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9 Baton Rouge Mortgage Programs To Help You Buy A Home

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Ready to Start Thinking about a Mortgage in Baton Rouge?

You’ve made the decision to buy a home. Congrats! Your next step should be to think about your mortgage in Baton Rouge and what type of home loan would work best for you. Keep reading as we detail 9 types of loans and which one might fit best for you:

1. Conventional Mortgage (Fannie Mae and Freddie Mac Programs)

As the name implies, the Conventional Mortgage program at Essential Federal Credit Union provides a traditional mortgage in Baton Rouge areas. While these loans are made by Essential Federal Credit Union, they are backed by Fannie Mae and Freddie Mac, which allows for a greater opportunity for you to be approved for a loan. In addition, you can expect lower interest rates and closing costs.

2. Home Ready Program

As a prospective homeowner with a low to moderate income, it can feel as if homeownership is beyond your reach. However, the Home Ready Program is designed to help those who have good credit but lower income to achieve their home buying goals. With the Home Ready Program, which is backed by Fannie Mae, you will receive a fixed interest rate over the entire life of your loan, a low down payment, and more flexible options for your sources of your down payment than a traditional loan. In addition to low income homebuyers, the Home Ready Program serves minority and disaster impacted communities.

3. FHA Loan Program

Having less than stellar credit can be stressful when trying to purchase a home. For applicants who struggle with their credit score, the FHA Loan Program may be a perfect fit. Backed by the Federal Housing Administration, the FHA Loan Program serves those who have a lower credit score than traditional mortgage applicants or who require different down payment options. This means that a broader range of people are able to become first time home buyers.

4. Rural Development Loan Program

Moving into the suburbs is the dream of many homebuyers. Because you don’t have to put any money down, the Rural Development Loan Program makes moving away from the hubbub of the big city that much easier. Because you don’t have to be a first time home buyer, this program for a mortgage in Baton Rouge is helpful to a wide range of applicants. Regardless of if you’re looking for a suburban oasis or a quiet place in the country, this loan program can get you there.  

5. VA Loan Program

At Essential Federal Credit Union, we are honored to work with the veteran community in and around Baton Rouge. Our mortgage program helps to ensure that homeownership isn’t out of reach for those who have served in the U.S. Armed Forces. Our VA Loan Program includes expandable qualifying rations and flexible credit guidelines as well as no income limits or restrictions.

6. LA CAFA HOME Loan Grant Program

If you are looking for a mortgage in Baton Rouge or the surrounding areas and are a low or moderate income homebuyer, then the LA CAFA HOME Loan Grant Program may be the perfect fit for you. This program includes a grant for 4% of original mortgage amount, a 30 year term, and fixed low rates.

7. Jumbo Loan Program

If you are looking to finance your dream home, Essential Federal Credit Union has the mortgage program to match. Regardless of whether this is your homebase or getaway escape, the Jumbo Loan Program offers minimum loan amounts of $417,000 up to a maximum amount of $3,000,000 with a low FICO requirement.

8. Construction, Renovation and ReHab Loans

Whether you call it a DIY, Fixer-Upper, or weekend-warrior home-improvement project, upgrading a house can require a significant upfront investment. If you need to purchase sheetrock, lumber, sinks, or insulation, Essential Federal Credit Union can provide a mortgage loan in Baton Rouge for you to build the home you’ve always wanted.

9. Home Equity Line of Credit

Life can throw lots of surprises your way and many of them are expensive. Thankfully, you’ve already invested in the future. With a Home Equity Line of Credit from Essential Federal Credit Union, you’ll have able to pay off your debt, improve your home, or simply deal with the hurdles of life. Regardless of what you’re dealing with, Essential Federal Credit Union can help.

Ready to Talk about a Mortgage?

Our agents are ready to help you find the perfect program for your needs. Call us today at (225) 353-8238 or send us an email to start your mortgage journey.