Specialized Assistance Programs
Programs designed to increase homeownership among African Americans, minorities, large families, and low-income borrowers.
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Specialized Assistance Programs
These programs are designed to increase homeownership rates for African Americans, minorities, large families, and low-income borrowers.
HUD Programs
The Department of Housing and Urban Development offers various assistance programs for homebuyers, particularly those in underserved communities.
Key Benefits:
- Lower down payment requirements
- Flexible credit requirements
- Counseling services for first-time homebuyers
- Special focus on increasing minority homeownership
Chenoa Fund
The Chenoa Fund is a down payment assistance program provided through CBC Mortgage Agency designed to increase access to homeownership.
Key Benefits:
- Down payment assistance up to 3.5% of the purchase price
- Available with FHA and conventional loans
- Forgivable or repayable options
- No income limits in many areas
NACA (Neighborhood Assistance Corporation of America)
NACA offers an innovative mortgage program with no down payment, no closing costs, no fees, and below-market interest rates.
Key Benefits:
- No down payment required
- Below-market fixed interest rates
- No credit score requirements
- Comprehensive counseling and support
USDA Direct Loan Program
The USDA Direct Loan Program provides affordable financing for low and very-low-income households in eligible rural areas.
Key Benefits:
- 100% financing (no down payment)
- Payment assistance to reduce monthly payments
- Lower mortgage insurance compared to FHA
- Extended loan terms up to 38 years
FHA 203K Renovation Loan
The FHA 203K loan helps homebuyers purchase and renovate properties with a single loan, which can be especially helpful in revitalizing neighborhoods.
Key Benefits:
- Finance both home purchase and renovation costs
- Low down payment (3.5% minimum)
- More lenient credit requirements than conventional loans
- Available in standard and streamlined versions
Louisiana Housing Corporation
The Louisiana Housing Corporation offers various homeownership programs for Louisiana residents, with special focus on first-time homebuyers and underserved communities.
Key Benefits:
- Down payment and closing cost assistance
- Competitive mortgage interest rates
- Programs specifically for low to moderate-income families
- Special initiatives for specific professions and areas
New Orleans Soft Second Mortgage Program
The New Orleans Soft Second Mortgage Program provides down payment and closing cost assistance to eligible first-time homebuyers in New Orleans.
Key Benefits:
- Up to $60,000 in assistance (depending on income)
- Partially forgivable loan structure
- Focused on increasing homeownership in targeted neighborhoods
- Homebuyer education requirement to ensure success
Fannie Mae HomeReady Program
The Fannie Mae HomeReady program is designed for creditworthy low-income borrowers, with expanded eligibility for homes in low-income communities.
Key Benefits:
- Low down payment options (as low as 3%)
- Flexible sources of funds for down payment and closing costs
- Reduced mortgage insurance requirements
- Considers income from non-borrower household members
DownPaymentResource.com
DownPaymentResource.com helps connect homebuyers with down payment assistance and affordable lending programs for which they may qualify.
Key Benefits:
- Database of thousands of assistance programs nationwide
- Free search tools to find programs by location
- Information on eligibility requirements
- Resources for both homebuyers and housing professionals
