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First-time home buyer programs in New Orleans, LA

Quick answer

First-time buyers in New Orleans, LA can use 3%-down conventional loans (up to the $832,750 Orleans Parish conforming limit), 3.5%-down FHA, or VA and USDA where eligible, plus 1 verified city, county or statewide assistance program. On the $296,400 median home, 3% down is about $8,892 and the estimated payment is $2,455/month at 7.18%.

By Purchase Mortgage Loan Editorial Team Checked against official sources per our editorial standardsData last updated

Median household income: $55,339; value-to-income ratio 5.36. New Orleans ranks 9 by home value and 1 by population among 57 places in our LA dataset.

What does a first-time buyer loan cost on a typical New Orleans home?

ItemNew Orleans
Median home value (Census ACS)$296,400
Louisiana median home value$208,700
Down payment (3%)$8,892
Loan amount$287,508
Estimated monthly payment (PITI + MI)$2,455
Income needed (28% / 36%)$106,000 / $82,000
Orleans Parish 2026 conforming limit (1 unit)$832,750
Max purchase price at the limit$858,000

Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.

Payment includes Louisiana's 0.55% effective property tax rate (Census ACS), $3,027/yr homeowners insurance (NAIC state average) and an estimated 0.5% PMI.

What is the 2026 conforming loan limit in New Orleans?

New Orleans is in Orleans Parish. Conventional 3%-down loans go up to the $832,750 conforming limit (price ≈ $858,000); FHA loans go up to $541,287.

The New Orleans median home value of $296,400 is 42% above the Louisiana median, and within what the county limit supports.

Which down payment assistance programs can New Orleans buyers use?

First-time buyer loans in nearby cities

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First-time buyer loan FAQs for New Orleans

On the $296,400 median: 3% conventional ≈ $8,892, 3.5% FHA ≈ $10,374, and 0% for eligible VA or USDA buyers. Conventional loans above $832,750 in Orleans Parish become jumbo loans.

At the $296,400 median value (above the Louisiana median of $208,700), the estimated payment of $2,455/month at 7.18% needs about $106,000 a year under the 28% housing guideline, or $82,000 if your total debts stay under 36%.

1 city-level, 0 county-level and 0 statewide programs are verified for this city (1 total). Check each official administrator's eligibility rules and available funds.

Sources

Data last updated October 23, 2026.

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Figures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.