Posted: Jun 26, 2014 6:02 AM by Hunter Robinson
Source: Associated Press
BATON ROUGE - Eligible homebuyers can receive interest-free loans for up to $50,000 toward the purchase of a home under the East Baton Rouge Office of Community Development's Homebuyer Assistance program.
The loans, funded by the U.S. Department of Housing and Urban Development, cover gap financing for people who might not otherwise qualify for mortgages to buy a house.
The money can be used toward a down payment or closing costs.
The loans are available for any property in East Baton Rouge Parish, excluding the incorporated areas of Baker, Central and Zachary.
Participating homebuyers must not have owned a home in the past three years and must meet certain income limits, which are a maximum of $42,500 for a two-person household and $53,100 for a household of four.