The City of Lake Charles Community Development has a Grant Program that will assist qualifying Lake Charles home buyers with down payment assistance and closing cost assistance.
There are certain requirements that must be met in order to be approved for this Lake Charles City Grant
- Assistance is $10,000 for down payment and closing costs
- First time home buyer with no home ownership within the past three years
- Home Purchases only
- Owner occupied primary residences only no investment property
- Home buyer education required
- Applicants must have good credit and be able to qualify and be approved for a mortgage
- Property being purchased must be in the City Limits of Lake Charles, LA
- Total household income must not exceed 80% of the median income for the area adjusted for family size
If you think you may qualify for a City Grant check with your local lender or contact Jacqueline Banks the Lake Charless City Program Specialist 337-491-1440
- Contracts are subject to Property Condition Addendum….the City will require an inspection of all major systems including electrical, plumbing, roof, foundation and gas lines. The Housing Rehab Inspector for Community Development will inspect the residence and determine the scope of work required to meet City Code Standards.
- The loan appraisal fee is a reimbursable item
Once all the documentation has been submitted and the purchaser is approved the $10,000 check is sent to the closing agent.
I just SOLD a Lake Charles home where I represented the buyer who was a recipient of a $10,000 Lake Charles City Grant and the Seller also contributed $3,670 in closing costs! This resulted in the homebuyer getting a credit. That means the buyer will get a check issued back for to him representing his home deposit and appraisal fee he paid for upfront. The buyer obtained an FHA loan but was able to use the $10,000 City Grant as down payment assistance so he purchased his home with NO MONEY DOWN! No that is a deal!
If you are searching for a Lake Charles home, I would love to assist you with your next real estate transaction. You can begin your Lake Charles Home Search by visiting the Lake Charles Real Estate website!
Marilyn Boudreaux is a Full Time Licensed REALTOR in the State of Louisiana affiliated with Century 21 Mike D. Bono & Co.’s.
Copyright 2011© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605