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LA Housing Corporation

Monday, June 20, 2016

Louisiana Housing Corporation's Bond Money Grant Program Guidelines

Home Federal Bank is a participating lender for the LHB's MRB and Preferred Conventional Program. See program guidelines below.

 Market Rate GNMA Program

LHC Preferred Conventional Program

Competitive 30 Year Fixed Rate Mortgages

Competitive 30 Year Fixed Rate Mortgages

Available State-Wide

Available State-Wide

Origination or Discount Fees Not Allowed

Origination or Discount Fees Not Allowed

3% Assistance – Grant

3% Assistance – Grant

Minimum FICO Score of 640

Minimum FICO Score of 640

Purchase Money Transaction Only

Purchase Money Transaction Only

No First Time Homebuyer Requirement

No First Time Homebuyer Requirement

Bond Documents or Compliance Package Not Required

Bond Documents or Compliance Package Not Required

Second Mortgage Not Required

Second Mortgage Not Required

Lender SRP 2%

Lender SRP 2%

No IRS Recapture Provision

No IRS Recapture Provision

Manual Underwriting Not Allowed

Manual Underwriting Not Allowed

Buydowns Not Allowed

Buydowns Not Allowed

Income Limit 115% AMI (Household Income)

Income Limit $99,000 (Borrower(s) Income)

Non-Occupying Co-Borrowers Allowed - FHA

Non-Occupying Co-Borrowers NOT Allowed

Homebuyer Education Not Required but Recommended

Homebuyer Education Required for FTHB Only

Mortgage Insurance Based on Loan Product

MI Companies Offer Reduced Premiums for HFA Loan Products

Fees (Paid to SMC)

Document Review Fee $175

Tax Service Fee $85

Wire Fee $20

Flood Certification Fee $14.50

Transferring your own Flood Certification to SMC is allowed and that will omit this fee

Fees (Paid to SMC)

Document Review Fee $175

Tax Service Fee $85

Wire Fee $20

Flood Certification Fee $14.50

Transferring your own Flood Certification to SMC is allowed and that will omit this fee

Acceptable Mortgage Types:

FHA 203(b)

FHA 234(c)

FHA 203H

USDA Rural Development (RD)

Veterans Assistance (VA)

Acceptable Mortgage Types:

97% LTV HFA Preferred – 1 unit

95% LTV HFA Preferred – 2 unit

Acceptable Property Types

1 Unit

Site Built Houses

Condos

Townhomes

Double Wide Mobile Homes (FHA)

Acceptable Property Types

1 – 2 Units

Site Built Houses

Condos

Townhomes

Mortgage Limits:

FHA $217,050

VA $417,000

RD No Limit

Mortgage Limits:

Fannie Mae $417,000

Deadlines:

Lender Certification 15 days

Closed Loan Delivered 45 days

Purchase Loan 70 days

Deadlines:

Lender Certification 20 days

Closed Loan Delivered 45 days

Purchase Loan 70 days

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