The Atlanta Development Authority has Homebuyer Down-Payment Assistance Programs. There are four programs which I have recently become aware of: Beltline Affordable Housing Trust Fund, Atlanta Affordable Homeownership Program, Opportunity Down Payment Assistance Program, Vine City/ English Ave Trust Fund. For all of these programs the borrowers must qualify for a first mortgage in addition to down payment assistance, which is a second mortgage. The buyer quailfications vary from program to program. This is the information for the Beltline program.
Beltline Affordable Housing Trust Fund (BAHTF)
The maximum down payment assistance is $50,578. It provides the buyer with a down payment equal to 10% or 20% of the purchase prices as a second mortgage. No monthly payments are required on the second mortgage. The maximum purchase price is $252.890. The qualifications for the buyer is as follows:
- Buyers who are moving into the incorporate city limits of Atlanta
- If the buyer currently owns a home it must be sold prior to closing on the new home
- There are no first time homebuyer requirements
- Homebuyer Counseling is required.
The buyer can qualify for a FHA, VA 30 year fixed rate loan.
The folllowing income limits apply depending on the size of the household:
1 to 2 people income $56,250 and below, receive 20% DP or $56,251-$71,200 receive 10% DP
3 or more people income $56,250 & below receive 20% DP or $56,251-$81,880 receive 10% DP
Properties that are eligible are: single family detached homes, townhomes and condominiums located in the Beltline Tax Allocation district.
How is the down payment loan repaid? The deferred loan requires no payments and is forgiven if the borrower occupies the property for 15 years.
For further information or explanation you can contact a preferred lender for the Atlanta Development Authority.
America's Network Realty Group, Inc. is a full service real estate agency serving the Atlanta area since 1992. We can assist you in locating your qualified home for this program.
Contact: sjackson@kstrealty.com
Office: 770-551-5850 Ext 6
Information is deemed to be accurate but not guaranteed.
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