The Finance Authority of New Orleans has introduced a new program for home buyers. The program will provide 3% or 4% in Down payment assistance. There is no First Time homebuyer requirement, and no re-payment of the Grant. For Certain Borrowers 100% Financing is available with this program.
3% or 4% of loan amount for down payment assistance
Minimum Contribution from Buyer is $1,500
No repayment for assistance received
Serving borrowers with incomes up to $82,320
Maximum mortgage loan: $271,050 for FHA, $417,000 Conventional
Must qualify for a mortgage loan with a participating lender
No “first time homebuyer” requirement
All first-time buyers must complete 12-hour certified Homebuyer Education Class
Program enrollment opens Monday, March 23, 2015
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