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


 

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 funds 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

  • Sale price can not exceed $250,000

 


Maximum Household Income and maximum home sale price within Atlanta metropolitan area.

 

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*





 

 


2013 FHLB 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 especially 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 *

 


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