LAC 16:II.805. Eligible Borrowers

A. Borrowers will be determined to be eligible to participate in the LHC MCC Program if they meet the following criteria. 1. The borrower is a first time home buyer or has not owned a principal residence in the past three years, or is purchasing in a targeted area. 2. Household annual income does not exceed established income limits. 3. Borrower will occupy the property as his or her primary residence. 4. Borrower is using a fixed rate, 30-year mortgage that is not financed through the use of a mortgage revenue bond.