The Finance Authority of New Orleans is a quasi-governmental agency created to help citizens get low interest mortgage loans to purchase homes in Orleans Parish. Our low interest mortgage loan programs serve both first time homebuyers and non-first time homebuyers of all family income levels.
Our Bond Loan Program offers low interest rates of 4.25% for FHA/VA loans and 4.75% for conventional loans WITH a down payment or closing cost assistance or 4.00% for FHA/VA loans and 4.50% for conventional loans WITHOUT a down payment or closing cost assistance. The bond loan is a first mortgage loan product that can fully finance the purchase of your new home.
|WITH Downpayment or closing cost assistance||4.25%||4.75%|
|WITHOUT Downpayment or closing cost assistance||4.00%||4.50%|
We realize how difficult it may be for New Orleans renters to save the down payment required to buy a home. That's why we're also offering first time homebuyers 4% of your mortgage loan amount in down payment or closing cost assistance.
The City of New Orleans also offers a down payment and closing cost assistance program for qualifying borrowers. Click here for more information on combining The City of New Orleans Soft Second Program with our Bond Loan Program.
The Bond Loan Program is a low interest rate first mortgage loan offered with or without closing cost assistance to the mortgagor. Bond loans may be made to both first time AND non-first time homebuyers.