FIRST-TIME BUYER GUIDE
Your First Home
in Baton Rouge.
8 stages from credit check to keys. Louisiana-specific guidance including the Homestead Exemption most first-timers miss.
$287,400
BATON ROUGE MEDIAN HOME PRICE
3.5%
FIRST-TIME BUYER MIN DOWN (FHA)
30–45
AVG. DAYS TO CLOSE (FINANCED)
$700+
HOMESTEAD EXEMPTION SAVINGS/YR
STAGE 01
Know Your Numbers
Financial baseline before anything else
Pull your credit report from all three bureaus (Equifax, Experian, TransUnion) and dispute any errors — this alone can add 20–40 points. Your debt-to-income ratio matters as much as your credit score. Most lenders want DTI under 43%, with 36% or less giving you the best rates.
CHECKLIST
Pull credit reports at AnnualCreditReport.com (free)
Calculate monthly debt payments (car, student loans, cards)
Determine monthly gross income
Save your last 2 pay stubs and 2 years of tax returns
Avoid opening new credit accounts for 90 days before applying
Pro tip
A 40-point credit score improvement can reduce your rate by 0.5–1.0% — worth months of preparation.
LOUISIANA EXCLUSIVE — STAGE 8
The Homestead
Exemption.
Louisiana's Homestead Exemption reduces your property's assessed value by $75,000 — saving the average Baton Rouge owner $600–$900 per year. It's free, takes 15 minutes, and most first-time buyers forget to file it.
Visit ebrpa.org or go in person to the EBR Parish Assessor's Office
Bring your Act of Sale, valid driver's license, and Social Security card
File by December 31 of the year you closed on your home
Exemption is automatic each year — no renewal required
DEADLINE
December 31 of purchase year
$75,000
ASSESSED VALUE REDUCTION
$700+
AVG. ANNUAL TAX SAVINGS
$0
FILING FEE
15
MINUTES TO FILE
Other Louisiana Benefits
Special Assessment Level freeze for seniors 65+
100% exemption for permanently disabled veterans
Surviving spouse continuation of exemption
Additional exemptions for active military deployment