Louisiana Housing Programs
Learn more about down payment assistance programs offered by GMFS Mortgage in partnership with Louisiana Housing Corporation!
Featuring special offers for:
Hurricane Impacted Homes | First-Time and Repeat Buyers | First Responders and Teachers
Down Payment Assistance for First-Time and Repeat Buyers – Keys For Service
In partnership with Louisiana Housing Corporation, GMFS Mortgage offers down payment assistance programs for qualified first-time and repeat Louisiana homebuyers.
This is a FORGIVABLE assistance offering that can be paired with both Conventional and Government first and repeat mortgages.
Features:
- Up to 4% down payment assistance – can also be used towards closing costs
- Competitive interest rates
- Assistance to those with approved credit
- Homebuyers with annual household incomes at or below $125,000 who are purchasing a qualified, principal residence.
Pathway 2 Homeownership – 20% Down Payment Assistance Program
In partnership with Louisiana Housing Corporation, in an effort to help rebuild affected areas, GMFS is offering a unique opportunity for eligible homebuyers in communities that were greatly impacted by recent hurricanes.
Through this program, qualified borrowers can receive up to 20% of down payment assistance through the Louisiana Housing Program!
This is a 10-Year FORGIVABLE assistance offering that can be paired with both Conventional and Government first mortgages.
Some requirements include:
- Properties must be located in one of the designated parishes affected by Hurricane Laura, Hurricane Delta or Hurricane Ida.
- Borrowers must invest 1% of the purchase or $1500
- Part of the allocated funds may cover closing cost and prepaid (up to 55k in down payment and $5k grant for closing cost available)
- Must past Environment Review
Eligible properties:
Acadia, Allen, Beuregard, Ascension, Assumption, Caddo, Calcasieu, Cameron, East Baton Rouge, East Feliciana, Grant, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, Lafourche, LaSalle, Lincoln, Livingston, Morehouse, Natchitoches, Orleans, Ouachita, Plaquemines, Pointe Coupee, Rapides, Sabine, St. Bernard, St. Charles, St. Helena, St. James, St. John, St. Landry St. Martin, St. Mary, St. Tammany, Tangipahoa, Terrebonne, Union, Washington, West Baton Rouge, West Feliciana, Vermilion, Vernon and Winn
Ineligible properties:
- Properties cannot be located in a Special Flood Hazard Area (SFHA). Zones A, AO, AH, A1-A30, AE, A99, AR, AR/AE,
AR/AO, AR/A1-30, AR/A, V, VE, V1-V30. - New and existing one unit dwellings located in the eligible parishes.
Let’s Talk
Contact a GMFS Mortgage Loan Officer today!
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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 |