$14,000 Down Payment Assistance - This program has allocated all available funds!
$14,000 Down Payment Assistance
No first time Home Buyer Requirement
Home buyers in Georgia may qualify for a $14,000 second mortgage to apply towards rehabilitation and down payment on foreclosed properties purchased in Georgia for the purpose of owner occupation. This interest free loan is only required to be repaid if the property is sold, refinanced or no longer used as the home owner's primary residence. After 5 and a half years this interest free loan is completely forgiven. 20% of the loan is forgiven after 18 months and then 20% more is forgiven each year thereafter until fully forgiven. Home buyers would still be eligible for the $8000 tax credit under this program.
Metro Atlanta Income Limits |
Metro Atlanta Household Size | Income Limit |
Single Person | $58,900 |
Two Person | $68,350 |
Three Person | $76,900 |
Four Person | $85,450 |
Five Person | $92,300 |
Six Person | $99,100 |
Seven Person | $105,950 |
Eight+ Person | $112,800 |
Call for information on other household sizes and other metro counties limits.
Some General Restrictions and Information:
Borrower(s) must attend face-to-face home buyer education class
Maximum purchase price is $346,000
Funds may not be combined with other down payment assistance
Borrower(s) must occupy property within sixty days of closing
Purchase price must be 15% less than fair market value
Eligible properties: Detached, Attached, Condos, Modular
Must be used with FHA or VA First Mortgages through participating lenders