Mark Mitchell Johns Creek Homes Helping Families Move One at a Time

Down Payment Assistance Programs in Georgia Up to $22,500


Thanks for visiting my down payment assistance page as you will find out information about down payment assistance programs that are still available for first time home buyers. I have information on 4 programs, FHLB, Gwinnett Neighborhood Stabilization Program, GA Dream and the Gwinnnett Homestretch down payment assistance program. All of these programs are great at helping buyers out that have good enough credit to buy a home, but may lack the funds for the down payment and or closing costs.

Then GA Dream program is good for someone who makes to much money for the FHLB and Gwinnett Homestretch programs, but it is a loan so it does have to be paid back. It is also a much more difficult to actually get closed since the GA Dream underwriters are very strict and need a lot documention.

The Gwinnett Homestretch program will have more limitations and you will have to check with me to find out if they still have funds. You can only use the Gwinnett Homestretch program for homes located in Gwinnett county. The home has to also pass requirements as well.

The Gwinnett Neighborhood Stabilization program has higher income limits, high down payment assistance money, but you have to buy their homes and they are in very limited supply.

The FHLB program is in house program and not government sponsored so this means it is a much easier process and you are not limited to buying only Gwinnett county homes. This would be my first pick for someone who wants the easiest program and does not want their homes limited. See the details below for more information on each program. Give me a call to find out information how to get started. I look forward to speaking with you.


2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers


2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers In Georgia

 

The 2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers may be the solution for buyers whose credit is good, but may be lacking the total funds for down payment and or closing costs. Buying in the 2013 market presents challenges as many times to win a multiple offer situation the buyer will have to pay most or all of the their closing costs in order to win the offer. This is common with HUD homes.                                                                                

 

The Federal Home Loan Bank, otherwise known as the FHLB, is not a government program; rather, its members are made up of regional and community banks from Georgia, Alabama, Florida, Maryland, Washington DC, and the Carolinas.

 

FHLB down payment assistance program amount is $5,000 for 2013. FHLB provides 4 to 1 matching funds for first time home buyers or someone that not owned a home in three years.  Funds can be used for down payment and or closing costs for low to moderate income home buyers.

 

Each bank, or member, is allocated $1 million dollars to use towards down payment assistance to help low to moderate income level families purchase a own a home. Not all banks offer this program and funds are on a first come first serve basis so when the funds will run out, they are gone.

 

 

 

Program Highlights:

 

  • Buyer’s minimum contribution is $1,000.00

  • FHLB program will match buyer’s contribution 4-to-1 up to $5,000.00

  • Funds can be used for down payment, closing costs and or pre-paids

  • Income limits do apply as income must be at or below 80% of the HUD AMI limits

  • Program is for first time home buyers or if you have not owned a home in 3 years

  • Buyer must occupy the home for 5 years, after 5 years the total amount is forgiven

  • Money is interest free, and every year you remain in the home, 20% of the down payment is forgiven

  • Only available for primary residence purchase transactions

  • Earnest money and upfront appraisal fees count toward home buyer contribution

  • Available for homes listed for resale and new construction

  • No additional underwriting or extra time to process

 

 

The following grid shows the general income guidelines to qualify for the FHLB program.  This grid should not discourage you if you feel you do not fall within these guidelines. Your situation is unique to you and we encourage you to contact us today and find out how we can help you as we have other down payment assistance programs that have higher income limits below.

 

2013 Hud Income Limits Metro Atlanta

 

1 person    2 person    3 person    4 person    5 person    6 person    7 person    8 person

$37,150     $42,450      $47,750     $53,050     $57,300     $61,550     $65,800       $70,050

 

 

This program is designed for the first time home buyer or someone who has not owned a home within the past 3 years. The above income limits is for total income for the household including everyone’s income in the household.

 

If you income is above this limit we also have GA Dream that can provide $5,000 towards down payment assistance and $7,500 if you are a public servant, such as a police officer, fireman, school teacher or in the medical field such as a nurse. Please see my GA Dream 5,000 Down Payment Assistance Blog for more details.

 

Finally, 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.

 

The last program is the NSP 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. 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.

 

 

Search all homes in the FMLS and GAMLS

 

 

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 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers was provided by Mark Mitchell. Mark can be reached via e-correspondence at mark@markmitchellhomes.com or by phone at 404-353-0185. Also visit www.johnscreek-homes.net

 

Copyright © By Mark Mitchell 2013 * 2013 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers *

 


Down Payment Assistance in Gwinnett County - Gwinnett NSP 2013


Down Payment Assistance in Gwinnett County - Gwinnett NSP

 

If you are looking for down payment assistance in GA then the Gwinnett NSP may be a good solution. The Gwinnett  Neighborhood Stabilization Program provides affordable housing to low to middle income homebuyers. Gwinnett NSP buys foreclosed homes and make necessary repairs and sells them to new homebuyers. These homes are in very good move-in ready condition by the time the Gwinnett NSP get through with them.

 

My client in the video purchased a NSP home and the home she purchased received a new energy star new HVAC unit, energy star rated water heater, new energy star rated kitchen appliances, new light/fan fixtures, new counter-tops, new bathroom fixtures, new carpet, new interior and exterior paint, new roof and they even did a chemical barrier treatment for termites. The Gwinnett NSP did an awesome job on this home.

 

 

 

They have available homes in Gwinnett that are priced from $70,000 to $200,000. All Gwinnett NSP homebuyers will receive up to $22,500 for down payment assistance and or closing costs. This programs allows for homebuyers that may be lacking the funds for down payment or it can help lower the monthly mortgage payment through a reduction in the amount financed.

 

There are two programs that are available. The first is a soft second mortgage of $14,500 for five years at zero interest and no payments with the principal being reduced at 20 percent per year. After 5 years this $14,500 is forgiven and does not have to be paid back. The second choice is a soft second mortgage of $22,500 for 10 years at zero interest and no payments with the principal being reduced at 10 percent per year. After 10 years this $22,500 does not have to be paid back. If the house is no longer the purchasers primary residence then any remaining principal shall be paid back to the county.

 

How do you qualify? First, you must not currently own residential property and this includes rental property or a vacation home.

 

Also:

 

  • Qualify for a 30 year, fixed FHA first mortgage

  • Can only use the down payment assistance on a Gwinnett NSP home

  • Complete a 8 hour HUD approved homebuyers course

  • Invest one percent of the purchase price towards the purchase of the home

  • Be an owner occupant

  • Meet the income limits below:

 

Note: Maximum Household Income From All Persons In the Household

 

1 person    2 person    3 person    4 person    5 person    6 person    7 person    8 person

$58,200     $66,550     $66,550     $74,850      $89,800     $96,450     $103,100    $109,750

 

Gwinnett NSP only has a small number of homes at any given time and the down payment money can only be used on NSP homes.

 

Other down payment assistance programs in Gwinnett County are the FHLB, GA Dream and the Gwinnett Homestretch.

 

Each program has its pro’s and con’s as some of the program are grants (do not have to be paid back) while others are just a loan.

 

FHLB $5,000 down payment assistance program is a grant and is forgiven after 5 years. It can also be used anywhere in GA and is an in house program within the Federal Home Loan Bank and not a government program. What that means to you is it is very easy to qualify for (no 8 hour HUD class required) and is not complicated like some of the government programs.

 

GA Dream down payment assistance program advantage is it allows for buyer to have a higher income limit and its program ranges from $5,000 to $7,500 for down payment. The $7,500 is for people who serve the public such as police, firemen, military and medical employees to name a few. GA Dream disadvantage is it is not a grant so the money does have to be paid back when the house is refinanced or sold. It is also one of the more difficult programs to get the money as you will have to be very patient as the GA Dream underwriters are very particular to say the least.

 

Gwinnett Homestretch $7,500 down payment assistance program advantage is the down payment money does not have to be paid back if you remain in the house for 5 years as your primary residence. Some disadvantages is sometimes the program runs out of funds and then you are put on a long waiting list. The buyer also has a lot of requirements as well and has to attend an 8 hour HUD class. This program also requires the home to be in Gwinnett county and the home has a list of requirements to pass as well.

 

It is easy to apply so please contact us today and we can provide you with more detailed information and help you get started.

 

Search all homes in the FMLS and GAMLS

 

 

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 Down Payment Assistance in Gwinnett County - Gwinnett NSP* was provided by Mark Mitchell. Mark can be reached via e-correspondence at mark@markmitchellhomes.com or by phone at 404-353-0185. Also visit www.johnscreek-homes.net

 

Copyright © By Mark Mitchell 2013 *Down Payment Assistance in Gwinnett County - Gwinnett NSP*

 









 


2013 GA Dream $5,000 - $7,500 Down Payment Assistance Program


2013 GA Dream $5,000 - $7,500 Down Payment Assistance For First Time Home Buyers in Georgia

 

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.

 

 

Program Highlights:

 

  • 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.

 

Search all homes in the FMLS and GAMLS

 

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 mark@markmitchellhomes.com or by phone at 404-353-0185. Also visit www.johnscreek-homes.net

 

Copyright © By Mark Mitchell 2013 *2013 GA Dream $5,000 - $7,500 Down Payment Assistance Program For First Time Home Buyers In Georgia*

 






 


2012 FHLB $5,000 Down Payment Assistance Program


2012 FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers


Is buying a new home something you would do now if you had the 3.5% down payment for an FHA Loan, money for home, radon and or pest inspections? Many foreclosure sellers will set a cap on the percentage of the closing costs they will agree to pay for the buyer. Sometimes buyers have a good game plan, but don’t account for some of the costs associated with buying a home.
                                                                                            
The Federal Home Loan Bank, otherwise known as the FHLB, is not a government program; rather, its members are made up of regional and community banks from Georgia, Alabama, Florida, Maryland, Washington DC, and the Carolinas.

FHLB has updated its down payment assistance program and has reduced the FHLB down payment assistance program amount from $7,500 to $5,000 for 2012. FHLB  provides matching funds, 4:1 for first time home buyers or someone that not owned a home in three years.  Funds can be used for down payment and/or closing costs for low to moderate income home buyers.

Each bank, or member, is allocated $1 million dollars to use towards down payment assistance to help low to moderate income level families purchase a own a home. Not all banks offer this program and funds are on a first come first serve basis so when the funds will run out, they are gone.
 
 
 
The buyers is the above video closed in December of 2011 and were able to get $7,500 towards down payment that the FHLB down payment assistance program offered in 2011.

Program Highlights:
  • Buyer’s minimum contribution is $1,000.00
  • FHLB program will match buyer’s contribution 4-to-1 up to $5,000.00
  • Funds can be used for down payment, closing costs and or pre-paids
  • Income limits do apply as income must be at or below 80% of the HUD AMI limits
  • Program is for first time home buyers or if you have not owned a home in 3 years
  • Buyer must occupy the home for 5 years, after 5 years the total amount is forgiven
  • Money is interest free, and every year you remain in the home, 20% of the down payment is forgiven
  • Only available for primary residence purchase transactions
  • Earnest money and upfront appraisal fees count toward home buyer contribution
  • Available for homes listed for resale and new construction
  • No additional underwriting or extra time to process

The following grid shows the general income guidelines to qualify for the FHLB program.  This grid should not discourage you if you feel you do not fall within these guidelines. Your situation is unique to you and we encourage you to contact us today and find out how we can help you.



2012 Hud Income Limits Metro Atlanta

1 person    2 person    3 person    4 person    5 person    6 person    7 person    8 person

$38,850     $44,400      $49,950     $55,450     $59,900     $64,350     $68,800       $73,200


This program is designed for the first time home buyer or someone who has not owned a home within the past 3 years. We have other down payment assistance programs such as the Gwinnett Homestretch Down Payment Assistance Program contributes up to $7,500 that is forgiven after 5 years.

It is easy to apply so please contact me 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.

Copyright © By Mark Mitchell 2010 * FHLB $5,000 Down Payment Assistance Program For First Time Home Buyers *


Gwinnett Homestretch $7,500 Down Payment Assistance Program


 

The tax credits are over for first time homebuyers, but the good news is there is still stimulus money available to savvy buyers. As of July 13 2010, The Gwinnett Homestrech I program still has funds for first time homebuyers in Gwinnett County Georgia. This program funded by the Gwinnett Housing Authority provides $7,500 down payment assistance for first time homebuyers.

The Gwinnett Homestretch I program provides loans of $7500 at 0% interest to qualified first time homebuyers who purchase homes in Gwinnett County. The funds from the Gwinnett Homestretch I program can be used for downpayment and/or closing costs. If the buyer occupies the property and it is their primary residence for 5 years the loan is satisfied and no repayment is required.

 What are the requirements?

  • Be a first time homebuyer

  • Attend a Pre-Purchase 8 hour Buyer Counseling Course by HUD approved housing counseling agency

  • Must be a home in Gwinnett County

  • Must be single detached homes, townhomes, or condominiums constructed after 1977

  • Maximum purchase price is $200,000

  • Income guidelines below:

 

Family Size              Maximum Income                               

      1                           $38,850

      2                           $44,400

      3                           $49,950

      4                           $55,450

      5                           $59,900

      6                           $64,350

      7                           $68,800

      8                           $73,200 

 

Many first time homebuyers have great credit scores, but are challenged by the inability of having enough funds to purchase a home. There are many costs associated with the purchase, some of the largest costs include down payment (3.5% of the purchase price/FHA Loan) and closing costs.

As a buyers agent, I can usually negotiate with the seller to pay for all or the majority of the closing costs associated with the purchase. Sellers cannot provide down payment assistance anymore for the buyers so this a major cost involved in a purchase. For this reason, this makes the Gwinnett Homestretch I such a great program for buyers who think they will have to wait in order to have enough funds to purchase a home.

 

This program is only available for first time home buyers that are purchasing properties in Gwinnett County. The process will take about 45 days. You'll need to speak with your lender and fill out an application; then you will be required to attend an 8 hour buyer counseling class before the funds will be released.

Find out more information about the Gwinnett Homestretch I program. If you have any questions about the buying process visit www.johnscreek-homes.net  or contact Mark Mitchell at 404-353-0185.

 

Mark services the following Northeast Atlanta cities: Alpharetta, Roswell, Milton, Woodstock, Dunwoody, Suwanee, Buford, Duluth, Dacula, Grayson and Lawrenceville Georgia.

Copyright © By Mark Mitchell 2010 *Gwinnett Homestretch I Down Payment Assistance For First Time Homebuyers*

 

 

 


Contacts


Mark Mitchell
678-714-0601(Office)
404-353-0185(Cell)
770-200-3734(Fax)


Home  |  Search FMLS & GAMLS  |  About Me  |  Featured Listings  |  Buyer Agent Services  |  DPA Programs  |  Buyer's Toolkit  |  Buyer/Seller Info  |  Sellers/Expired Listings  |  Marketing Your Home  |  Designations  |  My Blog  |  Testimonials  |  Market Snapshot  |  Calculators  |  News  |  Facebook Fan Page  |  Contact Me  |  Video Newsletter  |  Real Estate News
 

Privacy¬†Policy  |  Site Map  |  Profile  |  Sign In

©2009-2014 Virtual Properties Realty