Changing Lives.

LA CAFA Home Loan Grant


        
            LA CAFA Home Loan Grant

This GMFS Mortgage product is only available in select parishes of Louisiana.

 OR  Request Free Consultation

Program Benefit:
CAFA’s Mortgage Origination Program will provide a competitive 30-year fixed rate mortgage with a non-repayable homebuyers grant of up to 4% of the original mortgage amount to qualifying low and moderate income homebuyer families throughout the eligible loan area parishes described below.

Program Mortgage Rate:
The mortgage rate for the program will be slightly above market rate and vary depending on the Down Payment Assistance Option chosen. The program mortgage rates are subject to change daily in order to remain competitive with the market.

Program DPA:
Each homebuyer family will receive a non-repayable homebuyers grant equal to either 3% or 4% of the final principal balance of the mortgage loan depending on the interest rate selected.

Program Size:
This is a continuous program. Unlike a Bond Money Program, we will never run out of funding as this program is tied to a daily mortgage interest rate.

Program Period:
The program is available immediately and CAFA intends to make the program available to provide for continuous origination as long as it delivers a competitive mortgage and DPA product that meets the needs of homebuyers and lenders.

Eligible Mortgagors:
The normal tax-exempt bond or MCC program requirements (income & purchase limit, and first-time homebuyer requirement) will not apply. In addition, the homebuyers are not subject to “Recapture Tax.”

Eligible Loans:
FHA 30 year or Freddie Conventional 30 year Home Possible-HFA, fixed rate only. Minimum 640 FICO score, maximum 45% debt-to-income (DTI) ratio. All first-time homebuyers under the program are required to take an approved homebuyer education course.

Eligible Loan Area Parishes:
Mortgage loans under the LA CAFA Home Loan Grant program may be made to qualifying Louisiana borrowers in the following parishes:

 

Maximum “credit qualifying” income 115% of AMI for FHA
or 140% AMI on Freddie Conventional

 Parish: Freddie Mac - Home Possible Advantage FHA 30 Yr
Acadia $64,400 $52,900
Allen $71,120 $58,420
Ascension $95,060 $78,085
Beauregard $87,360 $71,760
Calcasieu $81,900 $67,275
Cameron $81,900 $67,275
East Baton Rouge $95,060 $78,085
East Feliciana $95,060 $78,085
Evangeline $60,060 $49,335
Iberville $77,840 $63,940
Jefferson Davis $73,360 $60,260
Lafayette $91,700 $75,325
Livingston $95,060 $78,085
Pointe Coupee $95,060 $78,085
St. Bernard $88,620 $72,795
St. Helena $95,060 $78,085
St. Martin $91,700 $75,325
St. Tammany $88,620 $72,795
Tangipahoa $79,240 $65,090
Terrebonne $78,260 $65,285
West Baton Rouge $95,060 $78,085
 West Feliciana $95,060 $78,085

 

 OR  Request Free Consultation

 Educational Resources (videos, podcasts, calculators & glossary)

CAFA has established the following requirements for eligible homebuyers:

  1. No first-time homebuyer requirement
  2. Maximum “credit qualifying” income 115% of AMI for FHA or 140% AMI on Freddie Conventional (see parish specific limits in table above)
  3. Maximum home loan limits: FHA or Freddie limits as applicable

 GMFS Mortgage Customer Ratings & Reviews