FANO

The Finance Authority of New Orleans (FANO) – The “Expand to Homeownership” Grant Program
Note – for details, see the Administrator’s Guidelines under GUIDE & FORMS

PROGRAM FUNDS
  • Continuous Funding
  • Reservation/Locks – AVAILABLE* from 9:00am-4:00pm Central (10-5 EDT)
    • * Market Business days (excluding weekends & holidays)
    • Other system functions are available 24/7
LOAN TIME LINE REQUIREMENTS DO NOT RESERVE EARLY

  • Reservation to UW Cert: 15 days (cancelled if not certified)
  • Reservation to Loan Purchase: 70 days
EXTENSION
  • To request a one-time 30-day extension, click here.
  • Extensions are not granted to extend the 15 days from Reservation to UW Certification
ELIGIBLE AREAS
  • Within the city limits of the City of New Orleans
ELIGIBILITY CRITERIA
  • There is no first-time homebuyer requirement in this program.
  • Citizenship requirements, Borrowers must permanently reside in the U.S.
ELIGIBLE LOAN TYPES
  • FHA, VA, USDA-RD
  • Freddie Mac HFA Advantage
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Various levels of Assistance in the form of a Grant
  • Amount is system calculated (final loan amount)
  • See the Rates/Offerings Tab
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income
  • For all Family Sizes –
    • FHA, VA = $84,000
    • Freddie Mac HFA Advantage = $99,000
HOME ACQUISITION LIMITS
  • None
HOME BUYER EDUCATION
FICO SCORE & CREDIT REQUIREMENT
  • Mid FICO score – see guidelines
  • Max 45 debt-to-income (DTI) ratio
CO-SIGNERS
  • not permitted
FORMS AND DOCUMENTATION
  • Available online under Forms
THE AGENCY 
  • Creates the First Mortgage Program
  • Provides the Down Payment Assistance Grant
  • Sets the rate, term, points and options, Lender relationships, Markets the Program
  • Agency Website  Interested in participating, click here
MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance accessing the Servicer Lender Guides, Click here.
  • To contact US Bank Lender Help Desk, Click here.

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 
GOVERNMENT
VA 640 5.00% w/3% 1/18-pm
FHA 660
 
VA   640 5.00% w/4% 11/21
FHA 660
 CONVENTIONAL – FREDDIE MAC
HFA Advantage 640 5.00% w/3% 1/13

 

  • 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 (8/23)   Administrator's Guidelines

  • Provides the web-based program loan reservation and management system, Administrator’s Guidelines, Program forms, Lender Program and System Training, Notices and updates to Lenders, Compliance Support to Lenders, Reviews Compliance Files, Timelines, Works with the Agency and Master Servicer on Program Goals.
  • Need help, Click here

Program Sample Forms forms 5/8/15

 

The Following Lenders have been approved by FANO & US Bank:

  • 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.

Program Updates

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  

 

EhousingPlus University

  1. eHP Lender Program Training
    • Required for everyone participating in the program
    • offered 24/7
    • Click here to attend Program training
  2. 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 jennifer@ehousing.cc

To read more about eHP Program Training, click here.

* 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.