Georgia down payment assistance programs are offered to homeowners that want to buy a home. These down payment programs that are offered in Georgia helps first time home buyers to achieve their mortgage expenses without straining so much. You can apply for these programs to aid in the down payment for your home purchase.
There are different Georgia down payment assistance programs. Both the state and private programs provide help to prospective home buyers with down payment standards. They focus so much in assisting those individuals with financial challenges since the high incomers rarely seek for help.
Georgia down payment assistance programs provide benefits such as:
- Free interest loans
- They have set up for minimum and maximum level of loans. This gives you a chance to choose the category that suits your financial status.
- You will find professional counselors and guiders who provide you with wealthy ideas about mortgage
- They educate you about their assistance programs so that you understand whatever you are applying for
You can get the assistance programs in various sources that offer these programs. The sources include; housing agencies, federal banks, tax credit or even at mortgage home loans. You can easily access these sources and apply for the down payment assistance programs that will help you purchase a home.
Below is a list of Georgia Down Payment Assistance Programs:
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No Down Payment Mortgages – mortgages that require no down payment
USDA Rural Loan – the purpose of the Single Family Housing Direct Home Loan is to assist low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. There is no down payment. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family income.
VA Home Loan – VA helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. There is no down payment as long as the sales price doesn’t exceed the appraised value.
Low Down Payment Mortgages – mortgages that require up to 3.5% down payment
FHA Mortgage Loan – the purpose of the FHA Home Mortgage Loan is to provide mortgage insurance for a person to purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD. A down payment of just 3.5 percent is required and may consist entirely from “gift funds.” The credit score requirement is 580.
Home Possible® Advantage Mortgage – the purpose of the Home Possible® Advantage mortgage by Freddie Mac is to offer low down payments for low- to moderate-income homebuyers or buyers in high-cost or underserved communities. Down Payment can come from a variety of sources, including friends and family, employer-assistance programs and secondary financing.
The HomeReady™ Mortgage – the purpose of the HomeReady™ mortgage by Fannie Mae is to provide flexibility for applicants buy home with down payments as low as 3%, below market mortgage rates, co-borrower flexibility, additional income sources and reduced mortgage insurance costs.
Georgia Down Payment Assistance Programs
Consumer Home Ownership and Independence Choice for Everyone (CHOICE) Program This Georgia down payment program is for first time home buyers with disabilities, or a Georgian taking care of a disabled family member. To qualify, a Georgia borrower needs to provide documentation from an acceptable medical source verifying their disability. Similarly to the PEN program, CHOICE offers up to $7,500 for Georgia down payment assistance.
Standard Down Payment Assistance Program This Georgia down payment program offers eligible homeowners up to $5,000 that can be used towards Georgia down payment assistance. Georgia borrowers can only qualify for the Standard Down Payment Assistance Program if they are eligible for Georgias Dream Program.
The Protectors, Educators and Nurses (PEN) Program This Georgia down payment program is for military, police, fire (including EMS workers and volunteers), education, or a health care worker in a state licensed facility. The PEN program offers $7,500 in Georgia down payment assistance. Georgia borrowers must also meet the requirements of the Georgia Dream Program.
The US Department of Housing and Urban Development (HUD) offers the following programs:
The Good Neighbor Next Door Program was created by U.S. Department of Housing and Urban Development (HUD) to help law enforcement officers, pre-Kindergarten through 12th grade teachers, firefighters and emergency medical technicians buy homes. The biggest benefit of the Good Neighbor Next Door Program is the 50% discount of the home’s list price. The only catch is that the home owner must commit to live in the property for 36 months as their sole residence.
To learn more about the Good Neighbor Next Door Program, click here.
The Section 184 Indian Home Loan Guarantee Program is a mortgage for American Indian and Alaska Native families, Alaska villages, tribes, or tribally designated housing entities. In 1992 Congress created this program to help Native American Communities with homeownership.
Section 184 loans helps borrowers buy homes with a low down payment and flexible underwriting. Moreover, the loan does not need to be used only on properties on native lands. Purchase of an existing home for single-family residences. Also allowed are new construction, rehabilitation, and refinance.
To learn more about Section 184, click here.
Georgia Housing Agencies
Georgia housing agencies are your best resource for down payment assistance programs. Through funding from HUD, the purpose of these agencies is to ensure that affordable housing is available for everyone.
- City of Carrollton Housing Authority
- Housing Authority of the City of Chatsworth
- Housing Authority of the City of Americus
- Athens Housing Authority
- Atlanta Housing Authority
- Augusta Housing Authority
- Calhoun Housing Authority
- Conyers Housing Authority
- Georgia Housing Authority
- Housing Authority of DeKalb County
- Housing Authority of Haralson County
- Georgia Association of Housing and Redevelopment Authorities
- Gainesville Housing Authority
- Housing Authority of Savannah
- Georgia Department of Community Affairs/Georgia Housing Finance Authority