FNO Program Highlights

FNO Green DPA Programs | At-A-Glance

FNO Green DPA Programs | At-A-Glance

AVAILABLE PROGRAMS Finance New Orleans Green DPA Program
ELLIGIBLE AREA Within City limits of New Orleans.
ELIGIBLE BORROWER(S) No first-time buyer requirement
RATES See Chart
DPA AVAILABLE See Chart
LOAN TYPE See Chart
INCOME LIMITS Income Limits
PURCHASE LIMITS There are no purchase price limits in this program. Follow Agency (FHA, USDA-RD, VA and Freddie Mac) guidelines for maximum loan limits.
TIMELINE REQUIREMENTS 70 days from Reservation to Loan Purchase. Underwriter Certification any time prior to closing.
HOMEBUYER EDUCATION Homebuyer Education
CO-SIGNORS Not permitted
PROGRAM GUIDELINES Guidelines
PARTICIPATING LENDERS Participating Lenders

Today’s Rates & Offerings [ Business Days 9:00am – 4:00pm CT ]

FNO Green DPA Programs | Rates & Offerings

GOVERNMENT

Finance New Orleans Green DPA Program


FHA, FHA EEM and VA


  • No first-time buyer requirement
  • Must be principal residence
  • Maximum Income Limits
  • No Purchase price limits (Use Agency loan limits)
  • 70 calendar days from loan reservation to loan purchase (Underwriter Certification 15 calendar days)
  • 1003 Credit qualifying income
  • Assistance offered as 3-year forgivable second mortgage
  • Assistance is a percentage of the total (include MIP) Note amount
  • Maximum DTI 45% with 640-679 FICO
  • Maximum DTI is 50% with 680 FICO
  • Minimum FICO for FHA and VA 660
  • Eligible area: City limits of New Orleans
Offering FICO DPA Lock Rate
FHA, VA
FHA with EEM 		660 2% 8.125%
3% 8.750%
4% n/a
5% n/a
CONVENTIONAL – Fannie Mae & Freddie Mac

Finance New Orleans Green DPA Program


Freddie Mac HFA Advantage


  • No first-time buyer requirement
  • Must be principal residence
  • Maximum Income Limits may not exceed 80% AMI (determined by Freddie Mac) in order to receive reduced mortgage insurance
  • No Purchase price limits (Use Agency loan limits)
  • 70 calendar days from loan reservation to loan purchase (Underwriter Certification 15 calendar days)
  • 1003 Credit qualifying income
  • Assistance offered as 3-year forgivable second mortgage
  • Assistance is a percentage of the total (include MIP) Note amount
  • Maximum DTI 45% with 640-679 FICO
  • Maximum DTI is 50% with 680 FICO
  • Minimum FICO for Freddie Mac 640
  • Eligible area: City limits of New Orleans
Offering FICO DPA Lock Rate
Fannie Mae 80% AMI
Freddie Mac 80% AMI 		640 2% 8.500%
3% n/a
4% n/a
5% n/a
Conventional Over 80% AMI

Finance New Orleans Green DPA Program


FHA, FHA EEM, VA and Freddie Mac HFA Advantage


  • No first-time buyer requirement
  • Must be principal residence
  • Maximum Income Limits (borrowers will receive standard mortgage insurance)
  • No Purchase price limits (Use Agency loan limits)
  • 70 calendar days from loan reservation to loan purchase (Underwriter Certification 15 calendar days)
  • 1003 Credit qualifying income
  • Assistance offered as 3-year forgivable second mortgage
  • Assistance is a percentage of the total (include MIP) Note amount
  • Maximum DTI 45% with 640-679 FICO
  • Maximum DTI is 50% with 680 FICO
  • Minimum FICO for Freddie Mac 640
  • Eligible area: City limits of New Orleans
Offering FICO DPA Lock Rate
Fannie Mae OVER 80% AMI 640 2% n/a
3% n/a
4% n/a
5% n/a