First Time Home Buyer Programs in Lafayette, LA
Online, February 4, 2013 (Newswire.com) - Lafayette, Louisiana is a great place to buy a home for sale. One great reason to buy in Lafayette Parish is the "First Time Home-Buyer Closing Costs Revolving Loan Fund Program" created by Lafayette Public Trust Financing Authority through our Parish Consolidated Government. Once the buyer has been approved for their first mortgage, upon meeting the requirements of the program, Lafayette Parish Government will provide an extra $8,000 to help with closing costs and down payment.
This program, made available throughout Lafayette Parish, seems to be one of our area's many best-kept secrets and a great option for many homebuyers. It offers a second mortgage of $8,000, to be paid back over 15 years at 5 percent. This equates to $63.26 each month. Often used in combination with a first mortgage through a Rural Development or FHA loan, it results in a buyer going to closing with very little, if any, money at all.
Typically, the $8,000 is used toward both a down payment and closing costs, making the purchase much more affordable for the average buyer. Most buyers are looking to purchase homes with as little of their own money out of pocket as possible.
With a 100 percent financing Rural Development Loan, the $8,000 may cover all of your closing costs plus some cash leftover to apply toward a down payment, even though a down payment is not required. With a FHA loan, the $8,000 is often used toward a buyer's 3.5 percent down payment requirement, and the additional is applied toward their closing costs.
Even though Rural Development is the least expensive option, not all properties are Rural Development-eligible and not all buyers are approved for Rural Development. FHA is sometimes the next best option, and the availability of this program ensures that buyers do not have the stress of coming up with the necessary down payment if they meet the requirements.
Some other highlights and requirements of the program are:
For Applicants
• Must be first-time homebuyer(s) who has not owned a home as a primary residence in the last 3 years
• Must occupy the home as their principal residence
• Must have a current, signed purchase agreement
• Must be below income limits
• Must meet the credit and loan requirements of the first mortgage
• Must complete a first-time homebuyer training program, offered by Lafayette Consolidated Government
• Property must be a single-family home/townhome or condo
Just imagine, owning a brand new home without paying for down payment or closing costs out of pocket! It's possible!
To download a brochure with all of the program requirements visit http://www.forsalebyjamie.com/ & Click Buyer Resources.
For more information on how to become a homeowner today in Lafayette, Louisiana and surrounding areas with little to no money down call Jamie Ransonet at 337-366-1619 or email Jamie@ragincajunagent.com.
Keller Williams Realty Acadiana ~ 900 S. College Rd. Ste. 100 Lafayette, LA 70503 ~ Each Office Independently Owned & Operated ~ Licensed in Louisiana~ Office: 337-735-9300