Educators - $7,500 in Georgia Down Payment Assistance Available

There’s an exciting benefit available to Georgia residents with household members who work in the field of education and are looking to buy their first home.  Credit and income eligible Georgia home buyers with household members employed in the field of education may qualify for a second mortgage of $7,500 to help them with their down payment and closing costs toward the purchase a property priced up to $250K.  This soft second mortgage does not accrue interest and no payment is due as long as the property is used as their primary residence, making this benefit ideal for those who think they lack the resources required to purchase at this time or others who prefer to use these resources rather than their own for the down payment.

Few Limitations on Eligible Properties

The borrower may use these funds to purchase almost any residential property of their choice as long as it is located in Georgia, is inhabitable and the contract price is at or below $250K (for Metro Atlanta).  Buy a new or existing single-family home or a unit of a multi-property community (townhouse, condominium) near work, family or that highly desirable neighborhood that now may be affordable with Georgia down payment assistance.  This program might just bring that dream home of the borrower’s choice within reach.

Who can benefit?

Credit and income eligible borrowers who have not owned a home in the past three years with household members employed in either private or public education may take advantage of this program.  These employees include:

• Substitute Teachers
• Day care employees
• Support staff (including food service personnel)

In fact, just about anyone who enters an educational facility (including libraries) for income purposes on a regular basis may be eligible for $7,500 in Georgia Down Payment Assistance.

What to do if there is interest

The process should begin with a thorough assessment of one’s own credit history.  Borrowers should also have around $2,200 of their own funds available to put toward the transaction, far less than the typical 3.5% of the purchase price typically required for an FHA Mortgage.  Check the Georgia Down Payment Assistance flyer at AtlantaDownPaymentAssistance.com for income limits by household and information on other Georgia Down Payment Assistance Programs.  If you are not working with a real estate agent, please contact me today for more important information at (678) 775-2677.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor – Keller Williams Realty Atlanta Partners