The Finance Authority of New Orleans (FANO) – The “Expand to Homeownership” Grant Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS
|LOAN TIME LINE REQUIREMENTS||DO NOT RESERVE EARLY
|ELIGIBLE LOAN TYPES||
|AVAILABLE DOWN PAYMENT ASSISTANCE||
|INCOME LIMIT CRITERIA||
|HOME ACQUISITION LIMITS||
|HOME BUYER EDUCATION|
|FICO SCORE & CREDIT REQUIREMENT||
|FORMS AND DOCUMENTATION||
Current Rate/Offerings – Reservation/locks – AVAILABLE from 9:00am-4:00pm Central (10-5 EDT excluding weekends & holidays)
|Rate/Offerings||Min FICO||Lock Rate||DPA||Effective Dt|
|CONVENTIONAL – FREDDIE MAC|
- Assistance is a non-repayable grant
- The system will calculated based on the final loan amount
- for down payment or closing costs, cash back is not allowed
- Lender up-fronts. US Bank will reimburse at purchase
- Cash Back is not allowed
- manual UW not allowed on FHA loans
eHousingPlus is the Program Administrator, and provides some of the following services:
|Administrator Guidelines (5/22)
The Following Lenders have been approved by FANO & US Bank:
- Cendera Funding, Inc.
- Envoy Mortgage
- FBT Mortgage
- Fidelity Homestead Savings Bank
- First NBC Bank
- Gulf Coast Bank & Trust
- Guaranteed Rate (pending)
- Iberia Bank Mortgage
- Liberty Bank
- Mortgage Financial Services, LLC.
- Nations Reliable Lending
- NOLA Lending Group
- Whitney Bank
Interested in becoming a participating lender? Contact us.
Reminder that the Administrator’s Guidelines provide details to this program. You should check the UPDATES page (right after the Table of Contents). For information related to the mortgage file (DU, Insurance, ratios, etc) contact US Bank.
- 9/1-updated to remove rate/offerings with FICO below 660 and manual UW
- 3/8 – Income limits updated
- 12/1- MANUFACTURED HOMES are eliminated (eff 12/1 reservations)
- 12/1- FHA – no manual underwriting (eff 12/1 reservations)
- 10/15/15 – Program Launches Freddie Mac HFA Advantage. See Guidelines for details.
- 3/12 – Program kick-off webinar. read more
- eHP Lender Program Training
- Required for everyone participating in the program
- offered 24/7
- Click here to attend Program training
- eHP System Training*
- After you complete the online Lender Program Training, information is provided as to what happens next.
- Click here to register for system training
Should you have any questions on training, please contact firstname.lastname@example.org
* System Training is required at least once, so that users gain the knowledge necessary to originate and manage their loans on-line. eHP University provides additional opportunities to re-train and/or refresh your system knowledge. Recurring (experienced) system users do not need to attend system training.