The tax credits are over for first time homebuyers, but the good news is there is still stimulus money available to savvy buyers. As of July 13 2010, The Gwinnett Homestrech I program still has funds for first time homebuyers in Gwinnett County Georgia. This program funded by the Gwinnett Housing Authority provides $7,500 down payment assistance for first time homebuyers.
The Gwinnett Homestretch I program provides loans of $7500 at 0% interest to qualified first time homebuyers who purchase homes in Gwinnett County. The funds from the Gwinnett Homestretch I program can be used for downpayment and/or closing costs. If the buyer occupies the property and it is their primary residence for 5 years the loan is satisfied and no repayment is required.
What are the requirements?
- Be a first time homebuyer
- Attend a Pre-Purchase 8 hour Buyer Counseling Course by HUD approved housing counseling agency
- Must be a home in Gwinnett County
- Must be single detached homes, townhomes, or condominiums constructed after 1977
- Maximum purchase price is $200,000
- Income guidelines below:
Family Size Maximum Income
Many first time homebuyers have great credit scores, but are challenged by the inability of having enough funds to purchase a home. There are many costs associated with the purchase, some of the largest costs include down payment (3.5% of the purchase price/FHA Loan) and closing costs.
As a buyers agent, I can usually negotiate with the seller to pay for all or the majority of the closing costs associated with the purchase. Sellers cannot provide down payment assistance anymore for the buyers so this a major cost involved in a purchase. For this reason, this makes the Gwinnett Homestretch I such a great program for buyers who think they will have to wait in order to have enough funds to purchase a home.
There is also a $5,000 down payment assistance program - Gwinnett Homestretch II for new construction.
Mark services the following Northeast Atlanta cities: Alpharetta, Roswell, Milton, Woodstock, Dunwoody, Suwanee, Buford, Duluth, Dacula, Grayson and Lawrenceville Georgia.
About the Author: The above Real Estate information on Gwinnett Homestretch I Down Paynment Assistance For First Time Homebuyers was provided by Mark Mitchell. Mark can be reached via e-correspondence at email@example.com or by phone at 404-353-0185. Also visit www.johnscreek-homes.net
Copyright © By Mark Mitchell 2010 *Gwinnett Homestretch I Down Payment Assistance For First Time Homebuyers*