LAC 16:II.901 – Introduction | Midpage

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Louisiana Administrative Code

§ 901

LAC 16:II.901

Introduction

LR 41:401 (February 2015)Promulgated in accordance with R.S. 40.600.86 et seq.State of Louisiana

A.
1. 1. The Workforce Housing Initiative Program is designed to provide citizens of the state of Louisiana that have:
  1. a. a demonstrated good credit history with a minimum credit score of at least 660;
  2. b. accumulation of borrower’s own funds for a substantial down payment. There is a minimum down payment requirement of 20 percent of the purchase price. Borrower must also have minimum of 2 months principal, interest, taxes and insurance in reserve after paying down payment, pre-paids and closing costs. No gift funds allowed;
  3. c. consistent employment history of at least 2 years in current profession; and
  4. d. stated income at a level that is typical of the borrower’s profession;
2. 2. to purchase a home for primary residence occupancy utilizing the Workforce Housing Initiative Program.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with R.S. 40.600.86 et seq.

Historical Note

HISTORICAL NOTE: Promulgated by the Department of Treasury, Louisiana Housing Corporation, LR 41:401 (February 2015).