Home in Monroe - Down Payment Assistance

Home in Monroe - Down Payment Assistance is a forgivable loan for homebuyers in Monroe, Louisiana. City of Monroe HOME/CDBG-funded comprehensive first-time homebuyer program. Tiered assistance: $5K standard DPA / $20K developer buy-down / $60K target-neighborhood buy-down / $1K IDA match. Includes financial coaching, HUD-certified housing counseling, homebuyer seminar, and rent-reporting platform. Partnership with Mid-City Redevelopment Alliance and Homeland Bank. Home in Monroe is a comprehensive first-time homebuyer support program operated by the City of Monroe Department of Planning and Urban Development in partnership with Mid-City Redevelopment Alliance and Homeland Bank. Program provides four assistance components: (1) Down Payment Assistance up to $5,000 anywhere in city limits. (2) Buy-Down Program providing up to $60,000 to buy down the cost of a home in a Target Neighborhood. (3) Builder Buy-Down up to $20,000 for homeowners working with a developer to build in a target neighborhood. (4) Individual Development Account (IDA) Program with $1:$1 match up to $1,000 of buyer savings (partnering with Cadence and Homeland Banks). The program also provides Financial Coaching, Financial Education, and HUD-Certified Housing Counseling. Sponsored by Beneficial Financial Apps with rent-reporting platform integration. Funding comes from Federal, HOME, CDBG, City, and Local.

Home in Monroe - Down Payment Assistance is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by HUD HOME-funded forgivable second mortgage typical structure - forgiven over affordability period (5 years for assistance under $15K, 10 years for $15K-$40K, and 15 years for over $40K per 24 CFR 92.254). Recapture limited to net proceeds if sold/transferred/vacated during affordability period. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Home in Monroe - Down Payment Assistance is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: First-time homebuyer = no homeownership in past 3 years (HUD HOME standard). On credit, the program states: No specific City-imposed minimum FICO; first-mortgage lender overlays apply. Financial coaching includes credit score review. A homebuyer education course is required, through Mid-City Redevelopment Alliance (HUD-Certified Housing Counseling). Home Buyer Seminars include local Realtors, Appraisers, Inspectors, and Closing Attorneys. Certificate of Completion issued upon attendance. One-on-one Financial Coaching sessions to review credit scores and establish a homeownership plan. Residency requirement: Property must be located within City of Monroe limits. Borrower must occupy as primary residence for HUD HOME affordability period. Citizenship or immigration status: Per HUD HOME federal eligibility - U.S. citizen or qualifying non-citizen. Must meet HUD's Low-to-Moderate Income (LMI) requirements (typically 80% AMI for Ouachita Parish/Monroe MSA; 2024-2025 1p=~$36,650; 8p=~$69,050 per seed range). Must attend Home in Monroe Information Session, complete Home in Monroe application, and complete Mid-City Redevelopment Alliance application. Participate in financial coaching, housing counseling, and homebuyer seminar sessions. Property must be located within City of Monroe limits. First-time homebuyer (HUD HOME-funded program standard - typically no homeownership in past 3 years). Optional rent-reporting platform via Beneficial Financial Apps available.

Home in Monroe - Down Payment Assistance limits household income to 80% of the area median income, which varies by county and household size. HUD LMI (Low-to-Moderate Income) - typically 80% AMI for Ouachita Parish/Monroe MSA. 2024-2025 limits approximately $36,650 (1p) to $69,050 (8p) per seed range. The limit applies to total household income, not only the borrower’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.

Home in Monroe - Down Payment Assistance caps the purchase price as follows: Per HUD HOME purchase price limits for Ouachita Parish (verify with Community Development Office). Eligible property types include Single-family detached, condominium, townhouse within City of Monroe. New construction eligible (Buy-Down component supports construction in target neighborhoods). New construction is eligible. Manufactured homes are not eligible.

Home in Monroe - Down Payment Assistance names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Home in Monroe - Down Payment Assistance serves homebuyers purchasing in Monroe, Louisiana. The program targets specific areas: Designated Target Neighborhoods within City of Monroe receive enhanced Buy-Down assistance up to $60,000 (or $20,000 for builder/developer buy-downs). Specific neighborhood list maintained by Community Development Office.

Applications for Home in Monroe - Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply through City of Monroe Community Development Office. Steps: (1) Attend Home in Monroe Information Session; (2) Complete Home in Monroe Application; (3) Complete Mid-City Redevelopment Alliance Application; (4) Participate in coaching/counseling sessions. Subject to HOME/CDBG annual allocation. 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.