STATEWIDE PROGRAMS

Georgia Dream Homeownership Program

Assistance Available:
Downpayment assistance is available through the Georgia Dream Homeownership Loan Program for qualified buyers.

The program is managed by the Georgia Department of Community Affairs. The assistance comes in the form of $5000 for most homebuyers. Public protectors, educators, active military, and health care providers can qualify for up to $7500. Households with disabled family members may also qualify for $7500 in assistance.

Qualifications:
There are income limits associated with the program. You must contribute a minimum of $1000 to the home purchase. Homebuyer counseling is required.

CITY AND COUNTY PROGRAMS

Chatham, Douglas, Clayton, Muscogee, Dekalb, Fulton and Bibb Counties
Georgia Dream Hardest Hit Fund

Assistance Available:
The Georgia Department of Community Affairs is making the HHF Down Payment Assistance Program available in counties that have been hit hardest by distressed sales, foreclosures, negative equity, and serious delinquency. The maximum assistance is $15,000 to be used for downpayment and closing costs. This is a 5 year second lien with no monthly payments and no interest. The loan is forgiven 5 years after closing.

Qualifications:
A 640 minimum credit score is required. Household income limits for 1 - 2 persons is $64,000 statewide and $76,000 Atlanta MSA and 3 plus persons: $73,500 statewide and $87,500 Atlanta MSA. The first mortgage must be a Georgia Dream loan (FHA, VA, USDA, or conventional 80% LTV or less).

New construction is not eligible. The borrower cannot have been convicted of money laundering, tax evasion, forgery, fraud, theft, or felony larceny in the last 10 years (Dodd-Frank Certification).

Gwinnett County
Homestretch Downpayment Assistance Program

Assistance Available:
The Homestretch Downpayment Assistance Program offers qualified borrowers up to $7500 in the form of a 5 year deferred payment loan with 0% interest.

Qualifications:
You must occupy the residence for a minimum of 5 years. Income limits are 80% of area median. You must be a first time home buyer with a credit score of no less than 640. Your debt to income ratio may not exceed 43%.

The property purchased must be within Gwinnett County boundaries and be either a single family detached home or a townhome. The maximum purchase price is $181,000 for existing homes and $233,000 for new construction. It takes 30 days after the applicant has been approved for the downpayment assistance to be funded.

Fulton County
Homeownership Program

Assistance Available:
The Fulton County Homeownership Program is funded primarily by the U.S. Department of Housing and Urban Development (HUD). The purpose is to remove homeownership obstacles standing in the way of low to moderate income families. The program offers assistance in the form of a 6 year deferred loan that requires no payment as long as the property remains the primary residence of the borrower. The loan is forgiven 20% annually as long as the borrower remains compliant with the program guidelines.

Qualifications:
You must be a first time homebuyer (have not owned a home in the past 3 years). There is a $35 application fee. You must work with an approved lender. The combined income of all household members, including minors may not exceed the limits set by the U.S. Department of Housing and Urban Development (HUD).

Buyers must present a certificate verifying participation in an approved pre-purchase workshop. Within 12 months of closing the homeowner must attend approved post-purchase counseling for foreclosure prevention and home preservation.

The property purchased must be in Fulton County but outside the city limits of Atlanta, Sandy Springs, and Johns Creek. The maximum purchase price of the home may not exceed $225,625.