomeStart Advantage Frequently Asked Questions
Is Keys for Service still available?
LHC’s former Keys for Service program is now called HomeStart Advantage. Buyers exploring the former program should review the current HomeStart Advantage requirements with their loan officer.
Do I have to be a first-time homebuyer?
No. Eligible first-time and repeat homebuyers can apply. However, borrowers may not own another residence at closing.
Is the assistance a grant?
The 4% assistance is provided through a 0% interest second mortgage. It can be fully forgiven after five years when program requirements are met. Your loan officer can explain the terms and any repayment obligations.
Can the assistance help with closing costs?
Yes. Assistance can help eligible buyers cover down payment and closing costs, subject to program requirements.
Are other Louisiana homebuyer programs available?
GMFS Mortgage also offers other LHC HomeStart programs with different eligibility and assistance options. Explore our Louisiana homebuyer programs to learn more.
Not sure HomeStart Advantage is the right fit? Compare it with the other LHC HomeStart programs.
Explore LHC HomeStart ProgramsExplore Your Louisiana Home Loan Options
Ready to find out whether HomeStart Advantage could work for you? Connect with a GMFS Mortgage loan officer for help reviewing your eligibility and next steps.
*When all applicable program requirements are met. Program availability and requirements are subject to change. Assistance is subject to eligibility, and forgiveness requires satisfaction of program terms. All loans are subject to credit and property approval.
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Prepayment penalty may apply if the loan is paid off earlier than the terms specified in the loan documents
*Not a commitment to lend. All loans subject to credit and property approval. The following terms are for illustrative purposes only. Rates, payments, and loans terms vary by consumer based on their individual qualifying information. The payment amount illustrated does not include the amounts for taxes, property insurance, or mortgage insurance.
| Purchase Price | Loan Amount | Interest Rate | APR | Term |
|---|---|---|---|---|
| $239,000 | $227,050 | 6.5% | 6.725% | 30 |