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

Gwinnett County Homestretch Down Payment Assistance Program


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.

Please find the information for both programs below including the instructions from Gwinnett County. Scroll down to get details about the Homestretch II Program as well. You can read more about these programs on my blog.

 

 

Gwinnett Homestretch I Program

  

GWINNETT COUNTY HOMEStretch DOWNPAYMENT ASSISTANCE PROGRAM
 
 
Down payment Assistance Is Available
 
Applications are now being accepted for the Gwinnett County HOMEStretch Downpayment Assistance Program, for individuals and families purchasing homes in Gwinnett County.
 
This program is funded by HUD’s HOME Investment Partnership Program including funds from the American Dream Downpayment Initiative [ADDI] and is administered by the Gwinnett County Community Development Program.
 
 
 
HOW CAN THIS PROGRAM ASSIST YOU?
 
The HOMEStretch Downpayment Assistance Program provides loans of $7,500 at 0% interest to qualifying first-time homebuyers who purchase affordable homes in Gwinnett County. HOMEStretch Loan funds may be used for Downpayment and/or Closing Cost Assistance, and/or Prepaid Items. These loans are 5-year, deferred payment loans. No scheduled payments are required on the HOMEStretch loans during the 5-year loan period. If the homebuyer occupies the home purchased with HOMEStretch funds as their principal residence for at least 5 years, the loan is satisfied and no repayment is required.
 
 
 
WHO IS ELIGIBLE FOR HOMESTRETCH?
 
First-time homebuyers including homebuyers who have not owned a home in three years who meet the income guidelines as established by HUD and set forth below, who are credit worthy and who complete a Certified pre-purchase counseling class provided by any HUD approved Housing Counseling Agency
INCOME GUIDELINES
 
Family Size             Maximum Income
1                                 $40,150
2                                  $45,900
3                                  $51,600
4                                  $57,350
5                                  $61,950
6                                  $66,550
7                                  $71,100
8 or more                    $75,700
 
 
 


 
WHAT TYPES OF PROPERTIES ARE ELIGIBLE?
 
Single family detached homes, townhouses, and condominiums constructed after 1977 are eligible.
 
To qualify for a Gwinnett County HOMEStretch Homebuyers Downpayment Assistance Loan, the applicant must purchase a home in Gwinnett County.
 
WHAT IS THE MAXIMUM PURCHASE PRICE?
 
The purchase price of the home cannot exceed $200,000; however, what each applicant may afford will vary based on income, mortgage interest rates and other variables at the time of purchase.
 
HOW DO I APPLY?
 
This is a two-step process:
(1) the pre-application review and (2) the formal application to determine income eligibility
 
Pre-application review:
 
            A. Complete an Eight Hour (8) Pre-Purchase Mortgage Counseling class from a HUD approved housing             counseling agency. Be sure to obtain a Certificate of Class Completion stating this was an 8-hour class.
Click this link for a complete list of HUD approved housing counseling agencies             http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=ga
 
B. Meet with a mortgage lender of your choice.  Before you can apply you need a Loan Commitment Letter from your mortgage company showing the designated amount of mortgage and fixed-interest rate terms to be financed.  (Home mortgage must be a fixed rate 30-year mortgage).  Ask your mortgage lender to also provide you with the single page from your credit report showing the credit bureaus with your credit scores
This document is required as a support document.
 
            C. Complete and sign the attached Pre-application Check List. 
 
            D. Now Fax a copy of your Certificate of Class Completion, your Loan Commitment Letter,  three bureau             Credit Report score sheet, and the completed signed Pre-Application Check List to Gwinnett County             Community Development -770-822-5193 –Attention: HOMEStretch Program. 
OR
            If you would prefer, you can scan and attach the documents to a single e-mail and send this to             doris.tarver@gwinnettcounty.com 
 
Formal application.
           
After review you will be contacted to set up an appointment to make a formal application. This meeting will take place in the Gwinnett County Community Development office and take about 1 hour. We take applications by appointment only, usually between 9:00 AM and 2:00 PM, Monday – Friday. You will be required at that time to provide documents we need to determine your income eligibility for the downpayment assistance.  We schedule appointments on a first-come, first-served basis after we have received notice from the homebuyer that all the need documents have been accumulated.
 
NOTE: Any bankruptcies must have been discharged for at least two years. If a bankruptcy discharge has taken               place, please submit a copy of the discharge document at the time of application.
 
 
 
 


 
Gwinnett County HOMEStretch Downpayment Assistance Program
Funded by the Gwinnett County Home Program
   Pre-Application Checklist
(This form is for pre-qualification)          
 
   Pre-Application Instructions:  Please read the questions carefully below and answer each question by placing your initials in the
   space provided for the appropriate response. Return signed and completed pre-application checklist to:
   HOMESTRETCH Downpayment Assistance Program, 575 Old Norcross Rd, Suite A, Lawrenceville, Georgia 30046
   Fax 770-822-5193, ATTN: Doris Tarver, Program Specialist       E-mail: doris.tarver@gwinnettcounty.com
 
      APPLICANT(S) NAME: _______________________________________________________________________________________   
 
1. Are you a first time homebuyer or have not owned a home in 3 yrs?                                                                   Yes _____No ____     
 
2. Have you filed bankruptcy within the last two years?                                                                                               Yes _____No ____
        NOTE: Any bankruptcies must have been discharged for at least two years.
 
3.Have you completed an 8-hour pre-purchase mortgage counseling class conducted by a                                  Yes _____No ____
       HUD Approved Housing Counseling Agency?
 
   4. Does your annual total household income fall within one of the following categories?                                       Yes _____No ____
 
Please answer questions below regarding income tables.  
     2009 GUIDELINE
      Family Size                                      Maximum Income
 
1                                                                                             $40,150
2                                                                                             $45,900
3                                                                                             $51,600
4                                                                                             $57,350
5                                                                                             $61,950
6                                                                                             $66,550
7                                                                                             $71,000
8                                                                                             $75,700
 
   5. Number of ALL persons living in your household?                                                                               ________
 
   6. How many persons (age 18 & over) earn income in your family?                                                                      ________
 
   7. State Yearly total household income (include all person age 18 & over)                                                           ________
  
8. Do you understand that you must apply for a loan to purchase your new home from a Mortgage lender and be approved for loan; and if said loan is not approved by the mortgage lender, your assistance under the Gwinnett County HOMEStretch Down Payment Assistance Program will not be approved?                                                                                                                        Yes _____No ____
 
   9. Do you have a loan Commitment letter and 3-bureau Credit Score Report?                                                       Yes _____No ____
 
 10. Do you have an executed real estate sales contract located in Gwinnett County? [Not required to apply]         Yes ____ No ____
 
 Applicant’s Signature: _______________________________________________________________ Date: _________________
   PRINT NAME: ___________________________________________________________________________________________
 
    Co-applicant’s Signature: ____________________________________________________________   Date: _________________
    PRINT NAME: ___________________________________________________________________________________________
 
    Your Current Address: _____________________________________________________________________________
    E-MAIL ADDRESS: ______________________________________________________________________________
   Home Phone No.: ________________ Day Time Phone No.: ______________Cell Phone No.: ___________________
 
      TO BE COMPLETED BY HOMESTRETCH DOWN PAYMENT ASSISTANCE PROGRAM                               
Eligible ( )                                             Ineligible ( )
 
 APPROVED BY: ___________________________________________________________________________________________


 
 
ATTENTION FIRST-TIME HOMEBUYERS!
 
*** PRE-PURCHASE COUNSELING IS REQUIRED PRIOR TO APPROVAL OF GWINNETT COUNTY HOMESTRETCH DOWN PAYMENT ASSISTANCE***
 
CERTIFICATE OF COMPLETION IS REQUIRED IN ORDER TO APPLY FOR THIS PROGRAM.
Complete list of HUD Approved Housing Counseling Agencies can be seen at hud.gov web site.
We accept Certificate from any of agencies on this list. Pre-purchase mortgage counseling class.

These courses will prepare you to make an informed choice when you purchase your home.
 
Be an informed Homebuyer- Enroll Today!
 
COURSE HIGHLIGHTS INCLUDE:
Understanding Home Mortgages and Underwriting Criteria
Planning for Homeownership Responsibilities
Evaluating Your Ability to Afford a Home
Presentations by Housing Professionals
Types of Financing Available
Down Payment Assistance
Budgeting and Credit
Avoiding Default
 
Course times and locations will vary, so call now, and be sure to enroll in an EIGHT (8) HOUR class.
 
You can see a complete list Of HUD approved agencies at; http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm?webListAction=search&searchstate=GA
 
Here are just a few of the Metro Counseling Agencies
 
The Impact Group                                                (678)-808-4477                                www.theimpactgroup.org
 
DeKalb Metro Housing Counseling Center       (404) 508-0922                         www.dekalbmetrohousing.org
 
Housing Authority of the County of DeKalb    (404) 270-2600                                    www.dekalbhousing.org
 
 
Home Development Resources, Gainesville, GA                                Email: homedevelopmentresources.org 
 
The Urban League                                                (404) 659-2616                      www.columbusurbanleague.org
 
Georgia Housing & Finance Authority               (404) 679-0624                                          www.dca.state.ga.us      
 
 
*** D & E Education has a Tucker, GA class once per month


 
FORMAL APPLICATION INFORMATION
 
 
An application will be taken to verify your income and assets to determine income eligibility to participate in
our down payment assistance program. At the time of application you will be required to supply the following items. It will speed the process considerably if you arrive with copies made for us. Do not fax or email these documents to us. You will bring them to your appointment.
 
 
  1. Photo ID, Social Security Cards and, if applicable, documentation to verify immigration status.
 
Ø the information is needed from each applicant if co-applicants
 
Ø Please also provide copy of social security card for children.
 
Ø If a permanent resident card or employment verification card documentation is submitted we need
a clear copy of this document - back and front - and all information written to the left or right of the card. We especially need the category, as it is unreadable from a copy. We also need the nine       digit imprinted number on the back of card. Please write this out to the side of the copy.
 
Ø If you are a naturalized citizen, we request a copy of this certificate of citizenship.
 
  1. Name, address, contact person, e-mail address and fax number for each employer for verification of
employment.
 
  1. Proof of income for each adult (18 and over) household occupant (including tenants)(examples
of proof of income are: SSI benefits statement, current Social Security award letter, current pension or disability statement), child support, divorce decrees, self-employment.
 
  1. Paycheck Stubs [most recent 8 weeks]
 
  1. W-2’s & Federal Tax Returns [previous 3 years]
  
  1. Checking Account Statements [most recent six months] for each checking account and for each household member age 18 and over.
 
  1. Savings Account Statement [most recent one month]
 
  1. Other asset documentation (real estate, pensions, 401K, collections [jewelry, art, coins, etc.], stocks)
 
Ø a statement within last 90 days is needed for each asset for each person age 18 and over
 
  1. Any bankruptcies must have been discharged for at least two years. If a bankruptcy discharge has taken place, please submit a copy of the discharge document at the time of application.
 
 
 
NOTE: OUR PROGRAM IS BASED ON HOUSEHOLD INCOME SO THE SAME IDENTIFICATION AND                FINANCIAL DOCUMENTATION WILL BE REQUIRED FOR EACH PERSON IN THE                              HOUSEHOLD WITH INCOME EVEN IF THEY ARE NOT PARTIES TO THE LOAN.


 
GENERAL PROGRAM TIMELINE
 
(The time frame for our process (application to closing) is approximately 30-40 days. This might vary case by case)
 
* Pre-application checklist is completed and signed.
* Certificate of Completion for an 8-hour Pre-purchasing Mortgage Counseling Program is obtained.
* Pre-approval letter from mortgage lender with or TOTAL Scorecard from chosen mortgage lender with a cover
   letter showing mortgage lender information and loan officer is obtained.
* Credit bureau credit scores are obtained.
* Submit documents to get on waiting list for HOMEStretch DPA Program.
* Application is completed in our office.  Please make sure you have all documentation requested (see FORMAL
   APPLICATION section)
* Income eligibility verification and approval is completed. (BASED ON TOTAL HOUSEHOLD INCOME).
* COPE (Certificate of Program Eligibility) is issued. This will be presented to potential mortgage lender.
* A house is chosen.
* A home sales contract is obtained, fully executed and submitted, along with a Good Faith Estimate for the first
   mortgage and an appraisal for the property. 
* A Displacement Agreement (attached) must be executed by seller and buyer and faxed to our office.
* Formal mortgage approval is completed. Please notify our office when completed.
* The HOMEStretch Program Home Inspection is ordered and completed. Your house MUST pass this
   inspection before you can close and receive down payment assistance funds (see Inspection Checklist).
* HOMEStretch Loan approval is completed.
* Mortgage Loan and HOMEStretch Loan Closing takes place with local closing attorney. (A hard check from
   Gwinnett County is presented at the closing by HOMEStretch personnel who will attend the closing and bring
   the HOMEStretch Program closing documents for execution (see Closing Facts and Frequently Asked
   Questions).
 
 
Directions to Gwinnett County Community Development Office (HOMEStretch Program)
 
1.                  I-85 North from Atlanta or from I-285
2.                  Exit to S.R. 316 toward Athens
3.                  Exit from S.R. 316 at Riverside Parkway
4.                  Turn right from the exit ramp onto Riverside Parkway
5.                  Continue on Riverside Parkway until reaching a dead end into Old Norcross Road
6.                  Left on Old Norcross Road
7.                  Continue on Old Norcross Road until you reach railroad track…continue across the railroad track
8.                  Turn left at 2nd driveway after railroad track with a Maroon and White Sign [Pike Center at 316 Office Park]
9.                  Gwinnett County Community Development Office is in Building 575, Suite A – the far end of the 575 Building
10.              Call 770-822-5190 if you get lost…this is the main telephone number at our office.
 
 
IF I HAVE FURTHER QUESTIONS, WHOM DO I CONTACT?
 
Doris Tarver, Program Specialist                       E-mail:   doris.tarver@gwinnettcounty.com
Bill Megaro, Housing Programs Coordinator    E-mail:   Bill.Megaro@gwinnettcounty.com
 
Gwinnett County HOMEStretch Downpayment Assistance Program
575 Old Norcross Road, Suite A
Lawrenceville, GA 30045
 
Office: 770-822-5190
Fax:      770-822-5193
 
 
Gwinnett Homestretch II  New Construction Program
 
program details coming soon
 
 
 
 
 

 


Contacts


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

Johns Creek, Georgia, 30022
United States

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