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Southern Mortgage Assistance Program

Louisiana

Available Assistance

The Southern Mortgage Assistance Program offers residents a 30-year fixed rate home loan with a Down Payment Assistance (DPA) Grant. The assistance covers either 3 or 4 percent of the loan amount for borrowers of FHA, VA, or RHS loans, or 3 percent of the loan amount for homebuyers with a Freddie Mac HFA Advantage Loan.

Eligibility Requirements

A minimum credit score of 640 or higher is required. For an FHA, VA, or RHS loan the borrower's annual income cannot exceed $69,000. For a Freddie Mac HFA Advantage Loan, the borrower's annual income cannot exceed $99,000. Freddie Mac HFA Advantage Loan borrowers must be first-time homebuyers. If the borrower is a first-time homebuyer, a Home Ownership Education Program must be completed to qualify for a Freddie Mac HFA Advantage Loan. Home Ownership Education is not required for an FHA, VA, or RHS loan.

Property Guidelines

The residence being purchased must be located within the Parish of Jefferson. The acquisition cost of the residence cannot exceed the amount permitted by FHA ($271,050), VA ($417,000), RHS (no limit), and Freddie Mac's Advantage Loan ($417,000). The property must be a single family home, which includes a condominium unit, or townhouse and can be either a new or existing residence. The property must be a single family home, which includes a condominium unit, or townhouse and can be either a new or existing residence. The home must serve as the borrower’s primary residence. Duplex, multi-unit, recreational, seasonal, vacation, or investment homes are not permitted in any program. Manufactured housing is not eligible for the Freddie Mac HFA Advantage Program.

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