Why an Agent Writes about Georgia Down Payment Assistance

Metro Atlanta down payment assistance programs are soft second mortgages and those engaged in finding such a loan for an entity other than oneself or family member usually requires a mortgage lender’s license.  Most mortgage lenders are usually skilled at providing mortgage services, but are not licensed to help locate property suitable to buyers for purchase, negotiate the terms of sale or properly write an offer.  That service gap often represents quite a challenge to home buyers who are looking to take advantage of down payment assistance, causing frustration that frequently leads to abandonment of the entire home buying process.  By offering knowledge of the various down payment assistance programs, some real estate agents bridge that gap and add value to their client’s home buying experience.

HUD-certified Housing Counseling Agencies

Those with interests in the use of down payment assistance typically call first to understand the process, timelines and expectations.  Fortunately, several HUD-certified Housing Counseling Agencies are available in Metro Atlanta that will objectively help consumers, among other services,

1. Understand the home buying process
2. Prepare for loan approval by providing credit counseling, budgeting, program availability and insight into the funds that will likely be needed from the borrower to close
3. Obtain a list of experienced, compassionate, participating lenders who offer a variety of down
   payment assistance programs

Buyer’s Real Estate Agent Services

One of the primary roles of the Georgia real estate agent in the home buying process rests in helping the buyer find a property that is suitable for purchase.  Those agents who are familiar with the various down payment assistance programs should be able to advise whether a given property meets program guidelines in several areas.

Property characteristics – Some programs are only available for the purchase of single-family
homes, specific single-family homes or have restrictions on the age of the property
 
Geography – Some properties with addresses that read “Atlanta” may not be within the city limits making them ineligible for City of Atlanta Down payment Assistance.   Likewise, the State of  Georgia Program may only rarely be applied toward the purchase of properties that are located within the city limits of Atlanta.

Property conditions – While FHA, VA and other loan products require that properties associated with their loans be inhabitable, some down payment assistance programs require a Home Quality Standards home inspection which holds properties to an even higher standard.
Writing the offer is another expressed responsibility of a licensed Georgia real estate agent and offers involving down payment assistance must make certain disclosures.  An experienced agent has the ability to write attractive offers that get attention, even while disclosing that down payment assistance is involved.

Clearly, there are several tasks associated with the use of down payment assistance that reach beyond the individual responsibilities of the real estate agent and the mortgage lender.  Potential home buyers should continue doing their research into down payment assistance and work to identify the right choice for them among the local real estate professionals associated with those programs.  Working with an experienced team that includes a reputable buyer’s agent and mortgage lender in the use of down payment assistance can help limit frustration, offer peace-of-mind and ease the path to home ownership. 

Please call or write today for more information on down payment assistance and stay informed of changes in down payment assistance by liking the AtlantaDownpaymentAssistance.com page on Facebook.

Solomon Greene
Associate Broker, REALTOR®, Certified Distressed Property Expert, State Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
http://www.AtlantaDownpaymentAssistance.com
 (678) 775-2677