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).
The program asks for
- The home is occupied as a primary residence
- On credit: Minimum 620 FICO
- A completed homebuyer education course, through HUD-approved homebuyer education course
- A home inside New Orleans city limits
It doesn’t cover
- Manufactured homes
- New construction
- Households above 140% of area median income
- Homes outside New Orleans
These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.
Income limit
140% of Orleans Parish’s area median income
HUD sets the area median income each year. The limit changes with household size, so a family of five has a higher limit than a single homebuyer.
Where it applies
New Orleans’s homesNew Orleans’s homes, and the ones this program accepts
- 46% single-familysingle-family
- 9.9% townhousetownhouse
- 22.8% 2–4 units2–4 units
- 20.8% 5+ unitscondo & apartment buildings (5+ units)
- 0.5% mobile & othermobile home & other
A tick marks a kind of home the program’s record lists. The agency confirms it for the home you choose.
$315,700
New Orleans median home value
73.7%
built before 1980
U.S. Census Bureau, ACS 2024 5-year. More about buying in New Orleans
How to apply
How to applyThree steps, in this order
Take a homebuyer education course
Required by the program, through HUD-approved homebuyer education course.
Contact Finance New Orleans (Finance Authority of New Orleans) to reserve funds
Funds are reserved with the provider and are subject to availability.
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 homebuyer can take it to a lender or housing counselor.
Questions about this program
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.
Do you have to pay it back?
Legacy Home Renovation Loan Program is forgiven after 5 years, so a homebuyer 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 homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum 620 FICO. A homebuyer education course is required, through HUD-approved homebuyer education course.
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 homebuyers 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. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.
Also for New Orleans homebuyersOther programs open to New Orleans homebuyers
- People's Housing+ Community Land Trust Homeownership ProgramUp to $100,000
- Direct Homebuyer Soft Second Mortgage Assistance ProgramForgivable
- Jericho Road Affordable Homeownership ProgramAssistance available
Whether two programs can be combined is up to each agency. Ask before you apply.
All 76 programs for New OrleansProgram terms are set by Finance New Orleans (Finance Authority of New Orleans) and can change; confirm on the official site before you apply.