One of the hurdles facing home buyers today is coming up with a down payment. Often for first time home buyers the monthly payment is the about the same as their current rent. Saving up the down payment is a bigger issue. Fortunately there are programs out there to help out such buyers. Here is a summary. Give us a call if you’d like to learn more.
- The HUD $100 Down Payment Program – This is a program where you can buy a HUD foreclosure with as little as $100 down. The home has to be a HUD foreclosure. It’s an FHA program and you can go through your own lender. You still will have to come up with the earnest money which can be as much as $1,000. There are no income limits.
- The Georgia Dream Program – This program can be used on any home in the state of Georgia. You are given down payment assistance in the form of a forgivable second mortgage. With this program there are income limits and limits on the purchase price of the home. Also with this loan your interest rate will be about a half a point higher.
- The HUD Good Neighbor Next Door Program – This program isn’t actually a down payment program but I did want to mention it. If you are a full-time law enforcement officer, pre Kindergarten through 12th grade teacher, firefighter or emergency medical technicians then you may be eligible to purchase a HUD home at as much as a 50% discount. There are only certain properties that are available under this program.
- Atlanta Down Payment Assistance – The city of Atlanta offers several programs including homes along the beltline, a Vine City specific loan aand a city wide down payment assistance program. The beltline program is limited to a very few addresses in the city but the city does offer an FHA loan with down payment assistance in the form of a forgivable second mortgage. There are income limits but the down payment assistance can be as much as $10,000. There are also limits on the value of the house (currently about $250,000).
If you’re thinking of buying a home and think one of these programs might work for you give us a call or shoot us an email. We’ll help you every step of the way.