Down Payment Assistance Programs

Although the mortgage industry has changed substantially during the last few years in regard to down payment assistance, there are still a multitude of programs available for many home owners.  The following are just a few programs available. 

Georgia Dream – Offers $5000-$7500 toward down payment and/or closing costs.  This is a loan that must be paid back when the home is sold or refinanced.  You must be a first-time homebuyer and complete an online homebuyer course.  The interest rate is determined by Georgia Dream.   There are income limits of $40,150 to $57,350 depending on how many persons are in the home.

Georgia Dream Plus – Offers $5000 toward down payment and/or closing costs.  This is a loan that must be paid back when the home is sold or refinanced.  You do NOT have to be a first-time homebuyer, but you must complete an online homebuyer course.  The buyer must have a 660 credit score and must contribute $1000 toward the transaction.  There are income limits of $71,000 to $82,000 depending on how many persons are in the home.

Georgia Dream PEN – Offers $7500 to eligible homebuyers who are employed by entities that provide public protection (including the military), health care or education.

DeKalb County – Offers $5000 toward down payment and/or closing costs.  Buyer’s who show they have raised their credit score to 620+ can receive $8000.  Condos or 203k’s are not allowed. Buyer must take an in-class homebuyer course and a home inspection must be submitted.  Buyers must be a first-time buyer and contribute 1% towards the transaction with a maximum sales price of $160,000.

Gwinnett County HomeStretch – Offers $7500 toward down payment and/or closing costs.  Must be a first-time buyer and complete a homebuyer course.  Qualifying homes must be built after 1977 with a maximum sales price of $200,000.

For a more complete list of down payment assistance programs and guidance on who to contact for qualification procedures, please contact Mark Lackey (404-886-8789) with Atlanta Housing Source.

One thought on “Down Payment Assistance Programs

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