The "Atlanta Affordable Homeownership Program (AAHOP" was recently rolled out to assist homebuyer's with up to $10,000 down payment assistance in the form of 0% interest rates. The down payment assistance is in the form of a soft second with few restrictions. It also can cover up to 50% of the cost associated with home purchasing. In addition, the (AAHOP) and (ODAP) Opportunity Down payment Assistance Programs can be combined to up to $35,000.00 or more for down payment assistance.
Furthermore, the mortgage provided by the Atlanta Development Authority (ADA) participating lenders must be an FHA, VA, or a Conventional 30-year fixed loan. In today's market, most of these loan rates range between 3.75% to 4.25% an example will be a house below 3 bedroom 2 bath home, newly renovated priced at $124,900.00 with 20% ($24,900.00 Down Payment Assistance), with a mortgage loan of $100,000.00, rate at 4.25%, 30 year fixed. Principal, Interest, and Taxes will be $642.89 per month. The monthly payment indicated above is less than what most renters are paying in this area of Atlanta, Georgia.
Few restrictions are as follows:
•· The property must be located in the city limit of Atlanta
•· Maximum purchase price limit on new and existing is $252,890.00
•· Must be Single family detached homes, townhomes, and condominiums
•· Property must be owner occupied
What are the income limits?
Household Size Income Limits
(1 person Household) $40,250
(2 person Household) $46,600
(3 person Household) $51,750
(4 person Household) $57,450
(5 person Household) $62,050
To find out more about homes that qualify for the ADA programs visit: www.jaybsellshomes.com