Louisiana Administrative Code
Title 16 - COMMUNITY AFFAIRS
Part II - Housing Programs
Chapter 7 - Turnkey Mortgage Origination Program
Section II-705 - Eligible Borrowers
Universal Citation: LA Admin Code II-705
Current through Register Vol. 50, No. 9, September 20, 2024
A. Borrowers will be determined to be eligible for assistance if they meet the following criteria.
1. The applicant is
seeking assistance towards the purchase of a housing unit in the state, whether
purchasing as a first time homebuyer or a non-first time homebuyer.
2. The applicant will occupy the property as
his primary residence. Applicants seeking to purchase properties for use as
recreational homes, second homes, vacation homes, and/or investment properties
are not eligible to receive assistance.
3. The applicant's annual household income
must not exceed established income limits as defined by the provisions set
forth in the LAC 16:I.303.B, which limit is currently a maximum of $99,000 per
year.
4. The applicant meets the
minimum credit score determined by the lender as based upon the product
selected for assistance, but in no instance shall be lower than 620.
AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.1 et seq.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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