DCA or Department of Community Affairs has a down payment assistance program called the GA Dream Program that is geared to help people who can qualify for mortgage, but may not have enough fund for the down payment. They offer $5,000 to the general public and offer $7,500 to “Protectors”, Educators and Health Care Workers.
This is a government program and has restrictions as this is a “soft” second mortgage that at 0 percent interest rate as long you own the home. The down payment money will have to be paid back when you either sell the home or it is refinanced.
- Buyer’s minimum contribution is $1,000.00
- Complete individual credit counseling and provide certificate of completion
- Funds can be used for down payment, closing costs and or pre-paids
- Income limits do apply, see below
- Program is for first time home buyers or if you have not owned a home in 3 years in metro Atlanta
- Money is interest free, but must be paid back if you sell or refinance
- Only available for primary residence purchase transactions
- Protectors, Educators and Health Care Workers may qualify for $7,500 assistance
- Must meet mortgage loan requirements
- Sales price can not exceed 250,000 within the Atlanta Metropolitian Area
Maximum Household Income:
1) One or two person household: Maximum income is $69,000
2) Three or more person household: Maximum income is $79,500
Other Down Payment Assistance Programs Available in Georgia
An easier program to qualify for and also one that is a much simpler process from start to finish is the FHLB $5,000 down payment assistance program. It is an in house program and not government sponsored. I always recommend this program if you are in their income requirements. The only drawback is this program has lower income limits, but the benefit is that it is so much easier process and the down payment assistance money is forgiven after 5 years unlike GA Dream that has to be paid back when you sell the home or refinance.
We have another down payment assistance programs called the Gwinnett Homestretch Program $7,500 Down Payment Assistance program that is forgiven after 5 years. This program has the same income limits as the FHLB program, but is another government program that is puts conditions on the house as well. Many times they run out of money and you are put on a waiting list for the money as well. Must also purchase a home in Gwinnett County.
The last program is the NSP Down Payment Assistance Program and this program provides from $14,500 that is forgiven after 5 years or $22,000 down payment assistance that is forgiven after 10 years. Must be first time home buyer and fall within the income requirements. This program has higher income limits, but you must buy their homes. NSP buys foreclosed homes and makes repairs and are in usually excellent shape by the time all the work is done. At that point, they are put on the market to sell. Good program, but they only have a limited amount of homes. See my NSP blog for more details.
It is easy to apply so please contact us today and we can provide you with more detailed information and help you get started.
Mark services the following Northeast Atlanta cities: Alpharetta, Roswell, Milton, Woodstock, Dunwoody, Suwanee, Buford, Duluth, Dacula, Grayson and Lawrenceville Georgia.
About the Author: The above Real Estate information on 2013 GA Dream $5,000 – $7,500 Down Payment Assistance Program For First Time Home Buyers in Georgia was provided by Mark Mitchell. Mark can be reached via e-correspondence at firstname.lastname@example.org or by phone at 404-353-0185. Also visit www.johnscreek-homes.net
Mark Mitchell, Realtor