You may, Nurse Hollins, want to look at the Good Neighbor Next Door program which pays up to 50% of the sales price for you. Certain restrictions apply (credit, income, assets and location). Now, I can see a person not being able to come up with $4000 for down payment, but you should be able to come up with $2000. You'll want to make sure that you close in the fall during the month that property taxes are due so that your property tax and insurance escrow balance is minimal (about 2 months of each). This will keep your fees down. I'm not too familiar with this program in terms of whether or not the loan officer can use the rate spread to cover closing costs.
GA Dream does not allow us to use the rate's commission to pass on to you in order to help you with costs. Their rate is usually half a percent higher than everyone else. They also don't pay loan officers anything to do loans, so in my belief, there is no incentive for loan officers to do the loans.
HUD will give you 45 days to close the loan, otherwise you are going to need an extension and pay a per diem . make sue you talk to your lender to make sure you are making the best choice.
There's one other thing to keep in mind with regard to the $100 down program. Overbidding is rampant on the nicer properties in Metro Atlanta. A highly desirable property listed for $100K will see bids thousands above list price and the winning bidder will have to bring that difference to settlement. And no, GA Dream may not be used to bridge that difference. So much for the $100 down program on those properties!
There's so much more information that buyers need to know about this program. If you're not working with an agent, I'd welcome the opportunity for a brief phone consultation.
REALTORÂ® Keller Williams Realty Atlanta Partners
A Georgia Dream loan can easily take 45-60 days to closing. A lot will hinge on DCA's turn time for underwriting once they have the fully approved file from the lender. Their turn times can vary from 2-3 days to 2-3 weeks.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyle Renovation | VA | USDA | GA Dream | Jumbo Financing