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EBRMFA ProgramsThe East Baton Rouge Mortgage Finance Authority’s loan program is for borrowers with acceptable credit (620 minimum credit score) who are purchasing a home in East Baton Rouge Parish. The Authority does not provide “sub-prime loans.” The Authority’s program is for 30-year, fixed rate mortgages. The Authority provides both “assisted” and “un-assisted” mortgages. The loan applicant must occupy the home as his or her primary residence. To participate in the Authority’s programs, homebuyers must originate their mortgage through one of our participating lenders (Click here for participating lenders). These lenders will work with you to determine if you meet the qualifications to be eligible for a mortgage through the Authority. Overview of assisted mortgage program for first-time buyers. The Authority’s assisted mortgage programs are designed to provide homebuyers with cash through a second mortgage that they can use for their down payment and/or closing costs. The following are overviews of the programs. Interested persons should speak with their lenders and read the more detailed explanations that follow this overview. U.S. $8,000 tax credit. The federal government is offering tax credits of up to $8,000 for qualified first-time homebuyers who close their loans on or before Nov. 30, 2009. The Authority will provide a second mortgage for 10 years at 6 percent interest for buyers who qualify for the federal program and purchase a home through the East Baton Rouge Mortgage Finance Authority’s loan program. Buyers must apply funds they receive from the second mortgage toward their down payment and/or closing costs. The federal tax credit program includes a number of qualifications, including maximum income levels. Persons interested in the federal tax credit program should consult with their lender or visit the IRS Web site for additional details (Click here for more information). The federal program is set to expire on Nov. 30, 2009. Non First-Time Homebuyers. Non first-time homebuyers will be eligible to receive a down payment and closing cost assistance through a second mortgage from the Authority (limited to 4 percent of the first mortgage amount). Upon expiration of the federal tax credit program, the Authority will initiate a new assistance program for first-time homebuyers. This program will be designed to assist first-time homebuyers with their down payment and/or closing costs through a second mortgage. Details of this program will be posted on this Web site prior to its implementation. Details of the $8,000 tax credit program. Recently passed federal tax legislation provides for first-time homebuyers to receive a refundable tax credit of the lesser of 10 percent of the acquisition price or $8,000 for homes purchased on or before Nov. 30, 2009 (the mortgage loan must be closed by November 30 unless Congress extends that date). The full federal refundable income tax credit of $8,000 is available to single or head of households with modified adjusted income of less than $75,000 or $150,000 for married couples filing jointly. Incomes in excess of these amounts are eligible for partial credit up to incomes of $95,000 and $170,000 respectively. This federal tax credit program is in the form of a “refundable” tax credit, which means the homeowner will get a total $8,000 monetary benefit even if the homeowner does not owe $8,000 in federal income tax. If a taxpayer does not owe $8,000 in federal income tax, the taxpayer will get a check from the US Treasury for the difference up to the full amount of $8,000. After Nov. 30, 2009 (unless the federal income tax credit legislation is extended) the Authority’s down payment and assistance program would convert to the Authority providing down-payment and closing cost assistance in the form of a second mortgage in an amount equal to 4% of the first mortgage loan amount. First-time homebuyers who are eligible for the $8,000 federal tax credit will NOT be eligible for the 4 percent down-payment assistance as long as the Federal Income Tax Credit is available. Maximum annual household income limits for borrowers are:
The Authority’s mortgage loans are offered at interest rates that are competitive with those that can be typically obtained by consumers from commercial lenders. The Authority offers conventional mortgage loans as well as those that are available to qualified homebuyers through various federal programs. These federal programs include:
East Baton Rouge Mortgage Finance Authority
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