Home Buying in Doraville>Question Details

Deynis, Home Buyer in Doraville, GA

im wondering if I could get some straightforward information about any types of assistance programs for first time buyers in Georgia

Asked by Deynis, Doraville, GA Tue Oct 27, 2009

I have read a lot about these programs, but the information is confusing. I would like to know exactly which programs I would be eligible for. I want to buy a house in Dekalb County, it's around 150,000, im a teacher with an income of around 50,000 in a single member household. Thanks

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You are very fortunate to have Mr. Greene answer your question. This man is the king of information especially when it comes down to assistance programs. Much of what I get comes from his website. I give him a thumbs up!

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.
Web Reference: http://www.hudpemco.com
1 vote Thank Flag Link Sun Oct 24, 2010
Deynis,

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.

Thanks
Solomon Greene
REALTOR® / HUD-Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
(678) 775-2677
1 vote Thank Flag Link Sat Oct 31, 2009
Hi I hope this links help you in your jurney:
http://www.hud.gov/local/index.cfm?state=ga&topic=homeow…

I will recommend a Homebuyer Education.
http://www.dca.state.ga.us/housing/Homeownership/programs/Ge…

Best and Buy!

Benito.
0 votes Thank Flag Link Wed Oct 28, 2009
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