Down Payment Assistance City of Atlanta/Atlanta Development Authority Part II of IV

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 qualifications vary from program to program.  This is the information for the Atlanta Affordable Homeownership Program.

This program provides the buyer with a down payment of $10,000, which can be used as a down payment, and or pay up to 50% of the closing cost.  There are no monthly payments required on the second mortgage. The maximum purchase price is $252.890. The qualifications for the buyer is as follows:

• Buyer is a first time home buyer and has not owned a home within the past three years.

• Buyer must purchase within the incorporated city limits of Atlanta.

• Homebuyer counseling is required.

The buyer can qualify for a  Conventional, FHA, VA 30 year fixed rate loan.

The following income limits apply depending on the size of the household:

1 person $40,150

2 person  $45,900

3 person  $51,600

4 person  $57,350

5 person  $61,950

Properties that are eligible are: single family detached homes, townhomes and condominiums located within the city limits of Atlanta .

How is the down payment loan repaid? The loan is deferred for five years, repayment is due in full upon sale, transfer, refinancing or when the home is no longer owner-occupied.

For further information or explanation you can contact a preferred lender for the Atlanta Development Authority  Contact us for a list of preferred lenders:  sjackson@kstrealty.com

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.  See Atlanta Homes for Sale Below.

Contact: sjackson@kstrealty.com

Office: 770-551-5850  Ext 6

Information is deemed to be accurate but not guaranteed.