Program Description:

Competitive 30-year fixed rate, fully amortizing mortgage with 3%-4% assistance grant for either down payment and/or closing costs. Calculated as a percentage of the loan amount to qualifying home buyers for an FHA, VA or RHS loan.

Grant Terms:

No repayment/No recapture/No 2nd lien.

Eligible Loan Areas:

The SMAP program is currently available for the purchase of a residence located within Jefferson, St. Charles, St. Tammany, and St. Bernard Parishes.

Loan Servicing:

Loan is serviced by Standard Mortgage Corporation, the program master servicer.

Mortgage Loan Rates:

The loan rate will change periodically to stay competitive with the market rate. Please note that the loan rate will change depending on the % DPA option. It will be lower for the 3% option. Borrowers should contact a participating lender for the current mortgage rate.

Eligible Loans:

A minimum credit score of 640 or higher is required. Program offers a 30–year fixed rate mortgage. Lender will discuss with the borrower the various loan requirements and loan eligibility which is subject to Master Servicer approval. Loan refinancing is not eligible and interim construction loan financing is not provided.

Down Payment Assistance Options:

The borrower will select either a 3% or 4% DPA grant to be used for down payment and/or closing costs. The DPA is calculated as a percentage of the loan amount. The rate for a 4% DPA will be higher than the loan rate for a 3% DPA. The DPA is a grant and requires no repayment.

Eligible Borrowers and Occupancy:

The borrower is eligible to purchase a residence under SMAP anywhere in the Eligible Loan Area. The borrower(s) is permitted to have or previously have had an ownership interest in another residence. The home purchased must be principally and permanently occupied as the borrower(s) principal residence within not to exceed (60) days following the closing of the mortgage loan.

Income Restrictions:

The borrower’s annual income, effective April 1, 2020, cannot exceed $80,960 which is 115% of HUD median income.

Maximum Loan Amounts:

FHA-$331,760, VA-$510,400 and RHS $265,400.

Eligible Properties:

The residence must be a single family home, which includes a condominium unit, or townhouse and can be either a new or existing residence. Duplex, multi-unit, recreational, seasonal, vacation, or investment homes are not permitted.

Participating Lenders:

A list of approved participating lenders can be obtained from the Finance Authority of St. Tammany Parish office or here on our website by clicking here.

Only approved banks or mortgage companies can reserve funds for and close a SMAP loan.

Contact JPFA if you would like to become a participating lender.

Manual Underwriting:

Not permitted with this program.

Program Costs:

No program related fees. Lender may collect from the borrower its usual and customary costs, but the lender may not charge the borrower any origination and/or discount fees.

Seller Contributions:

Permitted subject to agency and/or mortgage insurer guidelines.

Homeownership Education:

Homeownership education is not required for a FHA, VA, or RHS loans.

Combining With Other Assistance Programs:

Subject to Lender, servicer and/or mortgage insurer requirements, the Lagniappe Advantage Program may be combined with other forms of assistance. Examples include but are not limited to CDBG, HOME funds, and  Mortgage Credit Certificates (MCCs), etc..

In all cases, the most conservative guidelines for each program will apply.

Loan Pricing and Delivery:

FASTP will post rates daily and distribute to lenders via email and/or posting on their webpage. Loan registrations are made via the servicer, Standard Mortgage Corporation, website during the posted lock periods. Loans are to be delivered in a fundable condition as instructed by the servicer.

Reservation Cancellation/Ineligibility:

A borrower whose mortgage loan reservation is cancelled is ineligible to participate in this program during the period beginning with cancellation of the reservation and ending one hundred twenty (120) days after cancellation of a reservation unless (1) this prohibition is waived for a specific borrower or (2) the cancellation is due to the failure of the residence to qualify.

Completion of Exhibits:

Within 20 days from the initial mortgage reservation, Exhibit C must be submitted to Standard Mortgage. In connection with each loan closing, Exhibit D-Down Payment Assistance Letter must be completed and submitted to the Authority for signature. Prior to closing, Exhibit E-Down Payment Assistance Funding Request must be completed and submitted to the Authority with the required documents.


The requirements and timelines set forth in Section 2.01 of the Mortgage Origination, Sale and Servicing Agreement are critical.