La. Admin. Code tit. 16 § II-905

Current through Register Vol. 50, No. 9, September 20, 2024

Section II-905 - Eligible Borrowers

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.

La. Admin. Code tit. 16, § II-905

Promulgated by the Department of Treasury, Louisiana Housing Corporation, LR 41:401 (February 2015).

AUTHORITY NOTE: Promulgated in accordance with R.S. 40:600.86 et seq.