GEORGIA DOWN PAYMENT ASSISTANCE PROGRAMS
What is down payment assistance?
Down payment assistance is help from a local or state housing authority, a nonprofit or your lender that gives you the cash infusion you need as a down payment on a mortgage loan.
There are three types of down payment assistance programs:
- Grants: You don't have to pay back a grant.
- Loans: You eventually pay back a loan. Sometimes these loans are interest-free.
- Tax credits: You get a tax credit, which saves you money that you can then use for a down payment.
- Down Payment Approval is separate from the Mortgage Approval Process.
- May have credit score requirements.
- May be Limited to Specific Lenders.
- May be Subjected to Median Income Limits.
Georgia Dream Program
AVAILABILITY: GEORGIA
- Standard program down payment assistance up to $5000
- Up to $7,500: Protectors, Educators, Nurses, or Military Only
- 30-year fixed term mortgage
- FHA, VA, and USDA loan types available
- Household income and sales price restrictions may apply
CHENOA Fund Program
A tribally owned, federally chartered, governmental agency.
AVAILABILITY: NATIONWIDE
- Down payment assistance up to 3.5% of the purchase price or appraised value, whichever is less
- 30-year fixed term with full amortization on the first mortgage
- 600+ Credit Score
Invest Atlanta, City of Atlanta
AVAILABILITY: ATLANTA, GEORGIA
- 3.50% assistance GRANT payment equal to a percentage of the note amount
- Minimum of $1,500 of borrowers own funds is required
- 30-year fixed term with full amortization on the first mortgage
Gwinnett County Homestretch
Gwinnett County (GDCCP) Homestretch 3.5% in assistance not to exceed $7,500 in assistance in the form of a 0% interest, deferred payments.
AVAILABILITY: GWINNETT COUNTY
- FHA, VA, or Conventional fixed rate first mortgage
- Borrowers must contribute at least $1000 of their own funds in the transaction
- First time homebuyer only
- Home buyer education is required
- Credit and income restrictions apply
Cobb County Georgia Down Payment Assistance
Cobb County Georgia Down Payment Assistance
AVAILABILITY: COBB COUNTY
- Conventional (FHLMC), FHA, or VA fixed rate first mortgage
- 3% or 4% of the note amount in the form of a non-repayable grant that can be used to cover the down Payment and closing costs.