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EBRMFA Programs

The East Baton Rouge Mortgage Finance Authority’s loan program is for borrowers with acceptable credit (640 minimum credit score) who are purchasing a home in East Baton Rouge Parish. The Authority does not provide “sub-prime loans.” The Authority’s program is for 30-year, fixed rate mortgages. The Authority provides both “assisted” and “un-assisted” mortgages. The loan applicant must occupy the home as his or her primary residence.

To participate in the Authority’s programs, homebuyers must originate their mortgage through one of our participating lenders (Click here for participating lenders). These lenders will work with you to determine if you meet the qualifications to be eligible for a mortgage through the Authority.

Overview of assisted mortgage program for first-time buyers. The Authority’s assisted mortgage programs are designed to provide homebuyers with cash through a second mortgage that they can use for their down payment and/or closing costs. The following are overviews of the programs. Interested persons should speak with their lenders and read the more detailed explanations that follow this overview.

Maximum annual household income limits for borrowers are:

Targeted Areas Non-targeted Areas
1-2 person household…..$77,520 1-2 person household…..$64,600
3 + person household…..$90,440 3 + person household…..$74,290

The Authority’s mortgage loans are offered at interest rates that are competitive with those that can be typically obtained by consumers from commercial lenders. The Authority offers conventional mortgage loans as well as those that are available to qualified homebuyers through various federal programs. These federal programs include:

  • Federal Housing Administration (FHA). The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify for than conventional loans.
  • Veterans Administration (VA). VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan.
  • Rural Housing Service (RHS)The U.S. Dept. of Agriculture guarantees loans for low-to moderate-income rural residents with minimal closing costs and no down payment.

Click Here for Special Programs for Homes in Targeted Areas