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.