Finance Authority of New Orleans

The "Expand to Homeownership" Grant Program


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.

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 4% = $4,500
(OPTION 1 will carry a higher mortgage interest rate than OPTION 2)

 

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