Louisiana Mortgage Rates

Louisiana Mortgage Rates and Loan Options
From the French Quarter of New Orleans to the back country bayou, Louisiana has lured the young and old to its scenic and historic lands.  The streets of the cities are often filled with the sounds of sweet jazz and the inviting smell of Cajun cuisine.

Louisiana ranks as the state with the lowest median income and the lowest overall property values, but it also offers the lowest property tax rates in the country.  This has allowed generations of families in Louisiana to enjoy a relatively low cost of living, with many options for purchasing affordable homes at low mortgage rates.

As always, before purchasing any home, buyers should educate themselves as to all the available options through as many lenders as possible. The purchase of your first home can be the biggest purchase you make, and your loan payments might be your largest monthly expenditure.  Getting the best combination of mortgage interest rate and terms is within your grasp if you take the time to research the following programs thoroughly.

Recovery Home Loans and Grants in LA
Those affected by floods, fires, and other natural disasters are eligible to receive funding from the federal government to rehabilitate their homes, install important safety features, and bring the property back up to code.  These funds come in the form of low interest rate loans and grants through non-profit agencies at the state level as well as the Louisiana Housing Finance Agency.

Loan Programs with Low Louisiana Mortgage Rates
The Louisiana Housing Finance Agency offers several loan programs at or well below market mortgage rates for those buying or refinancing their homes in Louisiana.  They include the following:

• The HOME/MRB Program offers low mortgage rate loans to cover part of the down payment, closing costs, and prepaid items of the first mortgage lender.

• The CDBG/MRB Program is another low interest rate mortgage loan program for purchases of one or two family homes. To obtain funds from this program the applicant must be a first-time homebuyer and agree to use the home as their primary residence for at least three years.

• The Low Rate - Homebuyer Tax Credit Program bears an interest rate at or slightly below market mortgage rates, and advances to the borrower a loan for down payment, closing costs, and prepaid items of the first mortgage lender.  To obtain this loan, the borrower must qualify for the $8,000 First-Time Homebuyer Tax Credit.  These loans fully amortize over ten years, and require only a small application and compliance fee.