GA Dream is income driven. It's a program that allows up to $5000 for first time home buyers and up to $7500 for County or City employees. There are 2 parts to this program: The "loan" as just mentioned and a second loan which assists you with closing costs etc. Both loans must be paid back if you refinance or sell the house within a certain time frame.
NSP (Neighborhodd Stabilization Program) asks that you live in a Kevlar vest/drug infested area of town which allows you to buy homes at a discount (hey you wanted straight forward).
USDA (US Dept of Agriculture) asks that you live in a place way out in the sticks. You get 100% financing with no mortgage insurance. Not all places are in the sticks, but it sure feels like it.
HUD $100 down program allows you to buy HUD foreclosed properties with $100 down and you may borrow an additional $5000 to fix up the house. If the house requires more than $5000 in repairs, the loan converts to a 203K loan which allows up to 35K or 110% of the after repair value in repairs, whichever is less.
GA dream tends to run out of money at times as does the USDA loan. If you or your spouse is a military Veteran, you may also qualify for a 100% financing loan with no mortgage insurance. I've reference the HUD site for foreclosures.
Sorry, I've been away for awhile. The blog below should help you understand some of the programs that are available to you. Please be sure to review the flyers to the left of the screen for specific program information. If you are not working with an agent, please call me.
REALTORÂ® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
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