Louisiana First Time Home Buyer Loans

If you’re a first time home buyer in Louisiana, you’re getting ready to make a major investment into your financial future.  A home is a solid way to build wealth, though finding the right loan to fund your purchase can be difficult at times.  We’re here to simply the process and remove the barriers that create stress.

Louisiana First Time Home Buyer Information

Our first time home buyer checklist will help you understand the steps involved in taking out a mortgage for a home purchase.  This process can be confusing if you’ve never worked through it before.  The five most important steps to take are mentioned here.

• Make a financial plan.  Don’t take out a mortgage you can’t afford.  The only way to know how much you can afford is to plan for the future.
• Take out the right type of loan.  Adjustable or fixed rate?  Interest only or jumbo?  Research the different loan types available and take out the one that meets your needs.  The FHA loan is considered to be one of the best.
• Make sure your credit score is solid.  You won’t qualify for a loan if your credit score is low.  Take the time to fix any problems before you apply.
• Find the lender who offers the best rate.  Don’t just work with the first lender who contacts you, even if he or she was recommended to you by a friend.  Do some firsthand research and compare mortgage rates between multiple lenders.
• Get preapproved.  Don’t skip this.  Always make sure you’ve been assured of the loan amount before you start trying to negotiate with sellers.

If you follow these five steps, you’ll be in good shape to close your mortgage loan when you need it.  Refer to our checklist above for information on other steps to take to better prepare yourself.  Use our mortgage calculator, included here, to get a feel for what you’ll need to pay each month on your new loan.

1st Time Home Buyer Loan Programs

The Louisiana FHA loan program is uniquely specialized to provide financing to homebuyers who might not otherwise be able to qualify for a mortgage.  Even if this doesn’t apply to you, you can still take advantage of the many benefits offered by this government backed loan, such as a low down payment requirement and lenient credit score requirements.

Make sure you know what the Louisiana FHA loan limits are in your area before you pursue this loan.  You can find more information on government loan programs at the Louisiana page of the FHA website.

About Louisiana

Louisiana is well known for many reasons, not the least of which is the Mardi Gras celebration that is hosted in New Orleans every year.  French Americans and French Canadians make up a huge percent of Louisiana's population. In Louisiana the homeownership rate is 67.9% and the median home price is $85,000, making it a good state for first time home buyers.

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