Down Payment Assistance
Down Payment Assistance & First Time Home Buyer Programs
There are many home buyer programs available to those who may need assistance. Some programs may require you to be a first time homebuyer while others may not.
Here are just a FEW local programs currently available. Funds are constantly shifting for these programs, they are typically given on a first come first serve basis. Some programs may require repayment of borrowed down payment funds while others may not.
1. The Georgia Dream Program
Georgia Dream loans are available to:
- First-Time Home Buyers, OR
- Homebuyers who have not owned a home** in the past three years, OR
- Those who purchase a home in certain areas
Who Also:
- Have a household income up to the maximum
- Have liquid assets of no more than $20,000 or 20% of the sales price (whichever is greater)
- Meet mortgage loan credit requirements
2. The Chenoa Fund
Chenoa Fund offerings:
- Up to 5% down payment assistance
- FHA program offerings with a minimum credit score of 600
- Industry-leading customer service that guides homebuyers through the home buying process
- 18 months of post purchase counseling for homebuyers
- Minority-focused initiatives to help educate underserved communities about building wealth through sustainable homeownership
3. National Homebuyer Fund Inc. Down Payment Assistance (DPA)
NHF DPA is available in most U.S. states and qualifying guidelines are flexible. The assistance may be forgiven immediately, after a short period of years, or have repayment requirements, depending on the Program.
NHF DPA highlights:
- DPA is available up to 5% of the mortgage loan amount
- Assistance can be used towards down payment and/or closing costs
- There is no requirement that a borrower be a first-time homebuyer to qualify
- FICO score requirements and allowable debt-to-income ratios are flexible
- DPA programs features generous income limits; higher than might be expected
- FHA, VA, USDA and Conventional Mortgage Loan financing is available
- DPA is available for both purchase and refinance of a primary residence
- Sponsored by NHF and available nationally through Participating Lenders
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