Finance Authority of New Orleans

Steps to Qualify - "Expand to Homeownership" Grant Program

 

Visit The Finance Authority of New Orleans website to learn about the program at www.financeauthority.org.


Gather your financial information:

  1. Tax returns and W-2s for the last three consecutive years
  2. Bank statements for the last three months
  3. Pay-stubs for the last three months and financial documents related to all your sources of income:
    • listing of all real estate investments,
    • listing of all investments in stocks and/or bonds,
    • copy of court ordered child support judgement(s), where applicable
    • SSI, DHAP, Retirement income verification documents, where applicable
    • Evidence of other income, where applicable


Determine the first mortgage loan amount you can afford. You can do this by:


Register with a participating homebuyer training organization certified by the Louisiana Homebuyer Training Collaborative, Inc. and take the required 12-hour homebuyer education and training course.


Complete a loan application with a participating lender. Please bring all documents gathered in step two to the participating lender.


Negotiate an agreement to purchase a home with the seller of a home. You should seek the assistance of a realtor in negotiating the agreement to purchase.


Finalize mortgage application completion with your lender. The lender will review your application, financial documents, etc. and forward it to their underwriter for approval. Simultaneously, your loan file will be forwarded for review and compliance.


Receive mortgage loan approval.


Close on your mortgage loan.


MOVE INTO YOUR NEW HOME!

 

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