Updated 2019: Georgia Down Payment Assistance programs and First Time Home Buyer Programs
Compare the top Down Payment Assistance Programs & First Time Home Buyer assistance available in Georgia. We offer this info free to you as a service to our local community. Many of these programs are available throughout the entire State of Georgia.
We offer telephone support for the following Georgia counties: Fulton, Gwinnett, Forsyth, Dekalb, Hall, Barrow, Cobb, Walton and Jackson counties. If you would like to learn more or get qualified for any of these programs, please feel free to contact us at 678-882-7486 for the counties listed above.
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DPA AFR Advantage 2% Grant Financing Program
- No First Time Home Buyer Requirement Borrowers:
- No Income limits for anyone involved in the Healthcare administration, Law Enforcement administration, Military Veterans, Firefighters and administration and Municipal School Administration.
- All other Borrowers subject to 140% of the Hud Median Income for Census Tract
- Seller can contribute up to 6% towards Borrower's Closing Costs.
- Back end Debt to Income ratio up to 48.99%.
- Fixed rate only, NO adjustable rates are allowed on any loan programs.
- FHA 203b & 203k Renovation loans allowed. Underwriting to follow FHA 203b guidelines.
- Detached SFR, Attached Townhomes or FHA approved Condos
- Acquisition price is based on FHA Acquisition price for select county.
- Buyer must have at least 1.5% of their own money in the transaction.
- Occupy home as principal residence within 60 days.
- Eligible Property Types include; 1-2 Unit SFR, Duplexes, Mobile Home (single & double wide), Fee Simple homes.
- Minimum credit score at least 580 with Desktop Underwriting approval.
- HUD approved online or Face to Face Buyer education class by HUD approved Housing Counseling Agency.
- No cash back to Buyers at Closing.
- Primary residences only, no investment properties.
WE (Workforce Enhancement) Dekalb Down Payment Assistance Program
Approved Homebuyers will receive a 30-year fixed rate mortgage and a Non-repayable down payment grant equal to 3% or 4% FHA / VA - 4% or 5% for (Freddie Mac Advantage only, NOT FNMA) Conventional of the initial principle balance of the mortgage. The amount of assistance depends on the selected mortgage rate. The grant can be used for down payment and/or the closing costs.
- Maximum Qualifying Income $81,900 (families of 2 or less) and $95,600 (families of 3 or more)
- Eligible types of loans are; Freddie Mac Advantage, FHA, VA and FHA 203K Streamline Renovation Loan (With DPA Sponsor bank approval).
- No maximum loan amount overlay. Standard Agency guidelines apply.
- Maximum Household 1003 for 1-2-person households = $81,000, 3 or more HHLD income = $94,500
- 5% of total Loan Amount forgiven at Closing table
- Minimum FICO score is 660 for FHA and 640 for Conventional financing.
- Maximum Debt-to-Income ratio is 44.9%
- No First Time Buyer requirement
- Owner Occupied only-No Investment properties
- Property must be located within West Dekalb County
- New or Existing 1-4 units detached or attached SFR, condo's, townhouses.
- No prepayment penalty.
- Standard Agency mortgage loan guidelines apply
- Co-Signers are NOT permitted
- Construction to Perm NOT permitted
DeKalb County Home Down Payment Assistance Program
- Qualified Participants eligible up to $8000.00 in Down Payment Assistance in forgivable grant down payment assistance.
- Eligibility is restricted to those who have not owned a home for the most recent 3 years.
- Applicants must have a Household income of less than 80% of the HUD Median Income. 80% Hud Median Income limit for Dekalb County, Georgia.
- 1-person household max income = $41,900, 2-person = $47,900, 3-person = $53,900, 4-person = $59,850, 5-person = $64,650, 6-person = $69,450, 7-person = $74,250
- Property cannot be located inside the Atlanta city limits even if it’s in Dekalb county.
- To begin the process, you must be pre-approved by an approved Dekalb County Lender and then attend an approved HUD housing Counseling agency buyer’s education class.
- Principle residences only. Residents are required to live in the home for a full 5 years before the soft second mortgage is forgiven.
- If Applicants credit score is 620 or higher, the applicant can qualify for $8,000.00 in DPA
- Buyers must contribute 1% of the purchase price of their own money.
- You must live in the house for a full 5 years, after 5 full years the debt is forgiven.
- If you sell or refinance the property during the initial 5 years the full initial 2nd mortgage loan balance of $8000 must be repaid in full.
- Net family assets must be less than $10,000 (Cash, CDs, Stocks, Bonds, Land, or all forms of Capital Investments.
- Maximum purchase price is $160,000.
- No condo’s or townhomes, only SFR.
- Dekalb County code Inspection is required by a certified DeKalb County Home Inspector prior to purchasing.
- All Homebuyers in the household 18 years and older must have successfully completed a HUD Certified First Time Home Buyer education course
- House must be located within DeKalb County and must be a single-family residence and must meet the DeKalb quality standard in 24 CFR 982.401 A DeKalb County Representative will inspect the house prior to Closing
- DeKalb County will monitor down payment assistance program files at a minimum of every two years to ensure files are in compliance with all DeKalb County and HOME HUD regulations and requirements. Monitoring criteria will include but not be limited to: program design and marketing, participant eligibility, property eligibility, eligible costs, loan processing, property standards, and other federal requirements.
- Borrowers may NOT receive any cash back at closing.
Invest Atlanta
- An attractive 30-year fixed interest rate mortgage with up to a 3.5% grant.
- Must attend a 90-minute Question & Answer presentation at Invest Atlanta before you can begin the program.
- Must attend an 8-hour approved Buyer Education program and receive a Certificate of Education. This Certificate should satisfy most down payment assistance programs. Certificates are valid for Invest Atlanta for 12 months.
- FHA & VA Loans only
- Higher income and purchase price limits for eligible home-buyers. 1-person Household Maximum Income = $73,300, 2-person max income = $83,800, 3-person max income = $94,200, 4-person max income = $104,700, 5-person max income = $113,100
- Household Income limits cannot exceed program income limits
- Minimum FICO middle credit score 660 or above.
- No first-time home-buyer requirement
- No repayment required; up to a 3.5% grant is forgiven at closing
- Current residence must be sold prior to closing on the new home
- Must have no more than a 44.9 debt-to-income ratio including new total mortgage payment including HOA fees if any.
- Must qualify for first mortgage with Invest Atlanta participating lender
- Contribute $1,500 of own funds towards closing
- Maximum purchase price is $358,800
- Single family detached homes, townhomes, 2-4 units and condominiums
- No manufactured housing
- Property must be owner-occupied, primary residence
- The property must be located within the city limits of Atlanta. Please check with Lender to see if property qualifies.
- Must Close with approved Invest Atlanta Closing Attorney.
Atlanta Affordable Homeownership Program (AAHOP)
- A competitive 30-year fixed interest rate mortgage with up to a $14,000 forgivable grant.
- Must attend a 90-minute Question & Answer presentation at Invest Atlanta before you can begin the program.
- Must attend an 8-hour approved Buyer Education program and receive a Certificate of Education. This Certificate should satisfy most down payment assistance programs. Certificates are valid for Invest Atlanta for 12 months.
- FHA & VA Loans only.
- Low to moderate Income Borrowers. 1-person Household Maximum Income = $41,900, 2-person max income= $47,900, 3-person max income = $53,900, 4-person max income = $59,850, 5-person max income=$64,650
- Household Income limits cannot exceed program income limits
- Minimum FICO middle credit score 580 or above.
- No first-time home-buyer requirement
- No repayment required if house is lived in for 5 years by the Mortgagor. Principle residences only, no investment properties.
- Current residence must be sold prior to closing on the new home
- Must have no more than a 31% front end / 44.9% back end debt-to-income ratio including new total mortgage payment including HOA fees if any.
- Must qualify for first mortgage with Invest Atlanta participating lender
- Contribute $1,500 of own funds towards closing
- Maximum purchase price is $358,800
- Single family detached homes, townhomes, 2-4 units and condominiums
- No manufactured housing
- Property must be owner-occupied, primary residence
- The property must be located within the city limits of Atlanta. Please check with Lender to see if property qualifies.
- Must Close with approved Invest Atlanta Closing Attorney.
Atlanta Home Renovation Advantage
- An attractive 30-year fixed interest rate mortgage with up to a $10,000 grant.
- Must live in the house for 10 years for grant to be forgiven.
- Must attend a 90-minute Question & Answer presentation at Invest Atlanta before you can begin the program.
- Must attend an 8-hour approved Buyer Education program and receive a Certificate of Education. This Certificate should satisfy most down payment assistance programs. Certificates are valid for Invest Atlanta for 12 months.
- Must attend a special Renovation education class.
- This program requires a $1200 fee to cover the costs of education and help ensure the commitment to stay in the house for 10 years
- FHA & VA Loans only.
- Higher income and purchase price limits for eligible home-buyers. 1-person Household Maximum Income = $62,850, 2-person max income = $71,800, 3-person max income = $80,800, 4-person max income = $89,750, 5-person max income = $96,950
- Maximum purchase price = $ 358,800
- Household Income limits cannot exceed program income limits
- Minimum FICO middle credit score 660 or above.
- No first-time home-buyer requirement
- No repayment required; up to a 3.5% grant is forgiven at closing
- Current residence must be sold prior to closing on the new home
- Must have no more than a 44.9 debt-to-income ratio including new total mortgage payment including HOA fees if any.
- Must qualify for first mortgage with Invest Atlanta participating lender
- Contribute $1,500 of own funds towards closing
- Maximum purchase price is $358,800
- Single family detached homes, townhomes, 2-4 units and condominiums
- No manufactured housing
- Property must be owner-occupied, primary residence
- The property must be located within the city limits of Atlanta. Please check with Lender to see if property qualifies.
- Must Close with approved Invest Atlanta Closing Attorney.
Intown Mortgage Assistance Program (IMAP)
- A competitive 30-year fixed interest rate mortgage with up to a $20,000 forgivable grant.
- 80% Low Income Borrowers maximum grant = $20,000.
- 100% Moderate Income Borrowers maximum grant = $ 15,000.
- 120% Moderately-high Income Borrowers maximum grant = $10,000.
- Program fee of $1000 to ensure 10-year residence commitment.
- Low Income Borrowers earning 80% of the HUD Median Income for the County. 1-person Household Maximum Income = $41,900, 2-person max income= $47,900, 3-person max income = $53,900, 4-person max income = $59,850, 5-person max income=$64,650
- Moderate Income Borrowers earning 100% of the HUD Median Income for the County. 1-person Household Maximum Income = $52,400, 2-person max income= $59,850, 3-person max income = $67,350, 4-person max income = $74,800, 5-person max income=$80,800
- Moderately High-Income Borrowers earning 120% of the HUD Median Income for the County. 1-person Household Maximum Income = $62,850, 2-person max income= $71,800, 3-person max income = $80,800, 4-person max income = $89,750, 5-person max income=$96,950
- Household Income limits cannot exceed program income limits.
- Must attend a 90-minute Question & Answer presentation at Invest Atlanta before you can begin the program.
- Must attend an 8-hour approved Buyer Education program and receive a Certificate of Education. This Certificate should satisfy most down payment assistance programs. Certificates are valid for Invest Atlanta for 12 months.
- Conventional, FHA & VA Loans only.
- Minimum FICO middle credit score 640 Conventional or 660 FHA or VA.
- No first-time home-buyer requirement
- No repayment required if house is lived in for 10 years by the Mortgagor. Principle residences only, no investment properties.
- Current residence must be sold prior to closing on the new home
- Must have no more than a 31% front end / 44.9% back end debt-to-income ratio including new total mortgage payment including HOA fees if any.
- Must qualify for first mortgage with Invest Atlanta participating lender
- Contribute $1,500 of own funds towards closing
- Maximum purchase price is $358,800 for FHA or VA, $424,100 for Conventional loans.
- Single family detached homes, townhomes, 2-4 units and condominiums
- No manufactured housing
- Property must be owner-occupied, primary residence
- Please check with Lender to see if property location qualifies.
- Must Close with approved Invest Atlanta Closing Attorney.
USDA
- Provides up to 100% financing in all Georgia counties.
- Check with Lender to determine if property is located within a USDA eligible area.
- No first-time home buyer requirement.
- Primary residences only, no investment properties.
- Resale or new construction.
- Maximum purchase price of FHA limits in area purchased.
- Higher income limits than county or State of Georgia programs ranging from $82,700 1-4 Households up to $109,150 for 4-person households depending on the Georgia county.
- USDA Mortgage Insurance significantly lower than FHA Mortgage Insurance (MI) or Conventional Mortgage Insurance (PMI).
- Borrower can not have in excess of $15,000 in non-retirement accounts. Any excess must be used for down payment.
Within Reach FHA Down Payment Assistance GRANT for ALL Georgia Counties.
- Provides up to 4% in down payment assistance in ALL Georgia Counties for FHA Loans.
- Down Payment Assistance grant of 3% or 4% is forgiven after 36 months of on-time mortgage payments.
- Buyer does not need to be first time Home Buyer.
- Origination fee 2% for FHA and USDA. 1% Origination fee for VA Loans.
- Must be primary residence, no Investors.
- 1003 Income for Borrower(s) only. Household income not required for 140% HUD Median Income for County if loan is approved for individual Borrower limit is based on qualifying income used for the transaction not Household income.
- Stick built homes or manufactured homes allowed for Government Agency loans (FHA, VA and USDA).
- 1-4 Units allowed, SFR, Double Wide Mobile Homes, Duplexes, Triplexes, Quadraplexes.
- Buyer may own other properties in some cases.
- Non-Owner Occupant Co-Borrowers ARE allowed.
- 30-year fixed term.
- Competitive mortgage Interest rates.
- Can be used with VA Mortgages (4%), FHA Mortgages (4%) and USDA Mortgages (3%)
- Borrower must qualify for FHA, USDA or VA Loan.
- Maximum Income Limits set at 140% FHA, VA or USDA of Florida County the house is located.
- Conventional version of this product limits Area Median Income (AMI) to 115%.
- Income limit is based off Qualifying income reported on the 1003, regardless of household size.
- Maximum loan amount of FHA limits in area purchased. Generally, the lesser of $424,100 (not including MI) or maximum loan amounts permitted by HUD.
- FHA Purchase price limits.
- Home Buyer Education required for at least one Borrower.
- Lender credit not available.
- Gift Funds allowed.
- Minimum middle FICO credit score is 620.
- Maximum debt-to-income 45%-50% Depending on credit score and compensating factors.
- No Prepayment Penalty Fee if loan is paid out early.
- No cash back to Borrower/Buyer
- All well water to be tested prior to Closing.
- No flood zones
- Seller can tribute up to 6% towards Buyers Closing Costs.
- No 203k Renovation loans allowed.
- FHA 203b allowed.
- Manual Underwrites allowed with DU only and higher credit scores and lower debt to income ratios.
Power Purchase Program Reduced Mortgage Insurance
- Power Purchase Program that offer reduced Mortgage Insurance payments.
- Competitively priced Conventional Loan.
- No First Time Home Buyer requirement.
- Requires 1% down payment from the Home Buyer.
- 2% Grant from Non-Profit + 1% Home Buyer Funds equals %3 equity with a 97% eligible conforming loan.
- First mortgage must meet FHLMC Home Possible Advantage eligibility.
- 2% Grant funds will be provided by a Non-Profit Agency.
- No additional subordinate financing allowed.
- 1003 Income for Borrower(s) only. Household income not required for 100% HUD Median Income for County if loan is approved for individual Borrower limit is based on qualifying income used for the transaction not Household income.
- Underserved or Targeted counties have no income limit.
- Conforming loan amounts only.
- No manual underwrites allowed. LP decisions only.
- Primary Residences only. No Investment properties.
- Manufactured Housing NOT allowed.
- The Income limits are based on 100% AMI except those high cost and underserved counties where higher income limits are allowed.
- Benefit-Underserved counties and those High Cost Counties included. (Exceeding 100% counties) increased income limit for those counties.
- No sales price limits.
- Benefit-MI is lower 25% coverage on a 97% LTV.
- Required minimum middle credit score 620
- Score over 640 will have a lower MI factor vs. FHA products.
- Co-Signor's/Non-occupying Co-Borrowers not allowed.
- Borrower may have an ownership interest in other under certain conditions. (Please discuss with Loan Originator).
- Home Buyer Education required before Closing.
Gwinnett County Georgia Homestretch Down Payment Assistance
- 5-year Forgivable grant of $7500.00 for homes in very good condition in Gwinnett County.
- Must live in home for 5 full years for the grant to be forgiven. Every year the Owner Occupant lives in the home, the $7500 is reduced by 20% per year.
- Must Register with Gwinnett County Community Development Program AFTER being pre-approved with a Gwinnett County Homestretch Lender. Applicant must bring a Pre-Approval letter to Gwinnett Homestretch One Justice Square, 446 West Crogan St, Suite 275, Lawrenceville GA 30046 to begin the process.
- Income below 80% of area average (HUD Median Income for Gwinnett County)
- Maximum Household Income for 1-person = $41,900, 2-person = $47,900, 3-person = $53,900, 4-person = $59,850, 5-person = $64,650, 6-person = $69,450, 7-person = $74,250, 8-person = $79,050
- For First time home buyer only. (Anyone who has NOT owned a home for the most recent 3-years.
- Allowable loan programs are Conventional, FHA and VA.
- Fixed rate only, NO adjustable rates are allowed on any loan programs.
- No Renovation loans allowed.
- Detached SFR, Townhomes or FHA approved Condos
- Resale homes maximum $181,000 - new construction $233,000
- Buyer must have at least $1000 of their own money in the transaction.
- Back-end Debt to income must be less than 43%
- Occupy home as principal residence for 5 full years and debt is completely forgiven
- Minimum credit score at least 640 on any one of the Credit Repositories.
- 8-hour Buyer education class by HUD approved Housing Counseling Agency.
- No cash back to Buyers at Closing.
- Home to be Inspected by Homestretch personnel prior to Closing. If the home does not pass inspection, the Seller or Applicant have the option to pay for repairs. Any inspections following initial program inspection will NOT be paid for by the Homestretch program
Quick & Easy : Click Here to select up to $20,000 for Georgia down payment assistance