(504) 524-5533

GREEN Mortgage Program

 

WHAT IS IT?

Finance New Orleans’ Green Mortgage Program is here to help you access homeownership. Our updated homebuyer assistance program offers four benefits to qualifying buyers:

1. First Mortgage: FHA, VA, Fannie Mae, or Freddie Mac 30-year mortgage to finance the  purchase  of a home  

2. 0% Interest Second Mortgage: Up to $25,000 for down payment assistance or closing cost  assistance

Buyers < 80% AMI – 0% Interest, 5-Year forgivable loan *As funds are available*

Buyers earning up to 140% AMI – 0% Interest, 30-Year non-forgivable loan with option to defer repayment

3. Energy Efficiency Whole Home Assessment with Energy Smart: Free energy efficiency assessment and minor upgrades to reduce energy use and costs for homeowners 

4. $2,500 Green Home Improvement Stipend: Stipend to implement home improvements increasing energy efficiency and resilience to wind, heavy rain, and flooding.

 

Eligibility Qualifications & Terms

Who:

  • Individuals or Co-Applicants
  • Combined Income under 140% AMI
  • Credit score above 640 (higher credit score may be required for purchase of a small-multifamily property)
  • Total debt load less than 45% of income

Where / what:

  • Orleans Parish
  • 1 to 4 unit primary residence (contingent on 1st mortgage product)
  • Move-in ready home

Other program requirements:

  • Financial fitness courses are strongly encouraged for all interested Green Mortgage buyers!
  • Earn Homebuyer Education Class Certificate
  • Qualify for first mortgage with participating lender
  • Schedule a home energy efficiency assessment with Energy Smart prior to closing
  • Remain in the home as primary residence until homebuyer assistance is repaid in full or forgiven (depending on income eligibility)

SUBMIT Your Homebuyer Program Intake form
with Finance New Orleans!

 

  • 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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