Real Estate Blog - Down Payment Assistance Still Available in Dekalb County, GA

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Down Payment Assistance Still Available in Dekalb County, GA

Did you know that there is Down Payment Assistance available for 1^st Time Home Buyers in Dekalb County? Applications are now being accepted for the DeKalb County First-Time Homebuyer Program, funded by the DeKalb County Community Development Department and administered by the Housing Authority of DeKalb County.

Here's how it works: All eligible applicants will receive $5,000 towards their down payment, closing costs, or other prepaid expenses. Those who successfully improve their FICO credit scores to 620 or higher may receive up to $8,000.

What are the maximum annual income limits?

Household of 1----$39,850

Household of 2----$45,550 Dekalb Real Estate

Household of 3----$51,250

Household of 4----$56,950

Household of 5----$61,500

Household of 6----$66,050

Household of 7--- $70,650

Household of 8+- $75,200

What is the maximum purchase price? The purchase price of the home cannot exceed $160,000.

Who is eligible? First-time homebuyers that have not owned a home during the last 3 years are eligible. Displaced homemakers and single parents may also qualify. Successful applicants must meet maximum income guidelines, be creditworthy, participate in home ownership pre-purchase counseling, and plan to purchase a single-family home anywhere in DeKalb County, outside the city limits of Atlanta. Homes must be up to all DeKalb County codes at the time of purchase.

What is the first step to apply? Applicants must first attend a workshop with one of the approved counseling agencies listed below.

How will my credit history affect eligibility?Applicants must be credit-worthy as determined by one of the program's participating lenders. Judgments, garnishments, bankruptcy, collections or too many bills may affect your ability to qualify for a loan.

Is any other assistance available? Qualified buyers may be eligible for $5,000-$20,000 in additional funds through the Georgia Dream Homeownership program, under the Georgia Department of Community Affairs.

Housing counseling with an approved agency is the 1^st step to enter this program. If you already have a contract on a house at the time of application, please be aware that your closing date must be at least 45 days away in order to complete processing. Because of the many HUD rules and regulations, this program may not be for you if you have already signed a contract on a home.

How much cash must buyers contribute? Buyers must contribute 1% of the total purchase price. So if you are buying the maximum purchase allowed of $160,000, you will need to contribute $1,600.

A certificate of completion can be obtained by attending classes and individualized counseling that will prepare you to make an informed choice when you purchase your home.Topics covered in the classes include:

How to get a mortgage
Money for down payment
Planning for homeownership responsibilities
Evaluating your ability to afford a home
Types of financing available
Budgeting and credit
Understanding your FICO score
Avoiding foreclosure

Following class completion, you will also be required to sit down with a certified housing counselor who will go over your own personal situation and advise you on the best way to proceed to become a new homeowner in a way that works out best for you. Class times and locations will vary by the counseling agency, so call now to enroll in a class that fits your schedule.

Approved Housing Counseling Agencies

• Consumer Credit Counseling Services of Greater Atlanta 1-888-239-8516, ask Operator for the DeKalb County 1st Time Homebuyer Program,Referral code 098 www.cccsinc.org

•· DeKalb Metro Housing Counseling Center 404-508-0922 e-mail: dmhcc@bellsouth.net

•· Green Forest Community Development Corporation 404-486-5768 www.gfcdc.org

•· D&E, A Financial Education & Training Institute, Inc. 770-961-6900 www.depower.org

•· Housing Authority of DeKalb County 404-270-2600 www.dekalbhousing.org

•· Urban Hope Homeownership Center 770-696-9607 www.urbanhope.com

•· Reynoldstown CDC 404-525-4130 ext. 15 www.reynoldstown.org

•· HomeFree-USA 404-607-0800 www.homefreeusa.org

If you are considering buying or selling a home in Dekalb County, contact Jen Bowman, Realtor, Success Realty at 404-456-5024.

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Posted by Jen Bowman - Real Estate Agent in Decatur, GA serving metro Atlanta on 09/30/2008 03:28 PM

Comments (12)

Down Payment Assistance in the Home Buying Channel

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Originally posted at: Jen's Intown Living Blog: Down Payment Assistance Still Available in Dekalb County, GA

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12 Comments on Down Payment Assistance Still Available in Dekalb County, GA

SEP

2008

Jen we have a few communities here in Connecticut that are offering grants to first time home buyers, but we also have a program "Connecticut Housing Finance Authority" (CHFA) that will also assist first time home buyers with downpayment an closing cost assistance and a reduced interest rate.

The help is out there if you know where to look.

NOV

2008

Hi There, I finished Dekalb Co program and found a great home ,but now am told that neither Dekalb or Ga Dream will let you buy a foreclosed property. I read the states program description and there is nothing in it about that. What's the deal? Another Dekalb scam to keep money in their pockets?

Hi Sk8rmom56,

You are able to buy a foreclosed property. It just cannot have extensive repairs needed, like a new roof, new windows, HVAC, etc. It must be a livable home. If the repairs are done before closing, that is OK too. Feel free to contact me at 404-456-5024. I know of some foreclosures that have been inspected and have already been approved for this type of financing.

APR

Hello,

I was looking for info. on down payment assistance for my son that moved to Ga. for his job in 2007 They did own a home in Washington, they had a hard time selling it, it took about a year. so would owning that home not allow them to get down payment assistance in Ga. I was reading another site (Neighborhood Stabilization Program) and it said owned a home in the past 3 years OR take advantage of a foreclosed home and there was another OR and I can't remember what it said. Anyway, If this is their --1st home in Georgia --Would they be able to take advantage of this program. They found a home in Woodstock and wrote an offer, I have not found a site for Cherokee Cty. or Woodstock can you tell me if there is one? It would be very nice If they did not need to get the down payment from Mom.

I appreciate your time, Thank you

APR

Hi Colleen, In order for buyers to get down payment assistance they need to complete a home buyer class and get the certificate. The classes are offered for free at many locations. If your son has already submitted an offer, it may be too late. I don't know about a particular program just for Cherokee county, but Georgia Dream does apply to all counties in GA. The requirements for Georgia Dream are you must be a 1st time Home Buyer, or not owned a home in the past 3 years or purchase a home in a targeted area. Cherokee county is not a targeted county, neither are any of the areas in metro Atlanta. Home buyers who will be using down payment assistance programs really need to look into them before they submit an offer, It's best to do it in the beginning of the home search so your agent can make sure that everything is in order. Sorry Colleen, it looks like your son may be going to the "bank of Mom". Feel free to call me at 404-456-5024 with any other questions.

JUL

Please send information for me and my wife. We are interested in buying a home.

Alvin, thanks for stopping by. I just spoke to your wife and told her how to get started. I look forward to working with you!

AUG

Is the maxium annual income limit based on 2008 tax returns?

Thanks

Jen, I've been saving for a downpayment. Is it possible to buyt down interest points (with my savings) if I use the GA dream program.

Asia, the maximum annual income limit is based on your most recent tax return. So yes, this year it would be based on your 2008 returns. I'm glad you've been saving for your downpayment. There may be a better program with a better interest rate than the GA Dream program for you. Feel free to call me at 404-456-5024. I would be glad to assist you in the purchase of your home.

SEP

I recently signed a contract to purchase a home in Dekalb county. I am one to two weeks away from closing I had the 3% to close but do to a family emergency I had to spend some of the money. Do I qualify for any assisstance being that I am a first time home buyer and have never purchased a home.

SEP

Floyd, You would qualify based on the first time buyer status. Usually the minimum amount of down payment required is 3.5%, unless you are buying a HUD owned foreclosure (you can buy those with $100 down) or a property in the USDA Rural Development area where you can buy with 100% financing. Remember you will still need closing costs in addition to the down payment.

You said that you were one to two weeks away from closing. That is not enough time to go through the Homebuyer Workshop and go through the required steps including having the Dekalb County Housing Inspector come out and inspect the house to approve it for the program. (That is different from your regular home inspection.)

My suggestion is that you wait to buy until you have some emergency money set aside. In the meantime, take the class and go through the required steps. As you probably know, emergencies do come up and you want to have money set aside for those and to be able to make your mortgage payments comfortably.

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