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New Orleans Down Payment Assistance Grant

New Orleans offers two exciting options for down payment assistance on your next 1 or 2 unit single family home!

CALL 504-509-4771 NOW TO SEE IF YOU QUALIFY!

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Down Payment Loan:

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The down payment loan is a 30-year FHA or Freddie Mac first mortgage with an interest-free second mortgage (equaling no more than 10% of your approved home loan) to use for down payment assistance.

After qualifying for a first mortgage, you’ll receive an interest-free loan as a second mortgage. This second mortgage is to be repaid monthly beginning and ending the same time as the first mortgage payments.

Benefits to the Down Payment Loan:

  • You’ll save money that will help you qualify for the first mortgage.
  • You’ll keep money that can be used for other household needs, like buying furniture.
  • You’ll have lower monthly payments and start with more equity in the home.

Down Payment Grant:

Click Here to Browse all available New Orleans Homes NOW!

The Down Payment Grant is a 30-year FHA or Freddie Mac first mortgage with a forgivable second mortgage (equaling 3% or 5% of your approved home loan) to help with your down payment.

Once you qualify for a first mortgage, you’ll receive a sum of money that you would not have to repay, but you must remain in the home for at least 5 years.

Benefits to the Down Payment Grant:

  • You’ll save money that will help you qualify for your first mortgage.
  • You’ll have savings to put toward household necessities, such as appliances.
  • You don’t have to pay the grant back as long as you remain in the home for 5 years.

Am I Eligible?

Who: Individuals or families • Household income below $84,000 • Minimum credit score of 640 (Freddie Mac) or 660 (FHA) • Total debt load less than 45% of income • Earn 12-hour Homebuyer Education Class Certificate • Qualify for first mortgage with participating lender

What: 1 or 2 unit single family primary residence Move-in ready home (no renovations)

Where: Orleans Parish

When: Program is Available NOW!

Click Here to Browse all available New Orleans Homes NOW!

Call us today at 985-778-2525 or complete the contact form below for more information about these great loan options.

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