Down Payment Assistance Programs
Provides $5,000 to $15,000 to eligible buyers.
No Interest, No Monthly Payment, Repay at Sale or Refinance.
$5,000...available to anyone that qualifies.
$7,500...for Protectors, Educators, and Health Care workers.
Protectors: MILITARY: Members of the five branches of the United States of America Armed Forces, including the Army National Guard and Air National Guard. Police, sheriff’s departments, correctional facilities and other law enforcement agencies such as highway patrol, also includes probation officers. All employees of FIRE DEPARTMENTS, EMS services and volunteer fire fighters.
Educators: All employees of local, city, or county school boards recognized or accredited by the State of Georgia or Regionally Accredited Associations to include Head Start, Pre-K, Elementary, Middle and High Schools, Colleges, Private Schools, & state certified teachers of day care providers.
HEALTH CARE, all employees of state licensed health care facilities including, but not limited to the following: Hospitals, Doctor & DeBntist offices, Health Departments, and Nursing Home.
$15,000...Georgia Dream is offering a "Hardest Hit Fund".
This is for specific counties hardest hit with serious delinquency, negative equity, distressed sales, and foreclosures. Included are Bibb, Chatham, Clayton, DeKalb, Fulton, Douglas, and Muscogee.
Funds forgiven after 5-years.
Eligible Properties: Single family dwelling (attached or detached), condominiums, townhomes, and modular homes. Mobile or Manufactured homes are not eligible.
Can be used with FHA, USDA, VA, and Conventional with 20% down.
Non-Occupant Co-Borrowers are allowed.
Household income, of all parties 18+ yrs old.
1-2 persons $60,500 Statewide; $74,000 MSA (see below).
3+ persons $69,500 Statewide, $84,500 MSA (see below)
MSA (Metropolitan Statistical Areas): Atlanta, Borrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton.
$1,000 minimum buyer contribution.
Credit 640+ required.
First time buyers only, (has not owned a home in the past 3-years). Targeted Counties - don't have to be 1st time buyer, call for county list.
Cannot have liquid assets of $20,000 or 20% of the sales price, (retirement funds are not included).
For existing homes, no new construction.
Primary residence only.
Loan limit: $100,000 to $250,000 purchase price.
Total debt ratios:
Mid-score 700+ = AUS
Mid-score 660 to 699 = 35/43
Mid-score 640 to 659 = 28/36.
Home buyer education is required, online course.
3-years tax returns are required.
Cannot be combined with other DPA funds.
Cannot have $20k or 20% of sales price in liquid funds. Gifts of substantial amounts are considered liquid assets. Stocks and other readily salable securities are considered liquid assets, unless they are restricted by IRA, 401(k) or other similar requirements. IRAs, 401(k) plans and other similarly qualified retirement accounts are not considered to be liquid assets.
Must repay funds when home you refinance, sell, or convert to non-primary residence.
AHA - Atlanta Housing Assistance
Assistance up to $20,000 for first-time home buyers; and up to $25,000 for first-time home buyers who are professionals or para-professionals in health, public safety, education, Section 8 or public housing Participants or veterans.
AHA will record a subordinate lien on the property, and the loan is forgivable after ten years.
First time buyer, within past 3-years.
Owner occupied, buyer’s primary residence.
Buyer must contribute not less than $1,500 of their own funds toward the transaction.
The property being purchased must be within the City of Atlanta geographical boundaries.
The maximum sales/purchase price cannot exceed $250,000.
The Home Buyer’s income (individually or combined) cannot exceed 80% of the Area Median Income (AMI) published by the U.S. Department of HUD and subject to change without notice.
The Home Buyer cannot own any other property at the time of closing.
Properties purchase may be single-family detached, condominiums, and/or townhomes.
30-year fixed rate Conventional, FHA or VA loan.
Approved loan package has to be approved by AHA.
Eight-hours of a homebuyer education and foreclosure prevention classes; and provide proof of completion to AHA prior to loan closing.
The Home Buyer’s liquid assets cannot exceed $10,000.
AHA’s DPA can be used in conjunction with down payment assistance funding from other sources or agencies and AHA reserves the right to adjust its subsidy if other sources are also used.
Base of $5,000 with maximum of $8,000.
Zero percent (0%) interest deferred loan for five (5) years. In the sixth (6) year repayment requirements of down payment assistance funds will be forgiven.
If the unit is sold, refinanced or no longer the principle place of residence within the five year period, the full balance of the down payment assistance funds will be due and payable immediately.
Home must be located in DeKalb County.
620 minimum credit score.
Buyer must contribute 1% of the purchase price.
Income Limits: Applicants must be at or below 80% of HUD’s Area Median Income.
Net family assets cannot exceed $10,000.
DeKalb County has set a limit that the purchase price/appraisal price, which ever is higher, shall be no more than 95% of HOME Program value limit as determined by HUD for the Atlanta Metropolitan Statistical Area (current maximum purchase price is $157,225).
Homebuyer Education class is required.
Fulton County HOP
Provides up to 6% of sales price, not to exceed $10,000 for down payment and closing cost.
Has an affordability period of 5-years after 1-year of occupancy. No form of re-payment is required if the home remains as your primary residence through the affordability period. Forgives 20% of the loan annually after the 1st year.
Available for: Alpharetta, Chattahoochee Hills, College Park, City of South Fulton, East Point, Fairburn, Hapeville, John’s Creek, Milton, Mountain Park, Palmetto, Riverdale (Fulton County only), and Union City.
Maximum purchase price $201,000 for existing homes, and $224,000 for new construction.
Must reside in home as primary residence.
Household Income limits: 1 person = $41,900; 2 persons = $47,900; 3 persons = $53,900; 4 persons = $59,850; 5 persons = $64,650.
8-hours of pre-purchase housing counseling.
Not required to be first time buyer.
Up to 97% Conventional Loan, 30-Year Fixed, with Down Payment Assistance, and No Mortgage Insurance.
Up to 4% 2nd to cover down payment and closing cost. Not forgivable.
660 minimum credit score.
Primary residence only.
Income for buyer qualification, up to 140% of the area median income limit. Search Here
Homebuyer Education is required.
Up to 50% Debt-to-Income.
Not allowed: Non-occupant co-borrowers; Non-traditional credit; Manual underwriting; Temporary buydowns, Renovation.
Invest Atlanta - AAHOP
Neighborhood Works Columbus, DPA
City of Augusta, DPA
City of Savannah Dream Maker Program
Clayton County NSP
Guidelines change frequently, therefore, we do not guarantee accuracy. Above is provided as a reference, to be confirmed with our team. Subject to change without notice.