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Louisiana First Time Home
Buyer
Louisiana has an over-supply of rebuilt homes with growing unemployment. Home
sales are slow after the rush to rebuild following Hurricane Katrina due to the
fact that many home buyers are finding it more difficult to secure a mortgage.
Hopefully, the first time home buyer tax credit and federal funds for
reconstruction will lay the groundwork for a stronger future.
Louisiana First Time Home Buyer Stats
| Average Home List Price |
$239,170 |
| Average Property Tax |
.17% or $340 for $200,000 home value-lowest in nation |
| Foreclosure Rate-New Orleans |
1 in 250 Homes |
| Fastest Growing Job Markets |
Ushers, Lobby Attendants, and
Ticket Takers, Home health aides |
| Unemployment Rate |
7.4% |
Special
Programs
 
The My Community Louisiana First Time Home Buyer Program Opens Doors for a
Fireman, Police Officer, Paramedic, Teacher, Healthcare Worker such as Nurse,
and Military Personnel.
This program features 3% down financing and you receive a $500 credit toward
closing costs. Also, you can have use part-time or overtime income from last 12
months to qualify.
Louisiana Time Homebuyer FHA Program
FHA Single Family Mortgage Limit range from $271,050 to $287,500 in New Orleans.
Please visit
FHA mortgage limits
if your Metro Area doesn't appear below.
| Metro Area |
Single Family |
2-Unit |
3-Unit |
4-Unit |
| New Orleans |
$287,500 |
$368,050 |
$444,900 |
$552,900 |
| Monroe |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
| Baton Rouge |
$280,000 |
$358,450 |
$433,250 |
$538,450 |
| Shreveport |
$271,050 |
$347,000 |
$419,425 |
$521,250 |
VA Program
Zero down payment up to $417,000 loan amount
If you served during wartime for at least 90 consecutive days or
during peacetime for at least 181 consecutive days then you are
eligible for the VA Home Loan Program. If you are currently on
active duty then you are eligible for the program after 90 days of
active service. You are also eligible if you are on Reserve, as long
as you have served for at least six years, which can be
non-consecutive and in different branches of the Reserves. The
Reserve branches eligible for the VA Home Loan Program are Army
National Guard, Army Reserve, Air National Guard, Coast Guard
Reserve, Navy Reserve, Marine Corps.
Louisiana USDA Rural Program
Zero down payment with NO PMI or mortgage insurance. You must purchase home in
eligible county and there are maximum income limits. The income limit for
all counties is $73,600.
List of Eligible COUNTIES: Bossier, Caddo, Calcasieu, East Baton Rouge,
Iberia, Jefferson, Lafayette, Lincoln, Orleans, Ouachita, Plaquemines, Rapides,
St. Tammany, and Terrebonne.
Visit
USDA website to determine if a specific home is eligible for the program.
You will need full address with zip code. You may be to complete Louisiana first
time homebuyer course.
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