Whether you like the big-city charm of Atlanta or the serene coastal Tybee Island, there’s something for everyone here. GeorgiaAccording to . data From the Georgia Real Estate Association. Don’t let the price tag deter you, though.
Georgia First Home Buyer Loan Program
Georgia Dream Home Ownership Program
The Georgia Department of Community Affairs (GDCA) oversees Georgia Dream, a 30-year fixed-rate mortgage program that applies to traditional FHA, VA, or USDA loans.for first time home buyer, the program includes up to $7,500 down payment assistance in the form of a second loan with no interest and no monthly payments when you sell your home or refinance your first mortgage. Certain borrowers, such as some government employees, active military personnel, and family members with disabilities, can receive assistance up to $10,000.
First-time buyers of this program are those who have not owned a home in the last three years. It may also apply to buyers who are not first-time buyers and who purchase in certain regions.
Borrower requirements:
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Minimum credit score of 640
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You must meet income limits ranging from $74,500 to $86,000 depending on the size of your household and the county you plan to purchase.
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You must contribute at least $1,000 of your own funds
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Current assets are less than $20,000 or less than 20% of the home purchase price, whichever is greater
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Must complete a homebuyer education workshop or individual home counseling session.
Property requirements:
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Must meet purchase price limits: Barrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Hurd, Henry, Jasper, Morgan, Newton, Paul $350,000 or less in Ding, Pickens, Pike, Rochdale, Spalding, or Walton counties.$297,000 or less anywhere else in the state
georgia down payment assistance
In addition to GDCA down payment assistance, there are several local programs to help take the stress out of down payments and closing costs, especially if you plan to live in Atlanta.
Invest in Atlanta Down Payment Assistance Program
The city’s economic development agency, Invest Atlanta, offers a range of local down payment assistance programs to help certain types of borrowers, including first-time homebuyers, buy a home. Here are some of the options available:
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Home Atlanta 4.0 – The program provides borrowers with 30-year fixed rate FHA or VA loans with a 3.5% waiverable grant to help with down payment or closing costs. For FHA loan borrowers with a debt-to-income (DTI) ratio of 45% or less, the minimum credit score required is 660. The minimum credit score is 680 for the same borrower with her DTI ratio between 45.01 and 50%. Income limits range from $94,500 for a single household to $145,800 for a five-person household, with a maximum purchase price of $375,000.
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Vine City Renaissance Initiative – The program provides grants of up to $10,000 to renters who plan to stay in their Vine City homes for at least five years. The borrower must have access to her conventional FHA or VA loans, meet income limits, and liquidity must not exceed her $25,000. There is also an entry fee of $1,000, but there is no maximum purchase amount. Income limits ($94,500 to $145,880) apply.
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Atlanta Affordable Homeownership Program – The program provides up to $20,000 for down payment and closing costs, primarily in DeKalb and Fulton counties. The buyer is fully forgiven after she has lived in the house for 5 to 10 years (the forgiveness points vary depending on the amount of the loan). This assistance can be combined with traditional FHA or VA loans. Eligibility requirements include a minimum credit score of 580 and a maximum DTI ratio of 43%. Income limits are slightly lower than other programs at $54,000 for a single household and $83,300 for a five-person household. Maximum purchase prices vary from $290,000 for existing homes in DeKalb County to $272,000 for existing homes in Fulton County.
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In-Town Mortgage Assistance Program – This program includes a traditional FHA or VA mortgage plus a $10,000 down payment and closing costs. These funds must be repaid when the house is sold. Credit score requirements range from 640 to 680 based on DTI ratio and loan type. There is a program fee of $1,000 and you cannot have more than $25,000 in assets. The income limit is $81,000 for a one-person household and $125,040 for a five-person household. The maximum purchase price is $375,000.
Other First Home Buyer Loan Programs
Other affordable housing options may be available depending on where you are looking to buy. In Savannah, for example, the city’s Dreammaker program offers his 30-year interest-free loan for a down payment, closing costs, and a gap fund of up to $7,500. Secure additional funds. The City of Macon is offering a down payment of up to $25,000 to purchasers who reside in the College Hill area and wish to meet income requirements. Be sure to ask your loan officer or realtor for advice on local programs that are right for you.
If you are buying a home in Georgia for the first time, national programs are also worth considering. Check out Bankrate’s guide Loans and programs for first-time homebuyers.
let’s start
Now that you have an overview of your options as a first-time homebuyer in Georgia, you are ready to start buying a home.The Georgia Department of Community Affairs has a list of participants mortgage lender Someone who can help navigate the process. Shop around for the best mortgage rates and offers regardless of the program you choose. Georgia Mortgage Lender Comparison‘ product.
when you find your ideal mortgage interest rate, can be locked for 75 days. GDCA typically changes rates on a weekly basis, but can change more frequently.
With additional reporting by David McMillin
