HOPE Credit Union Affordable Housing Program

What is HOPE Credit Union Affordable Housing Program?

HOPE Credit Union Affordable Housing Program is down payment assistance for homebuyers in Louisiana, administered by Hope Credit Union (Hope Enterprise Corporation).

• Hope Credit Union (a CDFI affiliated with Hope Enterprise Corporation, serving Louisiana and the Deep South) offers the Affordable Housing Program, a special mortgage for low- to moderate-income buyers that includes down payment and closing-cost assistance. Allows scores as low as 580, 100% financing up to $350,000 (97% up to $425,000) with no PMI and competitive fixed rates. No income limits in target areas, up to 120% AMI elsewhere; homebuyer education required.
• DPA and closing-cost assistance.
• Scores as low as 580.
• 100% financing up to $350,000.
• No PMI.
• Competitive fixed rates.
• Alternative credit accepted.
• Funding comes from Hope Credit Union / Hope Enterprise Corporation (CDFI); FHLB Dallas programs.

Do you have to pay it back?

HOPE Credit Union Affordable Housing Program is down payment assistance and is repaid under the terms set by Hope Credit Union (Hope Enterprise Corporation).

• 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.

Who qualifies?

HOPE Credit Union Affordable Housing Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

HOPE Credit Union Affordable Housing Program limits household income to 120% of the area median income, which varies by county and household size.

• No income limit in designated target areas; up to 120% AMI in nontarget areas.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

HOPE Credit Union Affordable Housing Program caps the purchase price as follows: 100% financing up to $350,000; 97% up to $425,000.

• Eligible property types include Single Family.

Where does it apply?

HOPE Credit Union Affordable Housing Program serves buyers purchasing anywhere in Louisiana.

• The program targets specific areas: No income limit in designated target areas; up to 120% AMI elsewhere.

How do you apply?

Applications for HOPE Credit Union Affordable Housing Program go through Hope Credit Union (Hope Enterprise Corporation), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through HOPE-approved homebuyer education; GreenPath Financial Wellness.

2. 2

   Contact Hope Credit Union (Hope Enterprise Corporation) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.