La. Admin. Code tit. 16 § II-901

Current through Register Vol. 50, No. 11, November 20, 2024

Section II-901 - Introduction

1. The Workforce Housing Initiative Program is designed to provide citizens of the state of Louisiana that have:

a. a demonstrated good credit history with a minimum credit score of at least 660;

b. accumulation of borrowers 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;

c. consistent employment history of at least 2 years in current profession; and

d. stated income at a level that is typical of the borrowers profession;

2. to purchase a home for primary residence occupancy utilizing the Workforce Housing Initiative Program.

La. Admin. Code tit. 16, § II-901

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

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