Program Resources
- Approved Lenders List
- Homebuyer Resources
- Energy Smart 101 Presentation
- Green Mortgage Program Highlights Presentation
- Green Mortgage Homebuyer Assistance Program Guide
- Green Mortgage Program Flyer
Program FAQs
How can I use the $25,000 homebuyer assistance?
The assistance may be put towards your down payment and/or closing costs and prepaids for services used during the homebuying process. The assistance may not be used to pay off debt or make improvements in the home. However, after Green Mortgage borrowers successfully close on their home and move in, FNO will provide up to $2,500 as a grant towards improvements recommended through your whole home assessment with Energy Smart.
Do I have to be a first-time homebuyer?
You do not have to be a first-time homebuyer. However, in order to participate in the program, you may not own another financed property or real estate investment at the time of loan closing, and the home purchased through the Green Mortgage must be your principal residence. Contact FNO if you have questions regarding prior ownership history.
Do I have to complete homebuyer education even if I have purchased a home before?
Yes. All borrowers must complete a homebuyer education course in order to participate in the Green Mortgage program. Lenders will require a certificate of completion from one of our approved homebuyer education providers in order to close a loan with this program. That said, our list of homebuyer resources includes a range of options, including on-demand online trainings.
Can I buy a fixer-upper?
Only homes that are move-in ready are eligible for financing in The Green Mortgage Program. However, FNO is working with lending partners to launch a home rehab product. Contact us if you are interested in exploring these options!
Can I buy a double, triplex, or fourplex and rent out one side of the home?
Yes. You may purchase a multi-unit property under the following conditions:
- Purchase of a multi-unit property is allowed by first mortgage product
- You qualify for financing of a multi-unit property
- You occupy one unit as your principal residence for the duration of the loan term
Do I need to complete Landlord Training in order to purchase a multi-unit property through the Green Mortgage?
No, however, we strongly encourage you to do so! Becoming a landlord involves additional risks and responsibilities that borrowers should consider before purchasing a multiunit property. Our list of homebuyer resources includes agencies offering landlord training, and you can also talk to your homebuyer education trainer about your interest in becoming a landlord to quick guidance.
What are the other property eligibility requirements I need to be aware of before shopping for a home with the Green Mortgage?
- FNO will enforce a maximum purchase price of $400,000 for a single family home and $450,000 for homes with 2-4 units
- Recreational, seasonal, and other types of vacation or non- permanent homes are not permitted (no short term rentals)
- All properties in this program must have flood insurance
- All properties purchased through the Green Mortgage must be in Orleans Parish
