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.