Today I participated in the LHFA Homeownership Fair at the Prien Lake Mall in Lake Charles. Century 21 Mike D. Bono & Co.’s along with other home vendors were available to answer buyer’s questions and hand out information to buyers beginning their home search in Lake Charles.
I was set up with tips and information to hand to out to Lake Charles home buyers regarding the Mortgage Certificate Program and 100% USDA Financing and other helpful buyer resource material.
What I learned today in visiting with Lake Charles home buyers who stopped by the Century 21 Mike D. Bono table to visit with me, is that there are many Lake Charles home buyers that need affordable housing. I met one Lake Charles home buyer today who told me that she had finished the first time home buyer course offered by Calcasieu Parish and she was beginning her home search. While chatting with this Lake Charles Home Buyer, she asked me about financing programs. Although I am not a loan officer, I had information to share with this buyer regarding the Mortgage Credit Certificate and 100% USDA financing programs and a reference to a local lender, Louisiana Mortgage Associates.
As a Lake Charles real estate agent working with Lake Charles home buyers it is important to be aware of programs and references to help point buyers in the right direction. I cannot quote interest rates but I can refer the Lake Charles buyer to a loan officer who can assist them.
One of the programs I was not aware of and learned more about is a new grant program funded by the Department of Social Services in Baton Rouge and Southern University and A & M College entitled the Louisiana Asset Building Initiative. This program is a Individual Development Account Program (IDA) which is a dedicated savings account that allows low income works to save earnings and acquire assets as a way out of poverty. The Louisiana Asset Building initiative helps provide participants assistance in increasing their assets. It is the only program of its kind.
There are eligibility requirements to participate and participants must:
- attend financial education and asset specific training courses
- track household expenses and establish a savings plan
- follow program guidelines
- complete the program and obtain their assets within the program timeline.
What is the benefit of an Individual Development Account?
- Home Ownership
- Financial Education
- Asset training
- Matched savings account
- economic independence.
This matched savings program allows low to moderate income residents and families to become independent and the savings in the IDA can be used for home purchase! If you or someone you know is seeking more information on the Louisiana Asset Building Initiative contact Mary Joseph, program manager, 225-771-5454
I was glad to learn more about this program today because I see the struggle of many home buyers who want to purchase but due to either credit scores or income levels are unable to do so.
Home ownership is still the American dream and this is why I was sporting my red white and blue tiara today at the Home Show!
If you have more questions about home buying , home financing or Lake Charles Homes for Sale, please visit my website www.marilynboudreaux.com! I look forward to helping Lake Charles Buyers unlock the key to home ownership!