Another option for the GA First Time Home Buyer and others was recently announced. Billed "Lets Do Business Gwinnett," this program has includes a Gwinnett Housing component that offers $5,000 in down payment assistance to the GA First Time Home Buyer and those who do not currently own a home. This soft second mortgage may be used toward the down payment and closing costs on the purchase of a new construction property located in Gwinnett County and will not accrue interest nor require any repayment for as long as the borrower remains in the home and may be forgiven in five years. The details are still being completed, but here are some of the general provisions.
The home buyer must be a Gwinnett Resident at least 60 days before making application and may or may not be a GA first time home buyer. While the property must be used as the borrower's primary residence, one of the details being worked out is whether a person who currently owns rental property may participate. We also know that:
- The maximum purchase price is $205,000
- The second mortgage is forgiven over a five-year period if the borrower attends a HUD-approved home buying class (20% per year)
- To be eligible, the property's certificate of occupancy must have been issued after March 1, 2010
As stated earlier, this program is still being finalized, but has been announced in the local media. Regardless, work with a GA Agent who is experienced in the use of Georgia first time home buyer programs. Visit the Georgia First Time Home Buyer blog at http://www.AtlantaDownPaymentAssistance.com and then call me today at (678) 775-2677.
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