Frequently Asked Questions
Q. Can I get a mortgage from the EBRMFA if the house I want to buy is not in Baton Rouge?
A. The Authority’s programs are only for homes located within East Baton Rouge Parish.
Q. We presently live out of state but we’re moving to Baton Rouge. Are we eligible for a mortgage from the Authority?
A. You may be eligible if the home you purchase is in East Baton Rouge Parish, the home is your primary residence, and you meet all the other qualifications.
Q. I’ve had some credit problems, which lowered my credit score. Do I need to have a certain credit score to get one of your mortgage loans?
A. Credit requirements vary between the various types of mortgage programs that are available. The company that originates your loan will explain the credit requirements for the specific mortgage program under which you plan to borrow. A minimum credit score of 620 is required.
Q. Our income right now is below the maximum household income to qualify for an EBRMFA mortgage, but I expect to get a big raise at the end of this year that will put us over the income threshold. Will I still be eligible for one of your mortgages?
A. Your family maximum income is calculated from the day you close on your loan to 12 months past that date. For example, if you meet the maximum income requirement on the day that you plan to close on your mortgage, but your spouse is starting a new job with pay that will place you OVER the maximum family income limit, then you might not be eligible for our program.
Q. If I get assistance from the Authority, when will I have to pay it back?
A. The Authority's current assistance program provides a soft second mortgage equal to 4% of the loan amount that is forgiven over a 5 year period provided the borrower occupies the property as the primary residence.
Q. How do I apply for a mortgage from the Authority?
A. The Authority’s mortgages are originated through our participating lenders. See the “Participating Lenders” section of this Web site for a list of our participating lenders.
Q. How much down payment is required for a mortgage from the Authority?
A. The down payment that is required can vary from program to program. The Authority’s second mortgage assistance package can be applied toward a down payment. Some programs require no down payment.
Q. We own a home now and want to buy a new one. Are we eligible for a mortgage from the Authority?
A. Currently borrowers must be first-time homebuyers, meaning they can not have owned a home for at least 3 years.
Q. Can I meet with someone at the Authority to see if I qualify for a mortgage?
A. The Authority does not provide mortgages directly. All mortgages are originated through one of our participating lenders. You should contact one of our participating lenders to determine eligibility. This Web site discusses some of the basic eligibility requirements. (Click here to view our qualifications)
Q. Can I get a variable rate mortgage from the Authority?
A. No. The Authority’s program is for 30-year fixed-rate mortgages.