Home Buying in Atlanta>Question Details

sn922, Home Buyer in Atlanta, GA

Are there programs or grants for teachers?

Asked by sn922, Atlanta, GA Sat Sep 7, 2013

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The HUD Good Neighbor Next Door program is available on select HUD REO properties. We generally do not see very many of those properties ever availble in Metro Atlanta.

In GA, the Georgia Dream Program provides down payment assistance throughout the state. This is an actual 2nd mortgage, not a grant. There are annual household income limitations along with maximum sales prices that will both vary by county.

The typical assistance amount provided is $5,000. The PEN program allows for $7,500 in assistance. PEN is available to anyone working in Public Safety, Education (accredited only), or Healthcare. The CHOICE Loan provides borrowers with disabilities, or those who have a disabled dependent as a household member with $7,500 in assistance.

The down payment assistance amount is ALWAYS repayable whenever the home is no longer your primary residence or when the home is sold.

Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.

Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
1 vote Thank Flag Link Sat Dec 14, 2013
A thorough yet succinct explanation that I can share with my clients. Thank you for this, Rodney! - Tanya
Flag Tue Dec 17, 2013
Hello,

Georgia Dream offers educators an interest and monthly payment-free loan of $7500 to help with their down payment and closing costs. The Good Neighbor Next Door Program offers certain HUD-owned homes at 50% of the list price. There may be other educator-specific programs available, but these are the two that are familiar to me. Otherwise, you may be interested in some of the other down payment assistance and 100% financing programs available to both first-time and move up home buyers at the link below.

Please call if there are any questions.

Thanks
Solomon Greene
Georgia Real Estate Brokers Associate, REALTOR®
Keller Williams Realty Atlanta Partners
(678) 775-2677
1 vote Thank Flag Link Sat Sep 7, 2013
Thanks I am still sorting through the ton of information out there. I will need a lender and relator when in a few months, to start the process.
Flag Sat Sep 7, 2013
Hi Sn9222,

Solomon is right Georgia Dream does provide for a $7500 grant in the form of a "listen second mortgage". There are also some County Grant programs that provide larger down payments. If you need any information or assistance with that I will be happy to provide you with the number for a lender who can provide additional information.

Ava Anderson
Solid Source Realty Inc
770 369-5121
0 votes Thank Flag Link Sat Sep 7, 2013
can you link me to country grant programs with the larger downpayment?
Flag Sat Sep 7, 2013
There seems to be a few good programs to be had, like fannie mae homepath, dream makers program some offer no pmi with downpayment assistance. It seems to me that there are options out there which require certain lenders that works with these programs am i wrong?
0 votes Thank Flag Link Sat Sep 7, 2013
The HOMEPath mortgage may be used to buy a Fannie-Mae owned property, but requires a downpayment of three percent. The MyCommunity Mortgage through Fannie Mae requires a two percent down payment provided you meet the credit and income requirements. I am not really familiar with the DreamMaker Home Buyer Assistance Program but it appears to be available to military families.
Flag Sun Sep 8, 2013
Call me and ill set you up with my mortgage specialist get you qualified and then select a home for you . Thanks for your interest
Thomas Hagan Atlanta Communities 954-553-0847
0 votes Thank Flag Link Sat Sep 7, 2013
Yes both Amanda and Fred are correct but there is a government program called the Georgia dream that gives 7500 dollars to teachers civil servants . First time home buyers quality . I would like to tell you more about the program call me 954-553-0847
0 votes Thank Flag Link Sat Sep 7, 2013
I'm looking in the Atlanta area Doraville, cobb, decatur, Tucker
0 votes Thank Flag Link Sat Sep 7, 2013
There are a couple of programs and HUD is one of them. I specialize in HUD homes and have sold several this year! Their are other programs that can take a little longer to qualify for. Contact me so I can inform you of your options.
Amanda Vanwinkle
Keller Williams Cityside
Cell:678-923-7323
amandavanwinkle@kw.com
0 votes Thank Flag Link Sat Sep 7, 2013
yes - in some areas there are homes available for 50% off through HUD and there are other programs which you can purchase a home with $100 down as well. Give me a call to discuss the details and set an appointment to see properties.

Fred Yancy, Broker
Crye-Leike Realtors
(678) 799-4663
0 votes Thank Flag Link Sat Sep 7, 2013
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