The Finance Authority of New Orleans is a quasi-governmental agency created to help citizens get low interest mortgage loans to purchase homes in Orleans Parish. Our low interest mortgage loan programs serve both first time homebuyers and non-first time homebuyers of all family income levels.
Beginning March 16, 2015, The "Expand to Homeownership" Grant Program is designed to help New Orleans homebuyers with down payment and closing costs when purchasing a home. This program provides a Grant of up to 4% of the loan amount. All mortgages are fixed rate 30-year loans. Borrowers must occupy the home as their principal residence.
- No repayment expected for assistance received
- Servicing borrowers with incomes up to $82,320 (140% of 2014 area median incomes)
- Maximum mortgage loan: $271,050 for FHA, $417,000 for VA or Conventional
- Must qualify for a mortgage loan with a participating lender
- This program is not limited to "first-time homebuyers"
- First-time buyers must complete 12-hour Homebuyer Education Class
How it Works: If your loan amount is $150,000
OPTION 1 offers a 4% GRANT $150,000 x 4% = $6,000
OPTION 2 offers a 3% GRANT $150,000 x 3% = $4,500
(Each OPTION will carry a different mortgage interest rate)