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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 Opportunity Down Payment Assistance Program.
This program provides the buyer with a down payment
equal to 10% of the purchase price to a maximum of $25,289. 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:
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If the buyer currently owns a home it must be
sold prior to closing on the new home
-
Buyer must purchase within the incorporated city
limits of Atlanta.
-
No first time homebuyer requirements
-
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:
$71,200 1 or 2 persons
$81,880 3 or more persons
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 deferred
loan requires no payments and is forgiven if borrower occupies the
property for at least 10 years.
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.
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