hey prescott.
See what you qualify for

Legacy Home Renovation Loan Program

Finance New Orleans (Finance Authority of New Orleans) · New Orleans, Louisiana

Last verified
See what you qualify forOfficial program site →
Assistance

5%

Of the purchase price, as the program sets it

Income limit

140% AMI

Of area median income; varies by county and household size

Repayment

Forgivable

Forgiven after 5 years

What is Legacy Home Renovation Loan Program?

Legacy Home Renovation Loan Program is a forgivable loan for homebuyers in New Orleans, Louisiana, administered by Finance New Orleans (Finance Authority of New Orleans).

  • Finance New Orleans and Eustis Mortgage offer the Legacy Home Renovation Loan Program, combining a home purchase (or refinance) with renovation costs into a single fixed-rate Freddie Mac HFA Home Possible loan. Eligible borrowers receive a second mortgage of up to 5% for down payment and/or closing-cost assistance at 0% interest, fully forgiven after 5 years. Targets Orleans Parish properties needing renovation.
  • Up to 5% DPA/closing-cost assistance.
  • 0% interest, forgiven after 5 years.
  • All-in-one purchase + renovation loan.
  • Up to 95% financing.
  • Lower rate/MI at or below 80% AMI.
  • Funding comes from Finance New Orleans (issuer); first mortgage is a Freddie Mac HFA Home Possible loan via Eustis Mortgage.

How much assistance does it provide?

Legacy Home Renovation Loan Program provides assistance worth 5% of the purchase price, as set by the program.

  • Amounts are the program's published maximums, not an offer — Finance New Orleans (Finance Authority of New Orleans) determines any individual award.

Do you have to pay it back?

Legacy Home Renovation Loan Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

  • Repayment is triggered by DPA second mortgage fully forgiven after 5 years (0% interest); borrower must maintain home as primary residence.
  • The assistance is recorded in Second position.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Legacy Home Renovation Loan Program is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • On credit: Minimum 620 FICO
  • A completed homebuyer education course, through HUD-approved homebuyer education course
  • DRAFT (dpa-gap-finder 2026-06-12): pending review. Work with Eustis Mortgage; licensed-contractor estimates required; renovations within 12 months; borrower cannot be own contractor; co-signers/non-occupant borrowers not permitted. recapture_tax, subordination, and annual funding cap unconfirmed.

The program excludes

  • Manufactured homes
  • New construction
  • Households above 140% of area median income

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Legacy Home Renovation Loan Program limits household income to 140% of the area median income, which varies by county and household size.

  • Max qualifying income 140% AMI; borrowers at/below 80% AMI receive lower rate and MI. AMI via Freddie Mac Home Possible tool.
  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Legacy Home Renovation Loan Program can be used for Single Family, 2-4 Unit, Townhouse, and Condo.

  • New construction is not eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Legacy Home Renovation Loan Program serves buyers purchasing in New Orleans, Louisiana.

How do you apply?

Applications for Legacy Home Renovation Loan Program go through Finance New Orleans (Finance Authority of New Orleans), which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program, through HUD-approved homebuyer education course.

  2. Contact Finance New Orleans (Finance Authority of New Orleans) to reserve funds

    Funds are reserved with the provider and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

Other programs in New Orleans, Louisiana

See every program in New Orleans, Louisiana →

90-second match

Not sure which you qualify for?

Answer 9 questions and we'll match you to every program you can actually use — in about 90 seconds. No SSN, no credit pull.

Find my programs