Finance
A Louisiana first-time homebuyer program administered through the Louisiana Housing Corporation (LHC) typically offers:
AZero-interest loans with no repayment requirement
BBelow-market interest rate mortgages and/or down payment assistance for qualifying buyers✓ Correct
CFree properties seized through eminent domain
DGuaranteed home appreciation protection for 5 years
Explanation
The Louisiana Housing Corporation (LHC) administers programs that offer qualifying first-time homebuyers access to below-market mortgage interest rates, down payment assistance grants or loans, and mortgage credit certificates (MCCs) to reduce federal tax liability.
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Math Concepts
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