First Time Homebuyer Programs

If you are a potential first time home buyer in Georgia, there may be options for assisting you in buying your first home with very little out of pocket expense. Below are some of the down payment assistance programs available in the metro Atlanta area. Please call Sherri Mitchell & Associates for additional information on these programs as there are certain qualifications that the buyer must meet.

Local Down Payment Assistance – Up to $7,500 may be available to credit and income eligible GA first time home buyers to assist with their down payment and closing costs on properties priced up to certain price levels through the Department of Community Affairs Georgia Dream program. These programs are available for households with certain income limits. Restrictions apply.

Atlanta Development Authority – These programs provide funding to eligible homebuyers for purchase of a new or existing home. Funding will be use to pay all or a portion of the closing costs and/or the down payment associated with purchasing a home. Opportunity Down Payment Assistance (ODAP), Beltline Affordable Housing Trust Fund (BAHTF), Atlanta Affordable Homeownership Program (AAHOP), and Vine City/English Avenue Home Ownership Assistance program (HOAP).


Neighborhood Stabilization Program Funds – Up to $25K may be available to credit and income eligible GA first time home buyers and families moving up to their next Dekalb County home to put toward their down payment and closing costs on properties owned and restored through this program. The program is available to households with incomes at 120% of the Metro Atlanta area median income (Single person HH income limit: $60,300, two person: $68,950, three person: $77,550, four person: $86, 150) and the completion of a HUD-approved home buying class is required. Please call for other more important details and a list of properties today.

Dekalb County Down Payment Assistance – Up to $8K may be available to credit and income eligible GA first time home buyers looking to buy a Dekalb County single family, non-foreclosure property anywhere in Dekalb County outside the City of Atlanta priced up to $160K. The borrower must attend a HUD-approved home buying class, contribute one-percent toward the transaction and agree to other important restrictions.

HUD-owned Homes $100 Down Program – A down payment of only $100 may be required toward the purchase of a Georgia Dream Home anywhere in Metro Atlanta including all of the City of Atlanta and the seller will pay closing costs of up to three-percent (should be all) too. The credit-eligible borrower will also need $500 to $1,000 for an earnest money deposit, but $900 will be credited back at closing. Plan on $275 or so for a home inspection, around $450 for a possible appraisal fee, and $400 or so for utility deposits and the unknown. Many of these HUD-owned homes are in great condition and can close within thirty days. Please call Sherri Mitchell & Associates for details.

USDA

A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Loans offer 100% financing to qualified buyers, and allow for all closing costs to be either paid for by the seller or financed into the loan. In addition to 100% financing, USDA Loans require NO monthly Mortgage Insurance, or “PMI”. USDA offers some the lowest rates of any loan, and you will always have a fixed interest rate.