Louisiana Housing Corporation MRB Keys for Service Program

What is Louisiana Housing Corporation MRB Keys for Service Program?

Louisiana Housing Corporation MRB Keys for Service Program is a silent second mortgage for homebuyers in Louisiana, administered by Louisiana Housing Corporation.

• LHC's MRB Keys for Service Program is a statewide homeownership program supporting Louisiana's first responders, certified teachers, and essential workers (and, per current guidelines, any homebuyer with household income at or below $125,000). It pairs a 30-year first mortgage (FHA/VA/RD/Fannie/Freddie) at the daily Keys for Service rate with a 0% soft second equal to 4% of the final loan amount for down payment and closing costs. The soft second is fully forgiven after 5 years of owner-occupancy.
• 0% soft second equal to 4% of the final loan amount.
• Fully forgiven after 5 years of owner-occupancy.
• No origination or discount points.
• Available in all parishes.
• Works with FHA/VA/RD/Fannie/Freddie.
• Reduced mortgage insurance on conventional loans at 80% AMI.
• Manufactured housing eligible.
• Funding comes from Mortgage Revenue Bond (MRB) program / Louisiana Housing Corporation.

How much assistance does it provide?

Louisiana Housing Corporation MRB Keys for Service Program provides assistance worth 4% of the purchase price, as set by the program.

• Amounts are the program's published maximums, not an offer — Louisiana Housing Corporation determines any individual award.

Do you have to pay it back?

Louisiana Housing Corporation MRB Keys for Service Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Soft second is deferred and forgiven at the end of a 5-year period if the borrower occupies the property as their primary residence. Within the 5-year compliance period the entire balance is due upon sale or refinance.
• The assistance is recorded in Second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Louisiana Housing Corporation MRB Keys for Service Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Louisiana Housing Corporation MRB Keys for Service Program limits household income to $125,000.

• 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?

Louisiana Housing Corporation MRB Keys for Service Program caps the purchase price as follows: Maximum permissible purchase price shall not exceed the applicable FHA loan limits.

• Eligible property types include Single Family, Townhouse, Condo, and Manufactured.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Louisiana Housing Corporation MRB Keys for Service Program names veterans, active-duty service members, reservists and National Guard members, educators, law enforcement officers, firefighters, and healthcare workers 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.

Where does it apply?

Louisiana Housing Corporation MRB Keys for Service Program serves buyers purchasing anywhere in Louisiana.

How do you apply?

Applications for Louisiana Housing Corporation MRB Keys for Service Program go through Louisiana Housing 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 Homeownership education meeting National Industry Standards, via a HUD-approved counseling agency or an online course..

2. 2

   Contact Louisiana Housing Corporation to reserve funds

   Funds are reserved through Lender registers the first mortgage in LHC's reservation system; first-come, first-served. Loan must be purchased within 60 days (extensions available)., 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.