FNO Green DPA Programs 

 

ADMINISTRATOR GUIDELINES               EEM Addendum
PARTICIPATING LENDERS   
PROGRAM FUNDS
  • 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
  • Reservation to Loan Purchase: 70 days
  • loan must be certified anytime prior to closing
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 80% AMI and below 
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Various levels of Assistance
  • see guidelines
INCOME LIMIT CRITERIA
  • Household income = 1003 Credit Qualifying Income
  • For all Family Sizes –
    • FHA, VA = $91,840
    • Freddie Mac HFA Advantage = $52,840 
HOME ACQUISITION LIMITS
  • None
HOME BUYER EDUCATION
FICO SCORE & CREDIT REQUIREMENT
  • see guidelines 
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 DPA Lock Rate
GOVERNMENT
FHA, VA

FHA with EEM

 660 2% 8.250%
3% n/a
4% n/a
5% n/a
 CONVENTIONAL – Fannie Mae & Freddie Mac
Fannie Mae 80% AMI

Freddie Mac 80% AMI

 640 2% n/a
3% n/a
4% n/a
5% n/a
 
Fannie Mae OVER 80% AMI 640 2% n/a
3% n/a
4% n/a
5% n/a

Borrowers should be qualified prior to locking reservation.

  • for down payment or closing costs, cash back is not allowed
  • Down Payment Assistance (DPA) is a 3 year lien (effective with 6/15 reservations)
    • the system will automatically calculated the assistance based on the final loan amount