Conventional Purchase Advantage Program is Back (Louisiana)
GMFS is pleased to re-introduce the Conventional Purchase Advantage Program with the Capital Area Finance Authority (CAFA). Borrowers can receive an assistance amount of 3% or 4% on Conventional Loans. The assistance may be used for down payment, closing costs, borrower paid MI or prepaids.
Highlights:
- 3% or 4% Down Payment Assistance
- More Parishes added – expanded to 58 parishes
- Available for Purchase or Refinance
- Lower MI Cost
- Freddie LPA Only
- Down to 640 min credit with Accept/Eligible
The FHA Purchase Advantage Program will also be re-introduced, look for details sometime in the 2nd quarter.
Resources:
purchase advantage_feb2021 announcement
Purchase Advantage TPO Product Guide V.7.2021