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What are the requirements for First-Time homebuyers in Louisiana? You'll need to have a minimum credit score of at least 580 and have a down payment of 3.5% of the purchase price. You should have a debt-to-income ratio under 50% and purchase a home that is under the loan limits for your area.
In order to qualify for an FHA loan, you must minimally meet a set of requirements, which include: A minimum down payment of 3.5% Steady income and employment. A debt-to-income ratio should not exceed 43% The home must be your primary residence. You cannot have had a foreclosure in the past 3 years.
Louisiana FHA Loan Requirements Credit Score ? A minimum credit score of 620. Debt-to-Income Requirements ? A debt-to-income (DTI) ratio of 43% or less. A DTI ratio of up to 50% may be approved in special cases. Down Payment ? 3.5% of the purchase price if credit requirements are met.
Is there a first-time homebuyer tax credit in Louisiana? Yes. The Louisiana mortgage credit certificate program allows first-time homebuyers to claim a federal tax credit for 40% of annual mortgage interest, up to $2,000 each year. There are restrictions based on household size and income and property location.