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FAQ 4 - Are There Funds To Help With Buying a Home in Atlanta?

By
Real Estate Broker/Owner with The Jordon Wheeler Group GA License# 264359

Yes, there are funds available to assist buyers with purchasing a home in Atlanta.  There public and private funds available at the state level, county level, and some cities within the metro Atlanta real estate market.  Each of homeowner programs has their own set of guidelines and particular processes.  The guidelines include income limits and limits on the amount of the purchase price.  Borrowers are also required to meet certain credit score guidelines.

 

At the state level is the Georgia Dream Home Ownership Program.  This program is administered by the Department of Community Affairs.  The Georgia Dream Home Ownership Program awards borrowers a minimum of $5000 which can be used towards down payment and closing costs.  Additional funds are available for borrowers who are teachers, public safety workers and healthcare workers.  The funds received by the borrower are a zero percent second loan that stays with the property for ten years.

 

Several counties have their own Home Ownership Programs.  Dekalb County’s program awards from $5000 to $8000 to borrowers based on their set of guidelines.  Eligible properties  must be in Dekalb County.  Other counties with programs to help borrowers get into a home are Cobb County, Fulton County, Douglas County, Rockdale County, Gwinnett County and Clayton County.  Funds from these programs are up to $15,000 or more based around individual county eligibility requirements.

 

The City of Atlanta has its own program which is administered by Invest Atlanta.  The City of Atlanta Home Ownership Program is available for borrowers purchasing properties in the Atlanta city limits.  The City of Atlanta also works in conjunction with the Beltline Project to assist borrowers with purchasing properties that are on the Atlanta Beltline.

 

The Home Ownership Programs are a great way for first time Atlanta buyers to get started with the purchase of a home.  Atlanta buyers are required to complete a housing counseling course either online or in person.  Atlanta uyers also need to have funds available for earnest money, property inspection and an appraisal.

 

For more information about the various programs available to metro Atlanta buyers, please call our office at 404 923 4210 or 404 246 3210.

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