So you want to buy a home but have limited funds for a down payment and your household income exceeds the program guidelines for assistance. Consider using an FHA mortgage to purchase a HUD-owned home. For a limited time, $100 is all that is needed for credit eligible owner-occupant buyers to purchase a HUD-owned home using FHA Financing or for those obtaining an FHA home repair loan. This program differs from the Georgia First Time Home Buyer Program (but can be combined with it) because,
• It may be used regardless of whether the buyer has owned a home within the past three years
•· There are no limits on the amount of household income
•· First time home buyers (or those who have not owned a home in the past three years and meet the income test) may have access to the Federal Tax Credit.
Further, HUD will likely still contribute up to three percent toward buyer closing costs, which could make the total funds required of the buyer to close well within reach.
Are you concerned about the conditions of a HUD-acquired home? Some very fine properties, condos, townhomes, single-family homes, are available throughout the City of Atlanta in some of the city's top high school clusters, many of them either currently in move-in condition or within a few thousand dollars of being ready for move-in. In the latter case, HUD may agree to loan the buyer funds to bring the property up to move-in condition. See http://www.TheAtlantaHomePages.com for details and virtual tours of homes in top performing high school clusters in Gwinnett, North Fulton, and Dekalb County. Please call me for information on HUD owned homes in other areas.
How does the combination of the HUD $100 Down Payment Incentive work with the Georgia First Time Home Buyer Program? Remember that the Georgia First Time Home Buyer Program has two components. The entire program involves highly competitive interest rates, reduced closing costs and flexible credit approval guidelines which is of benefit to all qualified borrowers. In addition, qualified borrowers within income guidelines could apply a greater amount of the second component, the down payment assistance, toward the principal and further lower their monthly payments.
This is just one more reason why now is a great time to buy a home. You can get qualified right over the telephone. For more information, please call today at (678) 775-2677.
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