Tuesday, May 4, 2010

The Metro Atlanta housing market continues to evolve and Georgia Down Payment Assistance Programs have as well. For years, Georgia Down Payment Assistance Programs were available only to the GA first time home buyer, persons who have not owned a home in the previous three years. In light of the recent housing crises, several programs are now available to Metro Atlanta move-up buyers who do not currently own a property and higher income households that may ease the acquisition process associated with home ownership and make it affordable to a wider consumer base.

These Georgia Down Payment Assistance Programs offer silent second mortgages, interest-free loans with no monthly payment requirement as long as the borrower owns and occupies the property as their primary residence and does not refinance the mortgages. The borrower and property eligibility and redemption periods, the length of time that the second mortgage must encumber the property before the loan is forgiven, vary by product, so call me today for more information on the right non- GA First Time Home Buyer product for you.

State of Georgia Recovery

Branded Georgia Dream Recovery, this second mortgage offered by the State of Georgia offers a silent second mortgage of up to $7,500 on new or existing properties in 22 flood-ravaged counties (including 13 major counties in Metro Atlanta) priced up to $300K. The borrower must have a middle credit score of 660, may have liquid assets of no more than $20K or 20% of the purchase price at settlement, must attend a HUD-certified home buying class and must contribute at least $1,000 toward the transaction.

City of Atlanta Opportunity Down Payment Assistance

Borrowers buying within the City of Atlanta may be eligible for a second mortgage of up to ten percent of the purchase price on properties priced at up to $252,890 with a redemption period of ten years. The borrower must have a sound credit history, must attend a HUD-approved home buying workshop and must contribute at least $1,500 toward the transaction. See the Atlanta Down Payment Assistance flyer for more information and then call me for more details.

City of Atlanta Beltline Affordable Housing Trust Fund

Properties located in the Beltline Tax Allocation District may be eligible for purchase by qualified borrowers using Beltline Funds of up to 20 percent of the sales price up to $252,890. There is a fifteen-year redemption period and the buyer must attend a homebuyer class. Call for a list of eligible properties today.

City of Atlanta Vine City

The Vine City/English Avenue Trust Fund is available to borrowers looking to buy properties located within the eligible city boundaries. The product offers down payment assistance of ten-percent up to a maximum dollar amount of $15,000. The borrower must contribute $1,500 toward the transaction and attend a HUD-certified and City of Atlanta-approved home buying class. For more information, please call today.

Neighborhood Stabilization Programs

Counties within the Atlanta Metro Area are offering down payment assistance of up to $25,500 through their Neighborhood Stabilization Programs (NSP). Some of the NSP programs are administered by the Georgia County that has purchased the properties, completely renovated them and placed them on the market while other municipalities are allowing the buyer the opportunity to find their own foreclosures. As an example, please see the Gwinnett County Down Payment Assitance NSP Flyer here. Contracts must be carefully written in accordance with program guidelines so please call today for more information.
Please note that other programs may be available within Metro Atlanta for move up buyers and higher income households. Please visit the Georgia Down Payment Assistance Blog for updates on Georgia down payment assistance and programs for the GA First Time Home Buyer.

For more information, call me today at (678) 886-0874 or LaMarkw@gmail.com
LaMar C Campbell
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty
Information deemed reliable but not warranted. This post is not intended to provide legal or financial advice.

Saturday, May 1, 2010

Law enforcement officers, teachers (pre-K through 12th grade) and firefighters/emergency medical technicians can contribute to community revitalization while becoming homeowners through HUD's Good Neighbor Next Door Sales Program. HUD offers a substantial incentive in the form of a discount of 50% from the list price of the home. In return, the buyer must commit to live in the property as a primary residence for 3 years. HUD also requires the buyer to sign a second mortgage note for the discounted amount (which is forgiven after all owner-occupancy criteria are met).

The program's properties are generally located in HUD-designated revitalization areas. These areas generally have an above-average rate of FHA foreclosures, below-average incomes and below-average home ownership rates.


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