2013 GA Dream $5,000 Down Payment Assistance For First Time Home Buyer

By
Real Estate Agent with Virtual Properties Realty

2013 GA Dream $5,000 - $7,500 Down Payment Assistance For First Time Home Buyers in Georgia


DCA or Department of Community Affairs has the GA Dream Down Payment Assistance Program for first time home buyers that is geared to help people who can qualify for mortgage, but may not have enough funds for the down payment. They offer $5,000 to the general public and offer $7,500 to “Protectors”, Educators and Health Care Workers.

This is a government program and has restrictions as this is a “soft” second mortgage that at 0 percent interest rate as long you own the home. The down payment money will have to be paid back when you either sell the home or it is refinanced.

 

 

Program Highlights:

  • Buyer’s minimum contribution is $1,000.00
  • Complete individual credit counseling and provide certificate of completion
  • Funds can be used for down payment, closing costs and or pre-paids
  • Income limits do apply, see below
  • Program is for first time home buyers or if you have not owned a home in 3 years in metro Atlanta
  • Money is interest free, but must be paid back if you sell or refinance
  • Only available for primary residence purchase transactions
  • Protectors, Educators and Health Care Workers may qualify for $7,500 assistance
  • Must meet mortgage loan requirements
  • The sales price can not exceed 250,000 within the Atlanta Metropolitian Area


Maximum Household Income:

1) One or two person household:                 Maximum income is $69,000

2) Three or more person household:             Maximum income is $79,500

 

 

Other Down Payment Assistance Programs Available in Georgia

An easier program to qualify for and also one that is a much simpler process from start to finish is the FHLB $5,000 down payment assistance program. It is an in house program and not government sponsored. I always recommend this program if you are in their income requirements. The only drawback is this program has lower income limits, but the benefit is that it is so much easier process and the down payment assistance money is forgiven after 5 years unlike GA Dream that has to be paid back when you sell the home or refinance.

We have another down payment assistance programs called the Gwinnett Homestretch Program $7,500 Down Payment Assistance program that is forgiven after 5 years. This program has the same income limits as the FHLB program, but is another government program that is puts conditions on the house as well. Many times they run out of money and you are put on a waiting list for the money as well. Must also purchase a home in Gwinnett County.

The last program is the NSP Down Payment Assistance Program and this program provides from $14,500 that is forgiven after 5 years or $22,000 down payment assistance that is forgiven after 10 years. Must be first time home buyer and fall within the income requirements. This program has higher income limits, but you must buy their homes. NSP buys foreclosed homes and makes repairs and are in usually excellent shape by the time all the work is done. At that point, they are put on the market to sell. Good program, but they only have a limited amount of homes. See my NSP blog for more details.  

It is easy to apply so please contact us today and we can provide you with more detailed information and help you get started.


Search all homes in the 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 2013 GA Dream $5,000 - $7,500 Down Payment Assistance Program For First Time Home Buyers in Georgia was provided by Mark Mitchell. Mark can be reached via e-correspondence at mark@markmitchellhomes.com or by phone at 404-353-0185. Also visit www.johnscreek-homes.net

Copyright © By Mark Mitchell 2013 *2013 GA Dream $5,000 - $7,500 Down Payment Assistance Program For First Time Home Buyers In Georgia*





                   

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Topic:
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Tags:
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virtual properties realty
mark mitchell

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Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services
Great article you have here Mark. Thank you for sharing the GA Dream Down Payment Assistance Program for first time home buyers. This if of great help to for them to own their dream home. All the best.
May 05, 2013 09:38 PM #1
Rainmaker
709,207
Petra Norris
Lakeland Real Estate Group, Inc. - Lakeland, FL
Realtor, Lakeland FL Homes for Sale
Excellent post Mark that highlights GA Dream Down Payment Assistance Program for first time home buyers. Great work and keep it up!
Jun 12, 2013 08:17 PM #2
Rainer
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Melissa Muse Wiggans
Real Estate Muses - San Antonio, TX
CRS, GRI, ABR - Real Estate Muses
This is very good information Mark. You laid it all out pretty well. Keep it up and stay the best!
Jun 12, 2013 08:26 PM #3
Rainmaker
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Erika Rogers
Red Rock Real Estate ~ Southern Utah's Largest Independent Brokerage - Saint George, UT
St George Utah Real Estate & Relocation Specialist
Congratulations on the new listing Wayne. Very good presentation. Keep it up being a the number one San Antonio Real Estate consultant.
Jun 13, 2013 08:02 PM #4
Rainer
75,048
Pat and Ed Okenica
RE/MAX Agents Realty Lake Oconee Ga - Greensboro, GA
Lake Oconee Ga Real Estate
Mark, the GA Dream Down Payment Assistance is a very good program that will help first time buyers own their very first property. I hope many will take this opportunity to enroll on the said program. All the best.
Jun 17, 2013 01:00 PM #5
Rainer
194,270
Waynette Hoover Araj
Keller Williams Realty - Asheboro, NC
Connecting your Dreams with the Right Real Estate
Nice post Mark. Very informative. Stay the best!
Jul 08, 2013 03:09 AM #6
Anonymous
Kareem

Good Afternoon, My name is Kareem Wyatt...... Im writing
you to ask, Did you know of any down assistance or Closing cost
programs I can apply for.. the property is located College Park,,..We
for planing for Closing in 2-3 weeks...

2537 Rocky Court
College Park, Ga 30349

Thanks, in Advance

KAREEM

Jul 24, 2013 07:57 AM #7
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Mark Mitchell

Realtor, Johns Creek Georgia Homes
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