Individuals looking to purchase a home in New Orleans may be able to take advantage of this Expand to Homeownership program.
As much as 4% of the loan amount is offered to eligible applicants as a grant to help pay for the down payment and closing costs. In the event that the applicant stops using the property as their primary residence, they may need to pay this grant back.
In order to be eligible, an individual must not have an annual income higher than $84,000 for FHA or VA loans, or an annual income higher than $99,000 for conventional loans. Further, applicants cannot have a credit score lower than 640 or a debt-to-income ratio more than 45%. The loan amount can also not be more than $271,050 for FHA loans, or $417,000 for conventional and VA loans. These figures are accurate as of 2020 but may change.
Finally, applicants must complete approved homebuyer counseling. Only counseling that has been certified by the Louisiana Homebuyer Education Collaborative will be accepted.
Other programs in Louisiana:
- First-time Homebuyers Assistance Program
- Home Buyers Assistance Program Participation Initiative (HAPPI)
- Southern Mortgage Assistance Program
- Market Rate GNMA Program
- LHC Preferred Conventional Program