Purchase Advantage powered by CAFA
This program is designed to help borrowers in need of down payment assistance. Purchase Advantage powered by CAFA is a unique program to jump-start Louisiana homeownership . Eligible borrowers can receive an assistance amount of 3% or 4% on FHA and Conventional Loans. The assistance may be used for down payment, closing costs, borrower paid MI or prepaids.
- 58 authorized Louisiana parishes are eligible for the Purchase Advantage home ownership grant program *
- Income limits to determine eligibility vary by parish and scenario
- Available for Purchase or Refinance when income is <80% AMI
- Eligible for first time homebuyer or repeat buyer
Benefits of Purchase Advantage
- 3% or 4% Down Payment Assistance
- More parishes added – expanded to 58 parishes
- Lower MI Cost
- Options to use assistance towards down payment, closing costs, etc.
- May Allow Down to 640 min credit
Eligible Louisiana Parishes
Acadia, Allen, Ascension, Assumption, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Cameron, Catahoula, Claiborne, Concordia, DeSoto, East Baton Rouge, East Carroll, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson, Jefferson Davis, Lafayette, Lafourche, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Point Coupee, Rapides, Red River, Richland, Sabine, St. Bernard, St. Helena, St. James, St. John, St. Landry, St. Martin, St. Mary, St. Tammany, Tangipahoa, Tensas, Terrebonne, Union Parish, Vermillion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, Winn
* The percent of downpayment assistance offered is dependent on the interest rate selected by the borrower. Approved parishes and income limits are established by CAFA and subject to change.
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Janie K. GMFS Mortgage Customer
Tuesday December 4, 2018
I felt like I had 20 people working on my loan but no matter what came up they were all great! Thanks!
Andria G. GMFS Mortgage Customer
Friday November 16, 2018
Tony L. GMFS Mortgage Customer
Friday October 19, 2018
You can’t say GMFS Mortgage without thinking of Ms. Ashley and definitely Ms. Cara. They are awesome, and what has made this home buying experience such a breeze was knowing that if at anytime I had a question, either of these two women were just a phone call away when I needed them. I highly recommend GMFS Mortgage and the lovely, respectful women that work there to anyone. Gotta love both of em
Mike S. GMFS Mortgage Customer
Wednesday September 26, 2018
Made the home buying loan process easy! Great team helped me every step of the way and got me the best loan that fit my needs.
Rebecca B. GMFS Mortgage Customer
Tuesday September 4, 2018
Over 130,000 customers and $24 billion in residential mortgage funding in 23 states
Processing, underwriting, and closing under same roof means smooth & predictable closings
A+ rating with BBB and winner of Torch Award for Marketplace Trust
GMFS staff has an avg. of 14+ years of mortgage industry experience
*Learn more about CAFA at https://thecafa.org/lenders/purchase-advantage-program
*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|