First-Time Buyer Guide
From your first budget to the keys, step by step.
What it costs, how to get assistance, and what's specific to buying in Lafayette and the surrounding parishes, like flood zones, insurance, and the homestead exemption.
The Process
Start with the payment you're comfortable with, including principal, interest, property taxes, homeowners insurance, flood insurance if needed, and any HOA dues. In Acadiana, insurance can change a payment more than the price does, so we estimate it early.
A pre-approval tells you what you can borrow and shows sellers you're serious. Bring recent pay stubs, two years of W-2s or tax returns, bank statements, and ID. I can introduce you to lenders who do assistance programs regularly, with no referral strings.
Many first-time buyers qualify for help they don't know about. Louisiana Housing Corporation programs can cover part of your down payment and closing costs. See the assistance section below.
We'll talk about commute, schools, flood zone, and resale before you spend weekends driving. Then I set up an MLS search that sends you new matching listings as soon as they hit the market.
I pull the recent closed sales so your offer is grounded in real numbers. Your offer includes a deposit and a due diligence period, which is your window to inspect and back out if something serious turns up.
A home inspection, plus termite and any specialty inspections like roof, foundation, or sewer. I've worked on the construction side of the business, so I can help you sort the dealbreakers from the routine fixes and estimate what repairs really cost.
Your lender orders the appraisal. Meanwhile, you lock in homeowners and, if required, flood insurance. Get insurance quotes early, ideally before your offer, so there are no surprises.
You'll do a final walkthrough and sign at the title company. After closing, apply for your homestead exemption with the parish assessor. It lowers your property taxes every year.
Upfront Costs
The down payment is usually less than people expect. Plan for these four costs.
FHA loans start at 3.5% down. Some conventional loans for first-time buyers start at 3%. VA and USDA loans can require nothing down if you qualify.
Lender fees, title, prepaid taxes and insurance. Sellers can sometimes contribute, and assistance programs can help.
Paid when your offer is accepted and credited back to you at closing. The amount is negotiable and depends on the price and the market.
Paid during the transaction, before closing. Well worth it. Never skip the inspection on your first home.
Ranges are typical, not guaranteed. Your lender will give you a Loan Estimate with your exact numbers.
Down Payment Assistance
The Louisiana Housing Corporation (LHC) offers forgivable help through approved lenders. Each program pairs a 30-year fixed mortgage with a 0% second mortgage that's forgiven over time if you meet the program rules.
| Program | Assistance | Who it's for | Key requirements |
|---|---|---|---|
| HomeStart Assist | 4% of the loan amount, forgiven after 5 years | Buyers who haven't owned a primary home in the last 3 years | 640+ credit score; income up to 115% of area median (140% in targeted areas); homebuyer education course |
| HomeStart Advantage | 4% of the loan amount, forgiven after 5 years | First-time or repeat buyers who won't own another home at closing | 640+ credit score; household income up to $125,000; price within FHA limits; homebuyer education course |
| HomeStart Plus | Up to 20% of the price (max $55,000), plus up to $5,000 toward closing costs, forgiven over 10 years | First-time buyers in parishes designated after Hurricanes Laura, Delta, or Ida | 640+ credit score; income up to 80% of area median; not in a high-risk flood zone; minimum buyer contribution |
Terms from lhc.la.gov as of October 2026 and subject to change. Income limits depend on household size and parish. An LHC-approved lender confirms your eligibility. Online homebuyer education courses typically cost $70–$75 and give you a certificate for your lender.
Buying in Acadiana
A home's flood zone affects whether flood insurance is required, what it costs, and how easily it resells. I check the zone and ask about flood history before you fall in love with a house.
Homeowners premiums in Louisiana vary a lot by roof age, location, and elevation. Get quotes during your search, and certainly before your due diligence period ends.
Once it's your primary residence, the first $75,000 of your home's value is exempt from most parish property taxes. Apply with your parish assessor after closing. It renews automatically while you live there.
Common Questions
The consultation is free. How a buyer's agent is paid is agreed in writing before we tour homes, and sellers often cover some or all of it. I'll walk you through the options at our first meeting.
It depends on the loan. The LHC programs above require a 640, and FHA can go lower. If you're not there yet, a lender can tell you exactly what to work on.
Sometimes. I'll run the numbers with you, including the monthly cost to own and how long you plan to stay, and give you a straight answer, even if that means waiting.
Usually, yes. Lenders look at your total monthly debt compared to your income. A pre-approval will tell you where you stand.
Plan on 30 to 45 days from accepted offer to closing. The search before that can take a weekend or a few months, depending on what's for sale.
It can be a smart way in, if the repairs are cosmetic and priced correctly. My construction background helps here, and I'll be honest when a house is more project than you want.
Free Buyer Consultation
Tell me a little about where you are. I'll follow up personally to set up a short, no-pressure conversation and get your home search started.