(504) 524-5533

Down Payment Assistance

 

WHAT IS IT?

This product is a 30-year VA, FHA, Fannie Mae or Freddie Mac first mortgage with a zero-interest, forgivable second mortgage (equaling 2-5% of your approved home loan) to help with your down payment.

 

HOW DOES IT WORK?

Once you qualify for a first mortgage, you’ll receive a sum of money that will be forgiven, but you must remain in the home for at least 3 years.

 

 


Eligibility Qualifications & Terms

Who:

  • Individuals or families
  • Household income below $99,000
  • Credit score above 660
  • Total debt load less than 45% of income
  • Earn Homebuyer Education Class Certificate
  • Qualify for first mortgage with participating lender

 

Where / what:

  • Orleans Parish
  • 1 to 4 unit primary residence
  • Move-in ready home

 


Program Terms

Review the choices below to determine the best first mortgage and down payment assistance option that suits your needs and eligibility.

  • Step 1
  • First Mortgage Options

  • Select one Mortgage Option

FHA FREDDIE MAC FANNIE MAE VA
Loan Terms 30 Years 30 years 30 years 30 years
Total Debt-to-Income Less than 45%, or 50% with 680+ credit score Less than 45%, or 50% with 680+ credit score Less than 45%, or 50% with 680+ credit score Less than 45%, or 50% with 680+ credit score
Maximum Units 2 1 4 2
Loan Limits $356,362 (single) $456,276 (duplex) $551,500 (triplex) $685,400 (four-plex) See Freddie Mac guidelines for your specific loan limits. See Fannie Mae guidelines for your specific loan limits. $548,250 See VA guidelines for your specific loan limits.
Max Income $99,000 Follow Fannie Mae guidelines for your family situation No limit
Minimum Credit Score 660 660 660 660
Parish Eligibility Orleans Orleans Orleans Orleans
Homebuyer Education & Training First Time Homebuyers & Landlord Training First Time Homebuyers only First Time Homebuyers & Landlord Training First Time Homebuyers & Landlord Training
  • Step 2
  • Down Payment Assistance

DOWN PAYMENT
Assistance % 2-5% (of First Mortgage Amount)
Interest Rate None
Repayment Terms Must remain in home for 3 years
Forgivable Yes

All properties must be move-in ready.
Borrower can only select one 1st mortgage option.
Follow FHA Maximum loan limits for maximum loan amounts. VA first loan limits also apply.

We're Here To Help.

To receive additional information about our programs, please fill out the form with your contact information, and we will send you an email with program details.
For general questions and inquiries, visit our Contact page.

For questions, please call:
(504) 524-5533

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