Home Buyer and Down Payment Assistance Programs
There are several programs available through governmental agencies and foundations as well as builders to assist buyers in obtaining a home. A few programs are outlined below. Since specific builder programs change quickly and last for short periods of time, contact me for more information.
Down Payment Assistance Programs Quick Reference
There are several down payment programs that are available throughout the city of Atlanta and State of Georgia, in addition to some special programs that are only available to those who purchase CDC homes.
ADA - ATLANTA DEVELOPMENT AUTHORITY
If you are interested in purchasing a home in the City of Atlanta, please visit www.atlantada.com for information on their AAHP/ADDI Down Payment Program. This program will provide 10% up to $10,000 in down payment assistance.
DCA – DEPARTMENT OF COMMUNITY AFFAIRS, STATE OF GEORGIA
For down payment available from the state please visit www.dca.state.ga.us and check out their Own Home Program, in which you can get between $5,000 and $20,000 depending upon which program you qualify for. DCA also has a low interest loan program that you might want to also check into.
DEKALB COUNTY & FULTON COUNTY
For Dekalb County please visit www.co.dekalb.ga.us for info on their first time homebuyer program. With this program you can receive between $5000 and $10,000. Fulton County has a similar program for properties outside of the City of Atlanta.
AEZ-MAP - ATLANTA EMPOWERMENT ZONE MORTGAGE ASSISTANCE PROGRAM
As it relates to the Empowerment Zone, the EZ currently has up to $35,000 in down payment available to qualified buyers who purchase a home in the Empowerment Zone. Get additional information concerning Tax Allocation Districts (TAD), the Renewal Community the EZ on the City of Atlanta website: www.atlanta.ga.gov
ATLANTA HOUSING AUTHORITY – HOUSING CHOICE HOMEOWNERSHIP PROGRAM
Up to $20,000.00 is available for qualified applicants. For additional information please call: 404-892-4700 or ask for Deborah E. Brown at: 404-685-4346
NOT-FOR-PROFIT COMMUNITY DEVELOPMENT CORPORATIONS TO WATCH
SUMMECH – www.summechcdc.com; UCDC – www.ucdc.aucenter.edu; CAMP Inc. – www.campinc.org; PRC – www.peoplestown.com;
Georgia Dream Homeownership Program
The Georgia Dream Homeownership Program makes purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgages loans. In addition, the Georgia Dream Homeownership Program also offers down payment and closing costs assistance to eligible borrowers, which can greatly reduce the out of pocket expense to the buyer. Get more information at
Georgia Dream`s Second Mortgage provides 0% interest rate loans to help first-time home buyers with the required down payment, closing costs and prepaid items associated with purchasing a home. Generally these down payment assistance loans are available only if the borrower also uses the Georgia Dream First Mortgage described above. Georgia Dream`s Second Mortgage loans are made as delayed repayment second mortgage loans of $5,000. Delayed repayment means that the loan is repaid when the home is sold, transferred or re-financed or if the home is no longer the borrower`s primary residence.
The Georgia Dream Homeownership Program provides free homebuyer education through a partnership with local entities to help homebuyers take a comprehensive look at the home buying process and home ownership responsibilities. Applicants seeking down payment and closing cost financing are required to attend Homebuyer Education prior to loan closing.
Get more information at http://www.dca.state.ga.us/housing/SFH/index.asp.
Home Buyers Assistance Foundation
The mission of the Home Buyers Assistance Foundation is to provide the opportunity for homeownership by making the purchase of a home as simple as possible for as many first time home buyers, displaced spouses and single parents as possible, and to help those families whose families have grown and require upgrading to a larger home without disposing of their savings accounts or 401(k) accounts -- by providing a gift for the downpayment on a larger home. It is also our mission to provide counseling and education for home buyers who need assistance understanding the responsibilities and benefits of homeownership.
Get more information at http://www.hbaf.org
Pathways to Homeownership
If credit is the only barrier between you getting a home, then the Pathways to Homeownership is for you. This is a Lease Purchase Plus program through the Housing Authority of Fulton County (HAFC), an innovative $40 million effort designed to help as many as 350 Fulton County renters lease -- and then become homeowners.
How it works: First, qualified residents work with the HAFC to select the home of their choice. Then the HAFC buys the house and leases it to the lease-purchaser for a period of up to 39 months. By making timely lease payments and resolving all outstanding credit issues during the lease period, the family can exercise the purchase option and acquire the home by assuming the mortgage from the housing authority.
Get more information at http://www.hafc.org/
Housing Choice Homeownership (HO) Program
The Housing Authority of the City of Atlanta, Georgia (AHA) will provide tenant based assistance to eligible and qualified families. This program will allow families to use their rental subsidy as a mortgage subsidy in order to promote long-term stability and greater self-sufficiency.
- Full time employees with minimum of twelve (12) months of continuous employment.
- Must have minimum earned income of at least $22,000.00 per year, (Disabled or Elderly households are exempt from the employment and income requirement).
- Participants in the Housing Choice Voucher Program (formerly section-8) for a minimum of two (2) years.
- First time homebuyers- a participant or a family member that had no ownership interest in a residence for at least three (3) years before the start of participation in the home ownership assistance program.
- In full compliance with their current lease and all other Housing Choice requirements.
- Participant in a pre-purchased counseling program.
Maximum Term of Homeownership Assistance
The maximum term of home ownership assistance is fifteen (15) years if the mortgage term is twenty (20) years or longer. If the mortgage is less than twenty (20) years, the maximum term of home ownership is ten (10) years.
For additional information please contact Mr. Felix Mercedes @ (404) 685-4390 or email [email protected].
Teacher Next Door Program
The U. S. Department of Housing and Urban Development (HUD) has a goal to strengthen American communities through the Teacher Next Door (TND) program where teachers buy homes in low and moderate-income neighborhoods. Teacher is defined as a person "employed full-time by a public school, private school, or federal, state, county, or municipal educational agency as a state-certified classroom teacher or administrator in grades K-12."
The benefits of the program include 1) purchasing the property at a 50 percent discount from the list price, 2) ability to apply for an FHA-insured mortgage with a downpayment of only $100, 3) ability to finance all closing costs and 4) if the home needs repairs, the ability to use FHA`s 203(k) mortgage program which the financing of both the purchase of the home and the cost of needed repairs and still have only one payment. In addition, each teacher must agree to live in the HUD home as your only residence for 3-years after moving into it.
Get more information at http://www.hud.gov/offices/hsg/sfh/reo/tnd/tnd.cfm.
Officer Next Door
The U. S. Department of Housing and Urban Development (HUD) wants to make American communities stronger and to build a safer nation. Public safety improves when police officers live in a neighborhood. The Officer Next Door (OND) program helps make this goal a reality by making homeownership faster and more affordable for Law Enforcement Officers.
Persons who are full-time, sworn law enforcement officers who are "employed full-time by a Federal, state, county or municipal government; or a public or private college or university" can participate in the OND. One must be "sworn to uphold, and make arrests for violations of, Federal, state, county, or municipal law."
The same benefits are available for the OND as with the TND.
Get more information at http://www.hud.gov/offices/hsg/sfh/reo/ond/ond.cfm.
Down-payment Assistance Programs and Housing Counseling Agencies
in the Metropolitan Atlanta area
Atlanta Development Authority (Targeted areas in Atlanta) 404.880.4100
Atlanta Empowerment Zone (Targeted areas in Atlanta) suspended 404.330.6930
Cobb Housing, Inc. (Cobb County) 770.429.4400
DeKalb County (DeKalb County) 404.286.3308
Fulton County (Fulton County) 404.730.4281
Georgia Department of Community Affairs (Statewide) 404.679.4840
Clayton County (Clayton County) 770.478.7282 ext21
The IMPACT Group (Gwinnett County) 770.448.0702
Habitat for Humanity (Various Counties) 404.223.5180 ext 0
United Way - Individual Development Accounts (IDA) 404.614.1000
Home Buyers Assistance Foundation 770.961.0999
Housing Action Resource Trust (HART) 909.945.1574
Family Home Providers 770.887.4578
Futures Home Assistance Program 1.800.672.4055
Buyers Fund Neighborhood Gold 1.888.627.3023
Various lenders may also provide down payment assistance through the Federal Home Loan Bank or other community resources.
**Note** Requirements vary with each program.
Please ask your Housing Consultant or Loan Officer for detailed information.
Some of the above program have income, credit, geographical, and recapture
guidelines. Some analysis is needed to identify overlaying possibilities, if any.