Home buying assistance available to St. John residents
LAPLACE — Down payment and closing costs have long served as a barrier to home ownership for area residents. St. John the Baptist Parish’s new partnership with Capital Area Finance Authority can provide financial assistance to help residents overcome these barriers and exchange monthly rent for a house to call their own.
“Homeownership plays a vital role in helping build strong and stable communities”, said St. John Parish President Jaclyn Hotard. “For the first time, St. John the Baptist Parish has partnered with CAFA to provide financial home buying assistance that will promote homeownership in our Parish.”
Residents do not need to be first-time homebuyers to take advantage of CAFA’s services. The CAFA grant programs can provide qualified individuals with funding for down payment and closing costs, as well as prepaid items and private mortgage insurance costs.
The CAFA GOLD 100 program providers homebuyer assistance in the form of a forgivable second lien and can cover up to seven percent of the final loan amount. Assistance is in the form of a seven- or 10-year forgivable second loan.
Meanwhile, the Assurance Advantage Program can cover up to six percent of the final loan amount in the form of a seven-year forgivable loan. The Capital Advantage Program comes in the form of a grant with no repayment or recapture and provides up to five percent of the final loan amount.
FICO score, debt-to-income ratio, income and sales price determine eligibility.
The first step is to locate a participating lender that can help determine if you qualify for a CAFA grant program. A full list of qualified lenders is available at thecafa.org.
Prospective homebuyers are also welcome to call the CAFA office at 225-771-8567 or contact firstname.lastname@example.org for more information.