Down Payment Assistance For New Construction in Gwinnett County

By
Real Estate Agent with Virtual Properties Realty

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.

Search all homes in FMLS and GAMLS 

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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Georgia Gwinnett County
Tags:
down payment assistance
new construction
gwinnett
first time homebuyers
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mark mitchell
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gwinnett homestretch

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Rainmaker
120,333
Patsy Overton
Patsy Overton Interiors, Atlanta, Georgia - Duluth, GA

Hi Mark & Laura - great post!  Very valuable information.  I hope your buyers are paying attention.  Keep in touch!

Aug 14, 2010 02:10 PM #1
Rainmaker
65,011
Mark Mitchell
Virtual Properties Realty - Johns Creek, GA
Realtor, Johns Creek Georgia Homes

Patsy - It seems most buyers I talk with have never heard of the Gwinnett Homestretch Programs. It's a shame buyers are not better informed.

Aug 16, 2010 04:05 AM #2
Anonymous
yolander cousin

Is there still money for down payment assistance in the gwinnett county area?  I am currently looking to purchase within the next few months and I have been looking at foreclosed homes.

Aug 30, 2010 05:16 AM #3
Rainmaker
65,011
Mark Mitchell
Virtual Properties Realty - Johns Creek, GA
Realtor, Johns Creek Georgia Homes

Yolander, I will give Gwinnett Homestretch a call tomorrow to make sure they still have funds available. Leave me a message on my email mark@markmitchellhomes.com

I called today and there are still funds available. Contact me and I will guide you through the process.

Aug 30, 2010 02:30 PM #5
Anonymous
Shawn

Mark I am seeking information on buying a home with vitual prperties realty but my worst fear is the credit score. In order to get started with homestretch or even get approved from VPR to work with you, how is my score suppose to be

Oct 04, 2010 03:28 PM #6
Rainmaker
65,011
Mark Mitchell
Virtual Properties Realty - Johns Creek, GA
Realtor, Johns Creek Georgia Homes

Hi Shawn,

I would not fear about your credit score, but you do need to get the necessary information so you will know how to proceed. Are you going to proceed with an FHA loan or Conventional loan? Shawn, I'm a very easy person to talk to so give me a call and we can discuss your situation. I can then help you take the right course of action. I look forward to speaking with you. Cell 404-353-0185

Oct 05, 2010 06:42 AM #7
Anonymous
Tremayne

Hi Mark! I'm also interested in the homestretch program in purchasing a property in Gwinnett; however, my credit score is 585. I was told by a particular lender that they require a 600; however, fha is asking for a minimum of 580. Are there any lenders doing fha at 580. I don't have much credit it's  just taking forever for my score to climb up to that 600.

Oct 22, 2010 04:18 PM #8
Rainmaker
65,011
Mark Mitchell
Virtual Properties Realty - Johns Creek, GA
Realtor, Johns Creek Georgia Homes

Tremayne,

I talked to a couple of lenders today and a 600 credit score seems to be their required minimum. An experienced lender should be able to tell you how to get your credit score up 15 points. It should not take a long time to come up just 15 points. Give me a call and I will get you in touch with a very good lender who can take a look at your situation and then recommend what would be the best and quickest way to increase your credit score. You are very close so contact me because the Homestretch money is first-come first-serve and when it is gone it's gone.

The Homestretch process will take at least 45 days so speaking to an experienced lender who is familiar with the Homestretch progam is the first step. Contact me on my cell at 404-353-0185 or by email at mark@markmitchellhomes.com to move forward. By the way, the Gwinnett Homestretch I provides up to $7,500 towards down payment and or closing costs.

Oct 23, 2010 08:22 AM #9
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Rainmaker
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Mark Mitchell

Realtor, Johns Creek Georgia Homes
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