Baton Rouge announces homebuyer assistance program

Information from Baton Rouge Government:

BATON ROUGE, LA - Prospective homebuyers can receive up to $25,000 in assistance for the purchase of existing East Baton Rouge Parish homes and up to $50,000 on new construction under the City-Parish Office of Community Development's Homebuyer Assistance Program.

Funded by the US Department of Housing and Urban Development, the program provides interest-free loans as gap financing for people who might not otherwise qualify for the mortgages necessary to purchase the homes.

The interest-free loans must be paid off upon the sale or transfer of the purchased property. However, borrowers who take advantage of the program can repay the loan at any time.

The loans are available for any property in East Baton Rouge Parish, with the exception of the incorporated areas of Baker, Central and Zachary. The money can be used toward an eligible buyer's down payment or closing costs.

Participating homebuyers must have not owned a home in the last three years, or qualify as a displaced homemaker or single parent. They also must meet certain income limits. For example, a two-person household can earn a maximum of $42,500 per year to qualify. A household of four can earn a maximum of $53,100 annually.

For additional information about the program, call (225) 389-3039, ext. 103.