Louisiana Administrative Code
Title 16 - COMMUNITY AFFAIRS
Part II - Housing Programs
Chapter 9 - Workforce Housing Initiative
Section II-901 - Introduction
Universal Citation: LA Admin Code II-901
Current through Register Vol. 50, No. 9, September 20, 2024
A.
1. The
Workforce Housing Initiative Program is designed to provide citizens of the
state of Louisiana that have:
a. a
demonstrated good credit history with a minimum credit score of at least
660;
b. accumulation of borrowers
own funds for a substantial down payment. There is a minimum down payment
requirement of 20 percent of the purchase price. Borrower must also have
minimum of 2 months principal, interest, taxes and insurance in reserve after
paying down payment, pre-paids and closing costs. No gift funds
allowed;
c. consistent employment
history of at least 2 years in current profession; and
d. stated income at a level that is typical
of the borrowers profession;
2. to purchase a home for primary residence
occupancy utilizing the Workforce Housing Initiative Program.
AUTHORITY NOTE: Promulgated in accordance with R.S. 40.600.86 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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