This product is a 30-year FHA or Freddie Mac first mortgage with an interest-free second mortgage (equaling no more than 10% of your approved home loan) to use for down payment assistance.
After qualifying for a first mortgage, you'll receive an interest-free loan as a second mortgage. This second mortgage is to be repaid monthly beginning and ending the same time as the first mortgage payments.
This product is a 30-year FHA or Freddie Mac first mortgage with a forgivable second mortgage (equaling 3% or 5% of your approved home loan) to help with your down payment.
Once you qualify for a first mortgage, you'll receive a sum of money that you would not have to repay, but you must remain in the home for at least 5 years.
The Finance Authority of New Orleans (FANO) is a housing and development finance agency serving all New Orleanians to better our community. We provide mortgage financing for low-to-moderate income families and credit support for affordable rental and community development projects.
Our mission is to improve the quality of life in the city of New Orleans by directly investing in the creation of affordable housing and economic development projects that produce quality jobs and wealth for residents.
We aim to give every New Orleanian the opportunity to access capital needed for a decent standard of living by way of homeownership and community investment.
Homebuyer counseling is a required part of eligibility for the program. Counseling must be completed prior to final loan approval. Please register with one of the participating homebuyer education counseling organizations listed below to schedule your 12-hour homebuyer education and training requirement. Only organizations that are certified by the Louisiana Homebuyer Education Collaborative are allowed to fulfill this requirement.
In order to qualify for the program benefits, homebuyers are required to apply for a mortgage at any one of our participating lenders.
For any questions or to get started with our program, please fill out the form with your contact information or call us at:
618 Baronne Street
New Orleans, LA 70113