LPTFA First Time Homebuyers Downpayment Assistance Program

What is 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.

How much assistance does it provide?

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.

Do you have to pay it back?

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.

Who qualifies?

LPTFA First Time Homebuyers Downpayment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through First-time homebuyer training program; LCG Community Development Neighborhood Services Home Ownership Training (HOT) Course (337-291-5452).

2. 2

   Contact Lafayette Public Trust Financing Authority (LPTFA) 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.