East Baton Rouge Mortgage Financing Programs Anyone can use the program . . . even if it is not your first home! You must have good credit and not own a home at the time of the sale! If you qualify, you can receive a mortgage for 100% of the sales price, 4% of the loan amount is given to cover your closing costs by bond, so you have no out of pocket expense. We have had great success working with Hancock Bank Mortgage, Baton Rouge, Louisiana, and Hancock Bank Mortgage participates in several first time homebuyer programs. Financing through LHFA - State Bond Programs and also, through MFA - East Baton Rouge Parish programs. Qualifying guidelines change periodically, so the information below will need to be verified at time of application. Both programs require the buyers meet the below criteria. Borrowers - 1.) because of hurricane Katrina and Rita, all buyers qualify regardless of whether you have held title to a home for the past three years, or own a current home; 2.) must be within the maximum income guidelines that are set for any of the 34 parishes in the GoZone area where the home is being purchased and; 3.) must meet maximum purchase price limits of the program. Below are examples of above requirements, but does not include all models. Once you complete the program application, you'll be notified of your eligibility. Each mortgage finance authority, issues bonds and sets maximum income limits for two (2) or less family members, at $66,960; and (3) or more family members is $78,120. Purchase price limits range from $128,676 to $250,000 for new and existing properties. All loans are subject to credit underwriting approval for each product. Information and documentation needed for Bond Loan Application - Pay stubs for the last 30 day period for all Borrowers
- Copies of last two (2) years W-2’s and full tax returns with all schedules (3 years required on HOME program)
- Most recent 2 months bank statements (checking & savings)
- Last quarterly statement on 401-K’s, retirement, stocks, etc. if applicable
- Copy of driver’s licenses for all Borrowers
- Copy of signed Purchase Agreement
- Funds for an appraisal - up to $400
- Funds (certified check or money order) payable to LHFA for $75 for Bond Compliance Fee
For more detailed information on these and other Bond Programs contact: Mrs. Jessie Clark, Hancock Bank Mortgage
2600 Citiplace Drive - Suite 200
Baton Rouge LA 70808
Phone: 248-7925
Fax: 248-7904 Please call us if you have any questions - Office (225) 231-7143 Common Questions from First-time Homebuyers
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