Louisiana Administrative Code
Title 16 - COMMUNITY AFFAIRS
Part II - Housing Programs
Chapter 9 - Workforce Housing Initiative
Section II-905 - Eligible Borrowers
Universal Citation: LA Admin Code II-905
Current through Register Vol. 50, No. 9, September 20, 2024
A. Borrowers will be determined to be eligible to participate under the Workforce Housing Initiative Program if they meet the following criteria.
1. The borrower is seeking a first mortgage
loan for the purchase of a housing unit in the state, whether purchasing as a
first time homebuyer or a non-first time homebuyer.
2. The borrower will occupy the property as
the primary residence. Borrower seeking to purchase properties for use as
recreational homes, second homes, vacation homes, and/or investment properties
are ineligible to participate in the program.
3. The borrowers 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 borrower meets the
minimum credit score determined by the program guidelines but in no instance
shall be lower than 660.
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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