In Lafayette and throughout Louisiana, conventional loans typically require a minimum credit score of 620, though a score of 740 or higher will qualify you for the best interest rates. FHA loans are more flexible, allowing scores as low as 580 with a 3.5% down payment, and some lenders may accept scores between 500-579 with a 10% down payment. VA loans for eligible veterans often require around 620, and USDA loans for rural areas may have similar requirements. At Church Mortgage, we work with all credit levels and can help you find the best program for your situation.

Great news for first-time buyers: you may need less than you think! With conventional loans, you can put down as little as 3% with first-time buyer programs. FHA loans require just 3.5% down. If you're a veteran, VA loans offer 0% down payment options. USDA loans for eligible rural properties also feature 0% down. Many first-time buyers in Louisiana take advantage of down payment assistance programs that can help cover all or part of your required down payment. Our team can connect you with these resources to make homeownership more accessible.

Louisiana offers several programs to help first-time buyers: The Louisiana Housing Corporation (LHC) provides the MHC Advance Program for down payment and closing cost assistance, offering 0% interest loans with no monthly payments. The Home is Possible program provides up to 5% of the purchase price in assistance. FHA, VA, and USDA loans are all available with Louisiana-specific benefits. Additionally, many parishes and municipalities offer their own down payment assistance programs. Church Mortgage is a preferred lender for many of these programs and can guide you through the application process.

Absolutely! Many successful homebuyers carry student loan debt. Lenders look at your debt-to-income (DTI) ratio rather than the debt itself. A DTI of 43% or lower is typically preferred, though some programs allow higher ratios. Your student loan payments are factored into this calculation. If your payments are on an income-driven repayment plan, lenders may use the monthly payment amount shown on your documentation. If your loans are in deferment, lenders may use 1% of the balance as the estimated monthly payment. We're experts at navigating student loan scenarios and finding solutions that work.

Louisiana's closing process is unique due to our civil law system, but our team guides you through every step. After your offer is accepted, we'll order your appraisal and begin underwriting. You'll receive a Closing Disclosure at least three days before closing. In Louisiana, we use a "closing" or "act of sale" at a title agency or attorney's office. You'll sign all documents, pay closing costs, and receive your keys. The entire process typically takes 30-45 days from offer acceptance to closing. We keep you informed throughout and ensure all Louisiana-specific requirements are handled smoothly.