If you’re in the process of purchasing your first home, be sure to first get your hands on a FREE COPY OF TIPS TO SIMPLY YOUR HOME PURCHASE. The Georgia Down Payment Assistance program has published available programs and grants for first time home buyers. These down payment programs are available throughout Georgia – and include Metro Atlanta, and its surrounding counties (such as Barrow, Dekalb, Gwinnett, Forsyth, Fulton, Hall, Henry, Jackson and many others). When determining which program will work best for you and your financial need, keep in mind that ALL programs are not alike; and some are based on household income; while others are not. The Georgia down payment assistance programs listed below, are broken down by the most popular programs used in today’s market. The majority of those listed require a 30 year fixed rate mortgage in conjunction with the Georgia down payment assistance programs available.
USDA 0% DOWN PAYMENT – A loan through the United States Department of Agriculture that offers: • No money down loans • New construction or resale homes are eligible • Borrowers must purchase in eligible areas. Examples of Counties include (but not limited to) Barrow, Jackson, Walton, parts of Hall and others. Contact our team for a full list. Credit middle scores as low as 585. No first time home buyer requirement; however, income eligibility requirements apply.
0% DOWN HOME BUYER’S CHOICE – 0% down CONVENTIONAL loan with NO PMI (Private Mortgage Insurance!) • New construction or resale homes are eligible • Home purchase price maximum up to $1,000,000! • Minimum credit middle score of 610 • Seller can contribute UP TO 6% in closing costs! • No first time home buyer requirement • No income maximums; however credit union eligibility apply.
0% DOWN VA Loan – Offered to qualified U.S. Veterans, active duty military personnel and surviving spouses. 0% down loan with NO PMI (Private Mortgage Insurance!) • New construction or resale homes are eligible • Home purchase price maximum is $453,100! • Minimum credit middle score as low as 580 • Typically offers lower interest rates than Conventional and FHA loan types. • Certain closing costs are limited by the VA • Seller can contribute UP TO 6% in closing costs! • No income maximums
GEORGIA DREAM – Hardest Hit Georgia Down Payment Assistance Program– $15,000 IN DOWN PAYMENT AND CLOSING COSTS IN ELIGIBLE AREAS ACROSS THE STATE!! • 30 year fixed rate mortgage for FHA, VA or USDA • $15000 to help with down payment and closing costs • Minimum credit middle score 640+ • Available in specific eligible counties across the state • Home buyer education required • Income limits and purchase price limits do apply • Owner-occupied, 1 unit properties • Town homes or Condos (Condos must be prior approved) • Resale homes only with a maximum purchase price of $250,000 • Must be first time home buyer(not owning a home in the past 3 years)
GEORGIA DREAM – Standard Georgia Down Payment Assistance Program – $5,000 IN DOWN PAYMENT FUNDS • 30 year fixed rate mortgage for FHA, VA or USDA • $5000 in Georgia down payment assistance to help with down payment and/or closing costs • Minimum middle credit score 640+ • Available statewide • Home buyer education required • Income limits and purchase price limits do apply • Owner-occupied, 1 unit properties • Town homes or Condos (Condos must be prior approved) • New construction or foreclosures okay • Maximum liquid assets of no more than $20,000 or 20% of sale price (whichever is greater) • Must be first time home buyer
GEORGIA DREAM – PEN Georgia Down Payment Assistance Program • 30 year fixed rate mortgage for FHA, VA or USDA • Borrower must be employed in qualified public protection, military, health care or education • $7500 in Georgia down payment assistance to help with down payment and/or closing costs • Minimum credit middle score 640+• Available statewide • Home buyer education required • Income limits and purchase price limits do apply • Owner-occupied, 1 unit properties • Town homes or Condos (Condos must be prior approved) • New construction or foreclosures okay • Maximum liquid assets of no more than $20,000 or 20% of sale price (whichever is greater)
MATCHING GRANT Georgia Down Payment Assistance – First Time Home Buyer • $5000 maximum subsidy • 4 to 1 ratio. For every $1, grant provides up to $4, up to the maximum of $5,000 • Minimum contribution is $1,000 • Owner-occupied, 1 unit properties • Town homes or Condos ( condos must be prior approved) • New construction or foreclosures okay • Must be first time home buyer – not have owned a home in the last 3 years • Available statewide • Income limits and purchase price limits apply • Minimum credit middle score 640+ • Home buyer counseling required
MATCHING GRANT Georgia Down Payment Assistance – Community Partners • $7500 maximum subsidy • Must be one of the following: a. Current or retired law enforcement officer b. Educator c. Firefighter d. Healthcare worker e. Those who are serving or have served in any branch of the US Military, or their surviving spouses. Other first responders • No first time home buyer requirement • 4 to 1 ratio. For every $1, grant provides up to $4, up to the maximum of $7500 • Minimum contribution is $1,000 • Owner-occupied, 1 unit properties • Town homes or Condos ( Condos must be prior approved) • New construction or foreclosures okay • Available statewide • Income limits and purchase price limits apply • Minimum credit middle score 640+ • Homebuyer counseling required
Dekalb County WorkForce Enhancement Program • 30 year fixed rate mortgage for FHA • Georgia down payment assistance program that offers assistance in the amount of 3% or 5% of mortgage note amount • No first time home buyer requirement • Minimum 640+ middle score required • Maximum purchase price and household income limits do apply • Owner-occupied, 1 unit properties • Town homes or Condos ( Condos must be prior approved) • New construction or foreclosures okay • Eligible for Dekalb County only • Cosigners not permitted • Home buyer education required
Gwinnett County Homestretch Georgia Down Payment Assistance Program • Up to $7,500 as a five-year deferred payment loan with 0% interest • Must occupy the home as their principle residence for a period of at least five years • Must earn below 80% of Area Median • Must be a first-time homebuyer • Must have at least one credit score above 640 • Debt-to-Income Ratio cannot exceed 43% • Property must be located within Gwinnett County and sales price may not exceed $165,000 for an existing home or $228,000 for new construction. Please click here to see the current income eligibility limits for this program.
Dekalb County First Time Home Buyer Down Payment Assistance Program • 30 year fixed rate mortgage for FHA • Georgia down payment assistance program offering up to $8,000 with Minimum credit middle score of 620+ or up to $5,000 with credit middle scores minimum of 585. • First time home buyer requirement (not owning a home in the past 3 years) • Maximum purchase price and household income limits do apply • Owner-occupied, 1 unit properties • No Town homes or Condos• Eligible for Dekalb County only • Home buyer education required • Minimum Buyer monetary contribution must be 1% of sales price
Atlanta HFA Preferred Georgia Down Payment Assistance Program • 30 year fixed rate Conventional mortgage • 5% forgivable grant on note to help with down payment assistance and /or closing costs • Reduced mortgage insurance • Minimum 640+ middle credit score for 95% LTV • Minimum 680+ middle credit score for 97% LTV • Home buyer education required • Maximum purchase price and household income limits do apply • Owner-occupied, 1 unit properties • Town homes or Condos ( Condos must be prior approved and maximum LTV is 95%) • New construction or foreclosures okay • Property must be located in incorporated City of Atlanta
HOME Atlanta 4.0 Georgia Down Payment Assistance Program • 30 year fixed rate FHA or VA mortgage • 5% forgivable grant on note to help with Georgia down payment assistance and /or closing costs • Minimum 640+ middle credit score • Home buyer education required • Maximum purchase price and household income limits do apply • Owner-occupied, 1 unit properties • Town homes or Condos (Condos must be prior approved) • New construction or foreclosures okay • No first time home buyer requirement • Property must be located in incorporated City of Atlanta
For the best guidance, be sure to contact your lender for additional details and qualifying factors on a Georgia down payment assistance program that’s right for you. Once you’ve done that, and determined what program you best qualify for, be sure to partner with a Realtor that specializes in the first-time home buying process. Download this complimentary Guide to Buying a Home so that you’re well informed. For more helpful tips and strategies on purchasing a home, visit our Blog Corner.
