Down Payment Assistance For New Construction Gwinnett County
Are you a Gwinnett County buyer needing cash to buy a new home and looking for down payment assistance? Look no further because the Gwinnett Housing Authority has a new construction down payment assistance program that benefits all buyers who are eligible, not just first time homebuyers. These funds are on a first come first serve basis so take advantage of this stimulus money while it lasts.
The Gwinnett Homestretch II Program offers $5,000 at 0% interest and these funds can be used for a down payment and or closing costs. Unlike the Gwinnett Homestretch I Program that is only for first time homebuyers, this program benefits all buyers that qualify.
Like the Gwinnett Homestretch I Program, if this is your primary residence for 5 years the loan is satisfied and no repayment is required to Gwinnett County. The Gwinnett Homestretch II Program has a much higher maximum income limit than the Homestretch I Program.
What are the Requirements and Who is Eligible?
- Must have been a resident in Gwinnett Countyfor at least 60 days prior to the application process in order to receive New Construction Downpayment Funds
- Must be able to qualify for an FHA or VA mortgage
- Must complete an 8 hour pre-purchase buyer counseling class held by a HUD approved Housing Counseling Agency
- Maximum Household Income Limits Below:
|
Household Size |
Maximum Household Income Limits |
|
1 |
$60,300 |
|
2 |
$68,950 |
|
3 |
$77,550 |
|
4 |
$86,150 |
|
5 |
$93,050 |
|
6 |
$99,950 |
|
7 |
$106,850 |
|
8 |
$113,750 |
The maximum purchase price of a home that will be receiving the Gwinnett Homestretch II New Construction Down Payment Assistance Program will be $205,000.
The type of homes that are eligible for this down payment assistance will be single family homes, townhomes and condominiums that are located in Gwinnett County. They have to be built on a lot as of March 1, 2010, and did not have a structure on it that had a Certificate of Occupancy issued to the property. The home will have to pass inspection by the County and it must have a Certificate of Occupancy issued prior to closing.
For more information go to either the Gwinnett Homestretch I Program or Gwinnett Homestretch II Program. The Gwinnett Homestretch I Program provides $7,500 down payment assistance to first time homebuyers. If you have any questions contact Mark Mitchell at 404-353-0185 or mark@markmitchellhomes.com.
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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 II New Construction Down Payment Assistance Program was provided by Mark Mitchell. Mark can be reached via e-correspondence at mark@markmitchellhomes.com or by phone at 404-353-0185. Visit www.johnscreek-homes.net for more information.
Copyright © By Mark Mitchell 2010*Down Payment Assistance For New Construction Gwinnett County*
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