CAFA tweaks loan program to help disaster victims
The Capital Area Finance Authority announced today it is making changes to one of its popular home loan products that are designed to make it easier for disaster victims in 29 Louisiana parishes to have access to expanded financial assistance with their mortgages.
The changes are being made to CAFA’s conventional loan product, the Freddie Mac HFA Advantage Program. CAFA will lift the income limit on the product, which has traditionally been set at 140% of area median income, thereby enabling more borrowers to take advantage of the program.
CAFA is also making changes to the program that will enable qualified borrowers to reduce their mortgage insurance rates.
The changes to the program come as a federal loan program that has been in effect since last fall and was designed to help victims of the August 2016 flood with their home loan financing comes to an end Friday.
“This means we have the ability to help more families in need of financial support than ever before,” says Ashley Logan, lending program manager at CAFA.