Louisiana Housing Program – Pathway 2 Homeownership
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
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
- 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 oneunit dwellings located in the eligible parishes.
Contact a GMFS Mortgage Loan Officer to learn more!
*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.
|Loan Term||Down Payment||Annual Percentage Rate||Estimated Monthly Payment|
|30 year fixed rate||10% (90% LTV)||4.75%||$1,043|