There have been multiple inquiries recently about the availability of down payment assistance in a given county or region, so this series will cover information about what forms of 100% financing are available and where.
Assistance throughout Georgia
Programs of some sort (down payment assistance or loan programs) are available for use throughout the Peach State. Down Payment Assistance Programs will often limit availability based on incomes by household size and credit while loan programs available throughout Georgia may only apply to those in a given profession. Of course, the HUD Home $100 Down Program is available to buyers of HUD owned homes using FHA Financing only, but there are no income limits, class requirements or required professions.
The Federal Down Payment Assistance Program – This program serves all of Georgia, including the City of Atlanta by matching the borrower’s contribution with an interest and monthly payment-free second mortgage of up to $5,000. Income limits apply and the borrower must qualify for a first mortgage, but the loan is forgiven by 20% each year that the borrower remains in the property as an owner occupant and no home buying class is required.
HUD Homes for $100 Down – Buyers who plan to use an FHA mortgage to purchase a property might be interested in the wide variety of HUD-owned homes available throughout Georgia. Townhomes, single-family homes and condominium units are often available in newer communities, golf communities and established neighborhoods. Many of these properties are in move-in condition, allowing the buyer to move in right after closing and the appraisal is usually already done which could translate into savings on funds required of the buyer to close.
Special Loan Programs – Doctor’s mortgages are available through participating lenders to medical doctors who seek to purchase a property anywhere in Georgia while military personnel have access to VA Loans for the purchase of a property anywhere in Georgia.
Come back soon to hear about the various programs available throughout Metropolitan Atlanta. If you are not working with an agent, please call today so that you can speak with a participating lender about your specific needs.
Solomon Greene
REALTOR® Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
(678) 775-2677
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