LPTFA First Time Homebuyers Downpayment Assistance Program

LPTFA First Time Homebuyers Downpayment Assistance Program is a repayable second loan for homebuyers in Lafayette, Louisiana, administered by Lafayette Public Trust Financing Authority (LPTFA). The Lafayette Public Trust Financing Authority offers a First Time Homebuyers Downpayment Assistance Program to help qualified buyers obtain an affordable first mortgage through a participating private lender. Provides a repayable second-mortgage loan applied toward down payment and/or closing costs. A 5% interest loan up to $8,000 applied toward down payment and/or closing costs (monthly payment $63.26), secured by a second mortgage.

LPTFA First Time Homebuyers Downpayment Assistance Program offers up to $8,000 in assistance. Amounts are the program's published maximums, not an offer — Lafayette Public Trust Financing Authority (LPTFA) determines any individual award.

LPTFA First Time Homebuyers Downpayment Assistance Program is a repayable second loan and is repaid under the terms set by Lafayette Public Trust Financing Authority (LPTFA). Repayment is triggered by Loan repaid via monthly payments ($63.26) over a 15-year term; becomes due in full if borrower no longer occupies home as principal residence before end of 15-year term. The assistance is recorded in Second mortgage position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

LPTFA First Time Homebuyers Downpayment Assistance Program 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 = has not owned a home as a primary residence in the past three years; displaced homemakers also eligible. A homebuyer education course is required, through First-time homebuyer training program; LCG Community Development Neighborhood Services Home Ownership Training (HOT) Course (337-291-5452). Loan due in full if the original homebuyer no longer occupies the home as principal residence before the end of the 15-year loan term. No prepayment penalty. Applicant must have a current signed purchase agreement and meet the participating lender's/mortgage insurer's credit and loan requirements. LPTFA is a separate entity from Lafayette Consolidated Government's Housing Loans FTHB program.

LPTFA First Time Homebuyers Downpayment Assistance Program sets its income limit as follows: Maximum annual income: family size 2 or less = $78,600; family size 3 or more = $91,700. Adjusted gross income must not exceed maximum allowable for single-family MRB programs administered by LHC or LPTFA. 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.

LPTFA First Time Homebuyers Downpayment Assistance Program caps the purchase price at $316,177. Eligible property types include single_family, townhome, and condo. New construction is eligible. Manufactured homes are not eligible.

LPTFA First Time Homebuyers Downpayment Assistance Program serves homebuyers purchasing in Lafayette, Louisiana.

Applications for LPTFA First Time Homebuyers Downpayment Assistance Program go through Lafayette Public Trust Financing Authority (LPTFA), 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.