A variety of programs are available to both first-time home buyers and those who are right-sizing to their next property. Program availability, however, varies based on household income limits, credit scores, property location and more. You appear to be writing from Duluth, GA, so here are a few programs that are currently available in Gwinnett County.
These soft second mortgages (interest and monthly payment-free) help home buyers fund their down payment, pre-paids and closing costs on the purchase of residential property to be used for owner-occupancy. All of these are available for use in the purchase of properties in Gwinnett County.
â€¢ HOMEStretch - Up to 4.5% of the purchase price (maximum $7500) on the purchase of a residential property that meets certain standards anywhere in Gwinnett County.
â€¢ Neighborhood Stabilization Program - Up to $22,500 for use in the purchase of certain Gwinnett county-owned and renovated residential property (no first-time home buyer requirement)
â€¢ Georgia Dream - Up to $7,500 that helps borrowers with the purchase of properties located almost anywhere in the state.
â€¢ Federal Down Payment Assistance - A matching program that offers up to $5,000 that helps home buyers with their purchases anywhere in the Southeast US.
In addition, USDA (rural Gwinnett County), VA (military personnel) and doctor (medical doctors) loans may offer 100% financing options to qualifying properties and individuals and FHA offers HUD-owned homes marketed at $100 down.
There's so much more to share on the use of these programs. You should consider attending one of the local HUD-certified home buying classes to learn more about the process of buying a home. Then please be sure to align with a knowledgeable agent who has had experience applying them, who will help you understand what to expect and who will help you successfully navigate this changing Metro Atlanta real estate market in your pursuit of your first home.
Associate Broker, REALTORÂ®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
FHA 203(b) loans require a minimum of 3.5% down. You can also wrap most of your closing costs into the loan. This is the only loan where 100% of the down payment can come from a gift from someone like a relative or a government assistance agency.
203K Rehabilitation Program is offered through HUD and allows you to roll the costs of renovation into the loan. It also carries a minimum down payment of 3.5% on the total amount financed.
FHA Growing Equity Mortgage is designed for first home buyers whose current income is too low to qualify for a standard loan but they expect their income to increase down the road. The loan payments start small and increase gradually over time.
Thank you for requesting information and assistance on being a first time home buyer. I specialize in working with first time home buyers and getting them their first home.
If you would like to learn more about me as a Realtor you will find my Realtor Bio " About Me " on my profile on the Trulia website. Also, you will find my contact information.
I look forward to helping you find your first home..
Have a Wonderful Day,
Keller Williams Realty