Louisiana’s Resilience Soft Second Loan is among the most generous down payment assistance programs in the U.S. Eligible Louisiana residents may qualify for:
A “soft loan” of 20% of the home purchase price, up to $55,000
Up to $5,000 in closing cost assistance for a total of up to $60,000
Better yet, the loan is forgiven after ten years. So as long as you remain in your home for at least that long, you won’t have to repay anything.
To qualify for this program, you must meet the income requirements set by the Louisiana Housing Corporation. You can’t earn more than 80% of your area’s median income.
And only first-time homebuyers can participate. First-time buyers in Louisiana include single parents who owned a home while married.
Only homes in the following parishes qualify: Acadia, Allen, Ascension, Avoyelles, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, De Soto, East Carroll, East Baton Rouge, East Feliciana, Evangeline, Franklin, Grant, Iberia, Iberville, Jackson, Jefferson Davis, Lafayette, LaSalle, Lincoln, Livingston, Madison, Morehouse, Natchitoches, Ouachita, Pointe Coupee, Rapides, Red River, Richland, Sabine, St. Helena, St. James, St. Landry, St. Martin, St. Tammany, Tangipahoa, Union, Vermilion, Vernon, Washington, Webster, West Baton Rouge, West Carroll, West Feliciana, and Winn Parish.
For more information on this program, visit LHC’s website. And look at HUD’s list1 of alternative homeownership assistance programs in Louisiana.