Tag Archives: Atlanta down payment assistance

First Time Home Buyers Moving fast into the Market

graphIt’s happening.  We’ve been predicting that once some things changed in  the market first time buyers would increase.  Now we’re seeing the double-whammy.  Mortgage rates have started inching up and sales are up at the same time.  So buyers that have been on the sidelines are now getting antsy and are pushing their way in.  Increased demand is now pushing prices higher.  So many buyers are jumping in before the higher prices and rates get worse.  Mix that with the fact that FHA loan fees are going higher and there’s no reason to wait.  In February first time home buyers were more than a third of the total  market.  It’s the third straight month they’ve increased.  And the Spring/Summer season will only bring more.

So what does this mean for you?  Two things.  As a first time home buyer you DO NOT NEED TO WAIT.  It’s only going to get worse.  Second, make sure you have an agent that is familiar with low down payment loans.  You don’t have to go FHA (did you know Wells Fargo has a 2% down, no PMI loan ?) and FHA can be and is getting more expensive.  Don’t delay.  You need to be formulating your strategy now!   Call us today and we can help.

Down Payment Assistance in Atlanta

new_ADA_logo_smWe often  get asked about down payment assistance programs so here we try to regularly update you on the latest info.  Here’s the information from InvestAtlanta.  Feel free to contact us with any questions you may have.

NLP – Neighborhood Lift Program

What is it?

  • The “Neighborhood Lift Program (NLP)” provides up to $15,000 mortgage assistance in form of a 0% interest rate soft second mortgage.
  • 1st Mortgage secured by Invest Atlanta’s participating lenders must be Conventional, FHA, or VA 30-year fixed rate loan.

What type of home can I buy?

  • The property must be located in the city limits of Atlanta
  • There is no maximum purchase price
  • Single family detached homes, townhomes, and condominiums
  • Property must be owner occupied

What are the income limits?

Household Size FHA Income Limits (115% Medium Income) Conventional Income Limits (120% Area Medium Income)
(1 person Household) $53,400 $55,700
(2 person Household) $61,000 $63,650
(3 person Household) $68,650 $71,600
(4 person Household) $76,250 $79,550
(5 person Household) $82,350 $85,950

How Do I Get Started?

  1. Attend a homebuyer education seminar by an Invest Atlanta approved nonprofit homebuyer education provider.
  2. Contact one of Invest Atlanta’s participating lenders to get pre-qualified and secure 1st mortgage loan.
  3. Find a home within the city limits of Atlanta.
  4. Have your lender complete loan package and forward it to Invest Atlanta

Atlanta’s Lift Down Payment Assistance

  Did you know Atlanta has some great home buying down payment assistance programs?  One of our favorites is the ‘Neighborhood Lift Program’ which provides up to $15,000 in downpayment assistance in the form of a 0% forgivable second mortgage.  The specifics are listed below.  Once you’ve taken a look give me a call at 404-245-4960 or you can send me an email and I’ll be happy to help get you started.  These programs sometimes come and go so don’t hesitate!

NLP – Neighborhood Lift Program

What is it?

  • The “Neighborhood Lift Program (NLP)” provides up to $15,000 mortgage assistance in form of a 0% interest rate soft second mortgage.
  • 1st Mortgage secured by Invest Atlanta’s participating lenders must be Conventional, FHA, or VA 30-year fixed rate loan.

What type of home can I buy?

  • The property must be located in the city limits of Atlanta
  • There is no maximum purchase price
  • Single family detached homes, townhomes, and condominiums
  • Property must be owner occupied

What are the income limits?

Household Size FHA Income Limits Conventional Income Limits
(1 person Household) $55,750 $58,200
(2 person Household) $63,750 $66,550
(3 person Household) $71,750 $74,850
(4 person Household) $79,650 $83,150
(5 person Household) $86,000 $89,800

Home Buyers Downpayment Assistance

   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.