Funding Options & Assistance Programs
Specialized programs designed to help African Americans, minorities, large families, and low-income borrowers achieve homeownership.
Find Your Path to Homeownership
We've compiled comprehensive information about specialized assistance programs that can help you overcome financial barriers to homeownership. These programs offer down payment assistance, competitive interest rates, and flexible qualification requirements.
National Assistance Programs
National Homebuyer Fund
Provides down payment and closing cost assistance up to 5% of the loan amount as a gift that doesn't need to be repaid.
Key Benefits:
- No repayment required
- Can be combined with first mortgage programs
- Flexible income limits
Eligibility Requirements:
- Credit score minimum: 640
- Income under $160,000 in most areas
- Must be owner-occupied residence
Chase Homebuyer Grant
Provides a $5,000 grant to help with down payment and closing costs in eligible communities.
Key Benefits:
- Non-repayable grant
- Works with FHA, VA, and conventional loans
- Focuses on underserved communities
Eligibility Requirements:
- Must purchase in eligible communities
- Income under 120% of area median income
- First-time homebuyer status in many cases
HomeReady & HomePossible
Fannie Mae and Freddie Mac programs offering low down payment mortgages (3%) with flexible income qualification options.
Key Benefits:
- Only 3% down payment required
- Accepts rental income, boarder income, etc.
- Reduced mortgage insurance options
Eligibility Requirements:
- Income at or below 80% of area median income
- Credit score minimum: 620
- Homebuyer education may be required
Good Neighbor Next Door
HUD program offering a 50% discount off the list price of homes in revitalization areas for teachers, law enforcement, firefighters, and EMTs.
Key Benefits:
- 50% discount on home price
- $100 down payment with FHA financing
- Exclusive priority access to listings
Eligibility Requirements:
- Must be a teacher, officer, firefighter, or EMT
- Must live in the home for 3 years
- Property must be in a revitalization area
HomePath Ready Buyer
Program offering 3% in closing cost assistance when purchasing Fannie Mae-owned foreclosed properties.
Key Benefits:
- 3% closing cost assistance
- Access to foreclosed properties at competitive prices
- Reduced risk with Fannie Mae ownership
Eligibility Requirements:
- First-time homebuyer status
- Must complete homebuyer education course
- Must purchase a Fannie Mae-owned property
- Credit score minimum: 620
Find More Programs
Looking for more options?
Use our personalized program finder to discover additional assistance programs you may qualify for based on your specific situation.
Louisiana-Specific Programs
New Orleans Soft Second Mortgage
The City of New Orleans offers substantial down payment and closing cost assistance to qualified residents.
Key Benefits:
- Up to $60,000 in assistance
- Forgivable over time with owner occupancy
- Supports affordable housing in New Orleans
Eligibility Requirements:
- Must purchase in New Orleans city limits
- First-time homebuyer status typically required
- Income limits based on household size
- Must complete homebuyer education
Louisiana Housing Corporation Programs
The Louisiana Housing Corporation offers various programs to help Louisiana residents achieve homeownership.
Key Benefits:
- Competitive mortgage interest rates
- Down payment and closing cost assistance
- Multiple program options to fit various needs
Available Programs:
- Market Rate GNMA Program
- Mortgage Revenue Bond Program
- LHC Preferred Conventional Loans
- Delta 100 Rural Development Program
Program Comparison
| Program | Down Payment | Assistance Amount | Credit Score | Income Limits | Special Eligibility |
|---|---|---|---|---|---|
| National Homebuyer Fund | Varies by loan type | Up to 5% of loan amount | 640+ | Up to $160,000 | None specific |
| Chase Homebuyer Grant | Varies by loan type | $5,000 fixed amount | Varies by loan type | 120% AMI | Eligible communities |
| HomeReady/HomePossible | 3% minimum | N/A (low down payment) | 620+ | 80% AMI | Homebuyer education |
| Good Neighbor Next Door | $100 with FHA | 50% off home price | Varies by loan type | None | Teachers, law enforcement, firefighters, EMTs |
| HomePath Ready Buyer | Varies by loan type | 3% closing costs | 620+ | None | Fannie Mae-owned properties |
| New Orleans Soft Second | Varies | Up to $60,000 | Varies | Varies by household size | New Orleans residents |
| LHC Programs | Varies by program | Varies by program | 640+ typically | Varies by program | Louisiana residents |
Note: Program details are subject to change. Always verify current requirements with the official program websites.
Need help finding the right program?
I can help you navigate these programs and find the perfect fit for your situation.
