The Finance Authority of New Orleans is a governmental agency created to help citizens get low interest mortgage loans to purchase homes in Orleans Parish. Their low interest mortgage loan programs serve both first time homebuyers and non-first time homebuyers of all family income levels.

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.

• No repayment is required for assistance received
• Servicing borrowers with incomes up to $84,000 (140% of 2014 area median incomes)
• Maximum mortgage loan: $271,050 for FHA, $417,000 for VA or Conventional
• Must qualify for a mortgage loan with a participating lender
• This program is not limited to “first-time homebuyers”
• First-time buyers must complete 12-hour Homebuyer Education Class

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 3% = $4,500
(OPTION 1 will carry a higher mortgage interest rate than OPTION 2)

To apply for the program and to receive more detailed information on qualifying, contact a Face to Face Realty agent at (504)239-8437.