PDF Down Payment Assistance Programs

Down Payment Assistance Programs

Schedule an Appointment 6 ? 8 hour Homebuyers Education Course

2-hour Pre-Purchase Counseling The Homeowners Employment Corporation

2440 Wall Street, SE Suite B-2

Conyers, GA 30013 404-492-6554



A Summary of Down Payment Programs currently available in the State of Georgia:

PROGRAM

DeKalb County First Time Homebuyer Program Federal Home Loan Bank (FHLB) ? First Time Buyer Federal Home Loan Bank (FHLB) ? Community Partners Product Federal Home Loan Bank (FHLB) ? Foreclosure Recovery Product Federal Home Loan Bank (FHLB) ? Veterans & Returning Veterans Product Federal Home Loan Bank (FHLB) ? Veterans Rehabilitation Product GA Dream - Standard GA Dream PEN (Protectors, Educators, and Healthcare workers) GA Dream CHOICE (disabled household member(s)) GA Dream Hardest Hit Fund (first come-first served basis) Gwinnett County HOMESTRETCH Invest Atlanta ? 20Plus Invest Atlanta ? HFA Preferred Invest Atlanta ? HOME Atlanta 4.0 Invest Atlanta ? Atlanta Affordable Homeownership Program (AAHOP) Invest Atlanta ? Vine City Renaissance Initiative National Homebuyers Fund (NHF) Neighborhood Stabilization Program (NSP) USDA Loans WE DeKalb

Down Payment Assistance up to:

$8,000 $5,000 $7,500 $15,000 $10,000

$15,000 $5,000 $7,500 $7,500 $15,000 $7,500 20% of purchase price 5% of purchase price 5% of purchase price $20,000 $10,000 5% of purchase price $25,000 $0 Down Payment 5% of purchase price

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PORTFOLIO LENDING: Make sure to ask your Lender if they have their own first-time Homebuyers Program that can be paired with any of the Down Payment Assistance Programs listed above.

Remember: You must choose a lender that is a preferred lender of the DPA program that interests you in order to receive the assistance.

DEKALB COUNTY FIRST-TIME HOMEBUYER $8,000 DPA ? FIRST TIME HOME

BUYERS

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The DeKalb County Human and Community Development Department (DCHCDD) is committed to assisting in the creation of affordable housing for low and moderate-income households throughout DeKalb County. The First Time Homebuyer's Program provides funds to assist homebuyers with costs associated with the purchase of a home in DeKalb County. The form of assistance used for the down payment assistance program will be HOME funds in the form of deferred payment loans. Down Payment Assistance will be provided to eligible recipients in an amount not to exceed $8,000. Funds will be secured against the property as a zero percent (0%) interest deferred loan for five (5) years. In the sixth (6) year repayment requirements of down payment assistance funds will be forgiven.

How can DeKalb assist you?

Eligible applicants with credit scores of 620 or above can receive up to $8,000 toward their down payment and closing cost (amount needed to close only).

Eligible applicants with credit scores less than 620 can receive up to $5,000 to assist with down payment and closing cost (amount needed to close only).

Who is eligible?

First-time homebuyers that have not owned a home during the last three years are eligible. Successful applicants must meet maximum income guidelines and be credit-worthy.

What about the home?

Single-family detached home in DeKalb County, outside the city limits of Atlanta. Homes must meet all DeKalb County codes at the time of purchase. No Condos or Townhomes. The maximum purchase price of the home cannot exceed $160,000.

2017 Annual Income Limits

Household of 1------------$39,050 Household of 2------------$44,600 Household of 3------------$50,200 Household of 4------------$55,750 Household of 5------------$60,250 Household of 6------------$64,700 Household of 7------------$69,150 Household of 8+ ---------$73,600

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FEDERAL HOME LOAN BANK (FHLB) $5,000 DPA ? FIRST TIME HOME BUYERS

FHLB 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. 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 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 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 Income guidelines are considered (see chart below) Homebuyer Education is not required, but recommended.

ADDITIONAL DOWN PAYMENT PROGRAMS: COMMUNITY PARTNERS PRODUCT: Provides up to $7,500 in down-payment and

closing-cost funding to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders that are first-time homebuyers or non-first-time homebuyers. FORECLOSURE RECOVERY PRODUCT: Provides up to $15,000 in down-payment and closing-cost funding for the purchase or purchase and rehabilitation of an existing home from the Real Estate Owned (REO) inventory of an FHLBank Atlanta member financial institution. The funding is available to first-time or non-first-time homebuyers. VETERANS & RETURNING VETERANS PURCHASE PRODUCT: Provides up to $10,000 in funding for a home purchase by veterans or active duty members of the U.S. military or their surviving spouses. Veterans Products are available nationwide through FHLBank Atlanta members. VETERANS & RETURNING VETERANS REHABILITATION PRODUCTS: Provides up to $15,000 for energy efficient and accessibility improvements to a home owned by veterans or active duty members of the U.S. military or their surviving spouses. Veterans Products are available nationwide through FHLBank Atlanta members.

GA DREAM $5,000 - $15,000*? FIRST TIME HOME BUYERS DPA PROGRAM.

The GA Dream Down Payment Assistance Programs 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.

This loan has to be paid back when you sell or refinance the home (with the exception of the GA Dream HHF Program): Buyer's minimum contribution is $1,000.00

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 Provide a Certificate of Complete for both the individual pre-purchase counseling and homebuyer education workshop.

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

Income limits do apply, see below:

1) One or two person household:

Maximum income is $69,000

2) Three or more person household:

Maximum income is $79,500

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 cannot exceed 250,000 within the Atlanta Metropolitan Area

(*)The new GA Dream program ? the HHF Down Payment Assistance Program (HHF DPA) ?

provides $15,000 in down payment and closing cost assistance to eligible borrowers purchasing an existing home in ten of Georgia's hardest hit counties: Fulton DeKalb, Paulding, Clayton, Muscogee, Douglas, Gwinnett, Chatham, Henry and Bibb. $15,000 in down payment assistance funds are available through the GA Dream Hardest Hit Fund (HHF). The funds are available on a first-come, first-serve basis. Funds will be secured in the form of a second lien on the property with no interest and no monthly payments. The lien is forgiven and released 5 years after the closing date.

GWINNETT COUNTY HOMESTRETCH DPA PROGRAM - $7,500

The Gwinnett Homestretch program provides loans of $7,500 at 0% interest to qualified first time homebuyers who purchase homes in Gwinnett County. The funds from this program can be used for down payment 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. 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

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INVEST ATLANTA

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Invest Atlanta has five (5) Homebuyer Down Payment Incentive Programs: 1. 20Plus 2. HFA Preferred 3. HOME Atlanta 4.0 4. Atlanta Affordable Homeownership Program (AAHOP) 5. Vine City Renaissance Initiative

Program Basics include: Homebuyer must attend the Invest Atlanta Q & A Session Homebuyer must attend an 8-hour homebuyer education class offered by a Participating

Educator Homebuyers must use a Participating Lender Homebuyers must close with a Participating Attorney at approved location Homebuyers must purchase homes in the incorporated City Limits of Atlanta Existing properties must be inspected prior to closing Homebuyers must contribute $1,500 of their own funds to the transaction (items paid for

outside of closing count toward contribution) *Incentives may be combined to reduce your funds needed to close. Ask your

Invest Atlanta representative for details.

1. 20PLUS

Incentive Structure 20PLUS offers 20% of the home purchase price towards your down payment and closing costs, and may be compatible with down payment assistance programs offered by Invest Atlanta community partners. The incentive amount is forgiven after living in the home for 10 years.

Homebuyer Requirements ? Must qualify for 30-year fixed rate FHA or VA mortgage loan with Invest Atlanta Participating Lender ? Must have a minimum credit score of 660 and maximum debt-to-income ratio of 45% for an FHA mortgage and a credit score of 640 and maximum debt-to-income ratio of 50% for a Conventional mortgage ? Homebuyer cannot own more than $10,000 in liquid assets ? $1,200 Program Fee

Eligible Properties ? Single-family detached homes, 2-4 units, townhomes and condominiums, newly constructed or existing, are eligible properties

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? Property must be located within the city limits of Atlanta ? Maximum loan limit is $358,800 for FHA loan and $424,100 for Conventional loans. ? Maximum Income Limit: $55,750

2. HFA PREFERRED

Incentive Structure HFA PreferredTM offers a competitive 30-year fixed interest rate, Conventional mortgage with a forgivable 5% grant to help with the down payment and closing costs. The grant is fully forgiven at closing.

Homebuyer Requirements

? Must qualify for 30-year fixed rate Conventional mortgage loan with Invest Atlanta Participating Lender

? Must have minimum credit score of 640 and maximum debt-to-income ratio of 50% ? Eligible Properties ? Single family detached homes, 2-4 units, townhomes and condominiums, newly

constructed or existing, are eligible properties ? All property types are eligible at 3% down payment ? Maximum purchase price is $424,100

Income limits do apply, see below:

1) One person household: 2) Two person household: 3) Three person household: 4) Four person household: 5) Five person household:

Maximum income is $68,350 Maximum income is $78,100 Maximum income is $87,850 Maximum income is $97,600 Maximum income is $105,450

3. HOME ATLANTA 4.0

Incentive Structure HOME Atlanta 4.0 offers a competitive 30-year fixed interest rate, FHA or VA mortgage with a forgivable 5% grant to help with the down payment and closing costs. The grant is fully forgiven at closing. Homebuyer Requirements

? Must qualify for 30-year fixed rate FHA or VA mortgage loan with Invest Atlanta Participating Lender

? Must have a minimum credit score of 660 and maximum debt-to-income ratio of 45%

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Eligible Properties

? Single family detached homes, 2-4 units, townhomes and condominiums, newly constructed or existing, are eligible properties

? Maximum purchase price is $358,800

Income limits do apply, see below:

1) One person household:

Maximum income is $68,350

2) Two person household:

Maximum income is $78,100

3) Three person household:

Maximum income is $87,850

4) Four person household:

Maximum income is $97,600

5) Five person household:

Maximum income is $105,450

4. ATLANTA AFFORDABLE HOMEOWNERSHIP PROGRAM (AAHOP)

Home Buyers receive $10,000 toward the down payment and/or closing costs that is fully forgivable after living in the home for FIVE (5) years. OR, Homebuyers receive $20,000 toward the down payment and/or closing costs that is fully forgivable after living in the home for 10 years. Must qualify for 30-year fixed rate Conventional first mortgage with Invest

Atlanta Participating Lender Income cannot exceed program income limits

Acceptable minimum credit score is determined by Participating Lender

Must contribute $1,500 of own funds towards closing

No first-time home buyer requirement (repeat homeowners are eligible)

Homebuyer cannot own any other property at closing Home Buyer cannot exceed $10,000 in liquid assets

The property must be located in the city limits of Atlanta Property must be owner-occupied, primary residence

Single family detached homes, 2-4 units; townhomes and condominiums; newly constructed or existing are eligible properties

No manufactured homes

Maximum purchase price for new and existing construction in Fulton County is $232,000, and $242,000 in DeKalb County

Home Quality Standards and Environment Review inspections are required and paid for by the program

Income limits do apply, see below:

1) One person household: 2) Two person household: 3) Three person household: 4) Four person household: 5) Five person household:

Maximum income is $38,200 Maximum income is $43,600 Maximum income is $49,100 Maximum income is $54,500 Maximum income is $58,950

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