Tuesday, June 29, 2010


Here’s a snapshot of some of the various active Georgia Down Payment Assistance Programs to help the GA first time home buyer determine which program will work for them. Funds are provided through a soft second mortgage (an interest and monthly payment-free mortgage) that is forgiven after a set period of ownership. Most programs are restricted to those whose incomes are at 80% of the average median for their household size while others are offered at 100% of the average median for the household size. See the flier to the left of the screen for details, restrictions and more.

* State of GA First Time Home Buyer Program – Branded Georgia Dream, the state offers soft second mortgages of up to $10,000 to be used to toward the down payment and closing costs on the purchase of single family homes, townhomes, condominiums and more. The borrower must be a Georgia First Time Home Buyer (has not owned a home in the past three years) and must use the first mortgage offered by the state.

* The Atlanta First Time Home Buyer Program – The Atlanta Development Authority offers down payment assistance programs to the Atlanta First Time Home Buyer who is looking to buy within Atlanta City Limits. Qualified borrowers may buy eligible properties using one of or combining a few programs:

o Opportunity Down Payment Assistance Program (ten percent of the purchase price up to $252,890),

o the Atlanta Affordable Homeownership Program ($10,000 toward the purchase price up to $252,890),

o Vine City/English Avenue Trust Fund Program (ten percent of the purchase price up to $15,000)

o Beltline Affordable Housing Trust Fund (Up to 20% of the purchase price up to $$252,890)

* Gwinnett Down Payment Assistance – Branded HOMEStretch, Gwinnett County offers the eligible Georgia First Time Buyer up to $7,500 toward the purchase of single family homes, town homes and condominiums built after 1977.

* Dekalb Down Payment Assistance – Dekalb County offers up to $8,000 in down Payment Assistance to be used toward the purchase of single family homes.

* Neighborhood Stabilization Programs (NSP) - Municipalities are buying foreclosed properties within their areas of greatest need (areas hit hardest by foreclosures), rehabbing them, returning them to the market and then offering soft-second mortgages of up to $22,500 to be used toward the down payment and closing costs. Both the state (temporarily) and some local municipalities allow NSP Funds to be used by borrowers who have identified foreclosed properties within those areas to be used toward down payment assistance. If you are NOT working with an agent, please call for a list of Gwinnett and Henry County NSP properties.

* HUD $100 Down Program – Granted, this is not a traditional down payment assistance program, but owner-occupant borrowers may be eligible to purchase a HUD-owned home for as little as $100 down. Up to one-thousand dollars in earnest money may be still be required, plus the inspection fee, and there may be instances when more than $100 will be required (i.e. multiple bids, etc.), but this program also provides a pathway to home ownership to those with little money for the down payment AND there are no income limits.

Other Georgia Down Payment Assistance Programs are available to the GA first time home buyer at various times throughout the year, but the funds do run out, so be sure to return to this blog frequently for updates. Again, if you are not working with an agent, please feel free to contact us with any questions tha you may have.

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