Expand to Homeownership Program

Administered by: Finance Authority of New Orleans · City · Grant

Funding status: Active

How much assistance

Grant of up to 4% of loan amount for down payment and closing costs (Grant)

No repayment required as long as the borrower occupies the home as their primary residence.

Eligibility

  • Income limits: $84,000 maximum for FHA/VA loans; $99,000 maximum for conventional loans.
  • First-time buyer required: No
  • Credit score minimum: 640
  • Geographic restrictions: Must purchase within the City of New Orleans.
  • Homebuyer education required: No

How to Apply for Expand to Homeownership Program

Step 1: Apply through a participating lender. Must have a debt ratio no higher than 45%. The grant is applied at closing toward down payment and closing costs.

Visit program website

Notes

Mortgage cannot exceed $271,050 for FHA or $417,000 for VA/conventional loans. Debt-to-income ratio cannot exceed 45%.

Cities Where This Program Is Available