Home Buying in Atlanta>Question Details

Kiara, Home Buyer in Atlanta, GA

Are there any downpayment assistance programs for Fulton County, GA? I'm hoping to purchase a home in Atlanta within the next month or two.

Asked by Kiara, Atlanta, GA Fri Sep 11, 2009

I'll be doing a FHA loan, possibly on a foreclosure. Thanks!

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There are many downpayment assistance programs in the City of Atlanta, some offering up to $20,000 in downpayment assistance. Most can be layered, which means you could qualify for several grants simultaneously. Some have income limits and buyer contribution requirements. All have geographic area regulations.

I have heard a lot of negative feedback about the GA Dream Program and that lenders who participated originally have pulled out. I do have a wonderful lender with MetLife Home Loans that is trained and experienced with downpayment assistance programs. She is patient, enthusiastic, and quite helpful.

You really do want to act with urgency in order to qualify for $8,000 1st time buyer tax incentive, if you are a 1st time buyer. You must close on your purchase by end of Nov. Loans take about 45 days to process and you need shopping time. Also, there is a 1.2% state of GA tax credit for buying a home, regardless if this is your 1st home or not. It maxs at $1,800 and is a $600 deduction for 3 years.

Fulton and DeKalb are my main focus and have been for the past 8 yrs.
0 votes Thank Flag Link Mon Sep 14, 2009
I'm running a little late on answering this question for you, but I wanted to throw my hat in the ring too by saying that I have a wonderful lender that I have referred many of my clients to and with great success. His name is Bob LeMoine: 678-488-4529. I work in Fulton County, so I'd be able to assist you with your home search.

Call me when you're ready to get started!

Atlanta Real Estate Agent
Keller Williams Realty Consultants – Roswell, Georgia
Tweet Me: http://twitter.com/JodiRSmith
0 votes Thank Flag Link Sat Sep 12, 2009

My colleague, James Dudley, is absolutely correct. HUD-owned homes do present a great opportunity to buy, often without much money down and the inventory is plentiful throughout the metro area.

Of course, all of the programs come with their own unique frustrations and the purchase of HUD-owned homes is no exception. It is not likely that even a moderately desirable HUD-owned home will go for the listed price, so buyers bid more than list. If the winning bid is above the appraised value, the buyer will either have to fund the difference between that value and the contract price (so there goes the $100-down idea, right?) or cancel the contract. Bid too little, and there is a real risk of losing the bid. Granted, an argument could be made that the comps provided by the agent should help avoid this issue, but the market is changing so rapidly that new sales often occur by the time the actual appraisal is conducted, so success is not guaranteed even when everything is done right.

No, this value issue is not isolated to HUD-owned homes, but the terms of sale for most other transactions include certain protections for the buyer in this instance through the use of a standard purchase and sale agreement. If the value falls short of the agreed-upon contract price, buyers of non-HUD-owned homes are often able to walk away from the transaction without the risk of losing their earnest money. The terms for the purchase of HUD-owned homes, however, are set forth through HUD's own sales contract which cannot be modified and doesn't include those protections. In fact, the value has fallen short of the contract price for a recent transaction involving a HUD-owned home and my client, an owner-occupant, and I are still going back and forth with HUD's local reps on the release her earnest money.

All of these programs sound really good on the surface, but you really should find an experienced agent to help you navigate these unfamiliar waters. James may be a great resource for you on the purchase of a HUD-owned homes. I'd recommend searching HUDPemco.com and then giving him a call if a property appears that you'd like to see. But please keep me in mind if there is any interest in using any of the available down payment assistance programs to buy your home. In either case, please have patience and offer some level of flexibility, and you'll be able to reach your goal of affordable home ownership.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677
0 votes Thank Flag Link Sat Sep 12, 2009

You can buy a HUD home at a great price and take advantage of their $100 down payment option without having to jump through any hoops like you will with the NSP & Georgia Dream programs mentioned.

You can get in touch with me if you would like a list of HUD properties in Fulton and more information about how to purchase a HUD home.
0 votes Thank Flag Link Fri Sep 11, 2009

Yes, you may qualify to buy a foreclosure property in Fulton County now that Neighborhood Stabilization Program (NSP) funds have returned temporarily, but PLEASE act quickly. You may also consider using the standard Georgia Dream programs, but please be cautioned that the Honors and Welcome Home Programs are no longer available and the interest rate on the required first mortgage that accompanies the "PLUS" and the standard GA Dream programs is not competitive (in my humble opinion) with the rates on the open market for FHA mortgages.

If you're looking for a home in the actual City of Atlanta, there are several programs available depending on the location. Visit my blog at the link below for more information on the various down payment assistance programs available in Georgia.

One more thing, you may hear that it is difficult to find a lender willing to do the NSP program, but I have a few who are ready, willing and experienced with this program having closed three of them for my clients during the initial roll-out.

If you are not working with an agent, please call me today for more information.

Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Fri Sep 11, 2009
The Georgia Department of Community Affairs just announced a new down payment assistance option to its Georgia Dream Homeownership Program. The Georgia Dream "Plus" option offers down payment and closing cost assistance for first time home buyers with incomes up to 100% of their Area Median Incomes (AMI). Georgia Dream's downpayment assistance options are normally restricted to borrowers whose This assistance comes in the form of a second mortgage loan, with a zero percent interest rate and requires no repayment until the home is sold, refinanced, or no longer used as the principal residence of the borrower.
We now have bank owned homes that would fit in Alpharetta, Dunwoody, Brookhaven etc

KarentheCoach 678 298 1657
0 votes Thank Flag Link Fri Sep 11, 2009
Hi Kiara,

Yes there are down payment assistance programs in Fulton. I think there is one program that the buyer gets up to $10,000 but you need to stay in the home at least 10 years and it must be outside city limits of Atlanta. Inside City limits there are several agencies that provide down payment assistance but not through Fulton County.

Call Marc D'Angelo with SunTrust at 404-925-8291 as he is Certified to do these programs plus a lot more!! He is local and can walk you through the process!!

If you need help finding a home, I am also Certified to do down payment assistance so please don't hesitate to call me!!

Good Luck,

Lisa Allen, REALTOR
Prudential Georgia Realty

0 votes Thank Flag Link Fri Sep 11, 2009
My friends at Home Savings just announced to me yesterday of some new programs becoming available. Give them a call today to find out. I haven't even heard the specifics yet, but possibly some 100% financing exclusive to them. Here's their info. Ask for Rod Powell.

Home Savings of America
0 votes Thank Flag Link Fri Sep 11, 2009
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