The Expand to Homeownership Program assists homebuyers in New Orleans with the upfront down payment and closing costs when purchasing a home. Repayment is not required if you, the borrower, occupy the home as your primary residence. 

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January 22, 2018
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Expand to Homeownership

Financial Assistance for Homebuyers in Louisiana

The Finance Authority of New Orleans designed the Expand to Homeownership Program to assist homebuyers in New Orleans with the upfront down payment and closing costs when purchasing a home.

Along with fixed rate 30-year mortgages, this homebuyer assistance program provides eligible borrowers with a grant of up to 4 percent of the loan amount. Repayment is not required as long as borrowers occupy the home as their primary residence. Additionally, this program is not limited to "first-time homebuyers."

Eligibility Requirements
  • Borrowers must fall below the set income limits of $84,000 for FHA/VA loans or $99,000 for conventional loans
  • Applicants must have a minimum credit score of 640
  • A borrower’s debt ratio must not be higher than 45 percent
  • Mortgage loans cannot exceed the maximum amounts of $271,050 for FHA loans or $417,000 for VA loans or conventional loans
  • Borrowers must qualify for a mortgage loan with a participating lender
  • First-time buyers must complete 12-hour Homebuyer Education Class
Homebuyer Education
Homebuyer counseling is a requirement for participation in this grant program. Funding cannot take place unless counseling is completed prior to final loan approval. You will need to register with one of the following homebuyer education counseling organizations to schedule your 12-hour homebuyer education and training requirement. Organizations that are not certified by the Louisiana Homebuyer Education Co llaborative are not approved to help you fulfill this requirement.

Down Payment Grants in Louisiana

The Expand to Homeownership Program assists homebuyers in New Orleans with the upfront down payment and closing costs when purchasing a home. Repayment is not required if you, the borrower, occupy the home as your primary residence. 

The First-time Homebuyers Assistance Program, established and administered by the City of Kenner Department of Community Development, is designed to provide financial assistance to low, moderate, and median income households trying to purchase a home in the City of Kenner.

With the City of Shreveport’s Home Buyers Assistance Program Participation Initiative (HAPPI), first-time homebuyers can access down payment, buy down, and closing cost assistance through participating local lenders. 

The City-Parish Office of Community Development (OCD) of Baton Rouge’s Homebuyer Assistance Program (HAP) is designed to assist families by providing down payment assistance.  The down payment assistance is a minimum of 3 percent of the purchase price.

The Louisiana Housing Corporation offers residents the LHC Preferred Conventional Program, which offers favorable terms when compared to FHA loans. Additionally, the program provides up to 4 percent assistance for down payment, closing costs, and/or prepaid items.

The Louisiana Housing Corporation offers the Market Rate GNMA Program in order to assist residents make the upfront costs of buying a home. Along with a 30-year, fixed rate FHA, VA or USDA Rural Development loan, the program offers homebuyers up to 4 percent assistance for down payment, closing costs, and/or prepaid items.

With the Southern Mortgage Assistance Program, The Jefferson Parish Finance Authority offers residents a 30-year fixed rate mortgage with a Down Payment Assistance (DPA) Grant. The assistance covers either 3 or 4 percent of the loan amount for borrowers.

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