Mortgage Assistance Programs in Georgia
Down Payment Assistance in Decatur, GA: 10 Tips
Down payment assistance programs are available for buying a home in the historic city of Decatur, Georgia. Decatur is located between downtown Atlanta and Stone Mountain, Georgia.
Even though the program is for first time homebuyers, you may be surprised to find out the definition - meaning you may qualify for a mortgage. Poor credit is also taken into consideration.
Following is a list of what you need to know in order to get down payment assistance for a mortgage!
1 - What the program offers -
The program offers cash grants to those who meet the eligibility requirements. Once you are qualified, you may also be eligible for additional funds.
2 - The First Step -
All applicants are required to first participate in a housing counseling workshop. This is done with a Housing and Urban Development (HUD) approved counseling agency.
3 - Cash Grant Amount -
The cash grant amount of $5,000 will be provided if you are eligible. This grant money can be used towards the down payment on the home, or you can use it for other required prepaid expenses.
4 - About the FICO* score and Additional Money -
If you can improve your FICO score to 620 or more, within a certain period of time, as an eligible applicant - you may receive up to $3,000 in additional money, for a total of $8,000 towards down payment expenses.
5 - Definition of a First Time Homebuyer -
A first-time homebuyer is someone who:
- has not owned a home during the past three years
- is a displaced homemaker
- and single parents may also be eligible
6 - About Bankruptcies and Judgments -
Participating lenders will help you determine creditworthiness. Any bankruptcies and judgments will be taken into consideration, as well as garnishments, and all other outstanding debts.
7 - About Income Limits -
Maximum annual income limits will determine your eligibilty. This ranges from a maximum of $40,150 for a single person to $75,700 for a household of eight or more people.
8 - Maximum Home Purchase Prices (and your contribution) -
The maximum purchase price of the home cannot be more than $160,000. You will only have to contribute 1% cash of the total home purchase price.
9 - Additional Funds -
Additional money may also be available for qualified buyers through the Georgia Dream Homeownership program. This is through the Georgia Department of Community Affairs (DCA). This program provides downpayment assistance to low-to-middle-income families, uniformed employees like firefighters and police officers, as well as teachers.
10 - Start Here!
Housing counseling is the first step in this program. Every applicant must start the process by attending a workshop with a HUD approved counseling agency. If you already have a house under contract when you apply, the closing date must be a minimum of 45 days away in order to be eligible for processing.
Once the free workshop is completed, you will receive a certificate of completion, which will be valid for one year. Program topics include:
- how to get a mortgage
- money for a down payment
- how to avoid foreclosure
The state of Georgia has ample quality housing in Decatur, Georgia. For more information you may want to search the City's website as well as HUD, and other programs listed in the article for housing grants throughout GA. GA also has rental assistance programs.
FICO - Stands for Fair Isaac Corporation - the credit scoring model was developed by this company.
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