WHAT PROPERTIES QUALIFY:

The ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program is limited to one or two unit residences within one of the Housing Opportunity Zones

The Maximum Permissible Purchase Price (or redevelopment value) shall be:

All properties must meet City Building Code and Zoning Code requirements as well as the physical standards and inspection procedures of FHA/VA, Fannie Mae or Freddie Mac mortgage loan product chosen by the borrower.

Newly constructed, reconstructed or renovated homes are eligible. Modular or panelized construction is also eligible. In addition to City Building Code requirements, new constructed homes shall comply with The Finance Authority Minimum Home Building Guidelines.

Eligible properties must be insured with flood, wind, and standard homeowners coverage in an amount equal to the first and second mortgage balances. Proof of mortgagee clause listing The Finance Authority of New Orleans as a lien holder must be received by The Authority prior to loan closing.

To learn more about the ‘Pathway to Homeownership’ Soft-Second Mortgage Loan Program click here.

For more information please call (504) 524-5533 local or (877) 524-5533 toll free.

To fill out the pre-application, CLICK HERE.