Habitat for Humanity of Greater Baton Rouge Homeownership Program

Habitat for Humanity of Greater Baton Rouge Homeownership Program is down payment assistance for homebuyers in Baton Rouge, Louisiana, administered by Habitat for Humanity of Greater Baton Rouge. Habitat for Humanity of Greater Baton Rouge partners with low-income families and volunteers to build and sell new homes at no profit and 0% interest to qualifying applicants in East Baton Rouge. Partners earn sweat-equity hours and complete financial literacy and homebuyer education; the Habitat mortgage payment will not exceed 30% of gross monthly income. A sweat-equity / 0%-mortgage model rather than a cash down payment grant. 0% interest Habitat mortgage. Payment capped at 30% of gross income. Brand-new home. Major appliances included. Homebuyer coaching. Funding comes from Donations, volunteer labor, recycled mortgage payments, HUD/community partners.

Habitat for Humanity of Greater Baton Rouge Homeownership Program is down payment assistance and is repaid under the terms set by Habitat for Humanity of Greater Baton Rouge. Repayment is triggered by Monthly 0% Habitat mortgage payments over loan term; home sold at no profit. The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Habitat for Humanity of Greater Baton Rouge Homeownership Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: No fixed minimum FICO; <$750 non-medical debt/charge-offs, <=$3,000 medical debt, 3 credit references if no credit, 3 years since bankruptcy, 4 years since foreclosure. A homebuyer education course is required, through Habitat Greater Baton Rouge financial literacy series, budget classes, required homeowner education; Homeward Bound Orientation. Residency requirement: Lived or worked in Louisiana at least 1 year. Sweat equity: 255 hrs (one-adult) / 315 hrs (multi-adult), >=20 hrs/month. Must save $4,000 toward closing costs (incl. first-year insurance). Mortgage <=30% gross income; total DTI <=41%. Credit report fee $25/$50. Reapply 1 year after denial. Habitat assistance_type 'other' (0% mortgage/sweat-equity); not a cash DPA grant.

Habitat for Humanity of Greater Baton Rouge Homeownership Program limits household income to 80% of the area median income, which varies by county and household size. 27%-80% of AMI for the build area. Gross annual income limits by household size (HUD 4/18/2022): 1: $16,802-$49,784; 2: $19,202-$56,896; 3: $21,603-$64,008; 4: $24,003-$71,120; 5: $25,923-$76,810; 6: $27,843-$82,499; 7: $29,764-$88,189; 8: $31,684-$93,878. The limit applies to total household income, not only the borrower&rsquo;s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Habitat for Humanity of Greater Baton Rouge Homeownership Program can be used for Single Family. New construction is eligible. Manufactured homes are not eligible.

Habitat for Humanity of Greater Baton Rouge Homeownership Program serves homebuyers purchasing in Baton Rouge, Louisiana.

Applications for Habitat for Humanity of Greater Baton Rouge Homeownership Program go through Habitat for Humanity of Greater Baton Rouge, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.