Steps to Qualify - Bond Program
Visit The Finance Authority of New Orleans website to learn about the program at www.financeauthority.org.
Gather
your financial information:
- Tax returns and W-2s for the last three consecutive years
- Bank statements for the last three months
- Pay-stubs for the last three months and financial documents related to all your sources of income:
- listing of all real estate investments,
- listing of all investments in stocks and/or bonds,
- copy of court ordered child support judgement(s), where applicable
- SSI, DHAP, Retirement income verification documents, where applicable
- Evidence of other income, where applicable
Determine
the first mortgage loan amount you can afford. You can do this
by:
- Visiting a participating lender (click here)
- Visiting a homebuyer training organization (click here)
- Calling the Finance Authority of New Orleans to schedule an interview
Register with a participating homebuyer training organization certified by the Louisiana Homebuyer Training Collaborative, Inc. and take the required 12-hour homebuyer education and training course.
Complete a loan application with a participating lender. Please bring all documents gathered in step two to the participating lender.
Negotiate an agreement to purchase a home with the seller of a home. You should seek the assistance of a realtor in negotiating the agreement to purchase.
Get approved for your mortgage. The lender will review your application and financial documents to determine the first mortgage amount. Once the lender completes gathering your financial information, your file will be forwarded to The Finance Authority for review and compliance.
Close on your home loan.
MOVE
INTO YOUR NEW HOME!
