First Time Home Buyer

 Programs in Louisiana

Complete First Time Home Buyer Programs Available in Louisiana.

The state agency created by the legislature in Louisiana to offer first time home buyer programs is the Acorn Housing Corporation. Here is a summary of the current first time home buyer programs that are offered:

The Mortgage Counseling Service for First-Time Homebuyers

You will enter the program by attending a workshop to learn the basics of homeownership and get a survey of programs available in your area. To attend a workshop please call the local ACORN Housing office to reserve a space. At the conclusion of the workshop you will be given the opportunity to sign up for a one-on-one work session with one of our trained mortgage counselors. Prior to the work session, you must turn in basic financial information [click here for a checklist] and pay a $20 credit report fee, which enables the mortgage counselor to pull 2 credit reports on your household.

At the one-on-one work session, the AHC housing counselor will review your sources of income and establish how much house payment you and your family can afford. If the household income is inadequate, AHC will offer advice on how to get cosigners, increase available household income, or locate a more affordable property.

The counselor will review the your total debt to determine if you'll be overextending yourself. If the debt exceeds normal lending limits, AHC will work to help you pay off debts, refinance loans, or increase household income.

For complete details on this first time home buyer program available to Louisiana residents, visit the Acorn Housing Corporation website.

It is highly recommend that you also visit the First Time Home Buyer Grants page.

Best Lender For First Time Home Buyer Loans

Unfortunately, some lenders do not like to work with first time home buyers (due to not having a track record), and prefer instead to only provide mortgages to people who have previously owned a home. If you do not need help with the down payment and are not in need of any state program, but simply want to apply for a mortgage, we recommend  ING DIRECT Orange Mortgage They have great rates, an easy online application, and welcome first time home buyers. Additionally they have not been as severely hurt by the subprime mortgage crisis and are still approving the majority of applications.

Other First Time Home Buyer Programs & Resources