Atlanta down payment assistance?

Asked by Cecilia Smith, Atlanta, GA Fri Jan 7, 2011

I just learned about the existence of downpayment assistance programs, and I'm hoping for some more information from people who have some experience with any of the downpayment assistance programs through the Atlanta Development Authority.

My income is below the maximums for a single person for couple of the programs, but that is because I am a recent grad - really my job is high-paying compared to most recent grads. Who is the program really intended to help?

Does anyone know how hard it is to qualify for one of these programs? Do you know any additional information about when it's a good idea to use these programs (I know one of them is a second mortgage and they get a certain amount of your profit when you sell the house... etc. could be a bad deal?)

Thank you!

Help the community by answering this question:

+ web reference
Web reference:

Answers

8
Shari A. Thomas’ answer
Shari A. Th…, , Atlanta, GA
Thu Dec 1, 2011
Hello Cecilia,

Congratulations on your recent graduation and decision to buy a home! My firm has much experience with Down Payment Assistant programs and would be delighted to work for you. My contact info is as follows:

Shari@EndlessSolutionsRealty.com
678-608-7330
EndlessSolutionsRealty.com
0 votes
Curtis Moorer, Agent, Atlanta, GA
Sun Feb 27, 2011
Congratulations Cecelia on your decision to purchase a home. Looks like you have already been doing your homework with the Downpayment Assistance Programs in Atlanta. I just had a client a little over a week ago layer the programs for ADA, AHA, and NSP inside Atlanta City limits and received over $67,000 in DPA Programs.

The programs are fairly easy to qualify for if you meet the requirements, even if you don't qualify of the funds, you can still apply and get the lower than current market interest rate (currently locked for this program slightly below the mid 4s) utilizing the ADA Program. There are only a few loan companies and specific loan officers within those companies that you must submit your loan application for qualification.

Keep in mind that you must keep the home a certain number of years for the specific programs you utilized. These programs for first time home purchasers, and individuals that has not owned a home within the last three years. Also, the buyer must bring a minimum of $1500.00 to the table (including Earnes Money, Inpections, Appraisal Fees,etc) . Also in most cases individuals with quick access to more than $10,000 in checking accounts, or savings accounts are usually not eligible for these programs. This excludes 401Ks, Retirement accounts or liquid assets that you cannot withdraw within a few days.

I hope this helps. Feel free to call me at 404.550.9532 with any questions or concerns you might have, or if you need the assistance of a Realtor. There is a direct link to my website on for indepth information on these programs.

Thanks, Curtis Moorer, Keller Williams Realty Atlanta Classic
0 votes
Voices Member, , Atlanta, GA
Sun Feb 27, 2011
Cecilia-

Congrats on your decision to purchase a home! I hope that I'm not too late to help you. I just finished working with a buyer who was in a similar situation and she ended up qualifying for $65k off of a property with a sales price of $210K all through downpayment assistance programs. Call me at 404-441-0413 if you'd like more information on the programs and their specific requirements.

-Jolana Roberts, Realtor
Keller Williams Realty Peachtree Road
0 votes
Solomon Gree…, Agent, Duluth, GA
Sun Jan 9, 2011
Hi Cecilia,

These programs are targeted for both first time home buyers and families moving up to their next house. You'll find plenty of information about the existence of several down payment assistance programs in Metro Atlanta at the blog link below. What is missing here is information on the Neighborhood Stabilization Program for properties within the City of Atlanta. That program features a higher income limit and offers up to $20K in down payment assistance on certain properties that have been restored within the City of Atlanta.

As you'll see from the blog, there are several programs available all over metro Atlanta. I'd welcome the opportunity to speak with you about your specific needs. When time permits, please call me at (678) 775-2677. This is a voice mail only system, so please leave a message and I will return your phone call very quickly.

Thanks
Solomon Greene
REALTOR® / HUD Certified Affordable Housing Counselor - Keller Williams Realty Atlanta Partners
http://www.AtlantaDownPaymentAssistance.com
0 votes
David Bottom…, Agent, Atlanta, GA
Sat Jan 8, 2011
There are already some good answers here but I wanted to add a little more information. You asked who the program is intended to help. Among the reasons for the program are A) to help potentail home buyers (particularly first time home buyers) that can afford the payment for a home but aren't able to come up with the down payment. and B) as a way to keep housing affordable and C) to encourange owner occupancy and neighborhood stability.
There are certain provisions that make you pay back portions of your second loan depending on when you sell. However, this is mostly to keep people from using the program and then quickly selling the property and keeping that profit. The city of Atlanta wants the participants in this program to be contributing to the neighborhood by buying and staying (at least for a few years). It's an excellent program and definitely worth considering.
If I can help you in any way please do not hesitate to call or email me.
0 votes
Timothy Rive…, , Atlanta, GA
Sat Jan 8, 2011
I would agree. These programs are straightforward and very useful. The referenced link is a great source of information.
0 votes
Curtis Moorer, Agent, Atlanta, GA
Fri Jan 7, 2011
Hey Cecelia. I represented clients utilizing the Downpayment Assistance Programs through the Atlanta Development Authority. http://www.atlantada.com

Actually there is a link on my website http://www.24HourAtlantaRealtor.com

The programs are pretty straighforward. Second soft loans meaning 0 percent interest. Depending on which program you utilize a certain percentage of downpayment assistance drops off annually up to a specific number of years.
My contact information is on my website as well. Hope this helps!
Web Reference:  http://www.atlantada.com
0 votes
Lorieal Green, Agent, Smyrna, GA
Fri Jan 7, 2011
Hi Cecelia,
I have helped several clients purchase homes by using Atlanta homebuyer assistance programs. They take a bit longer to close- 45-60 days, but as long as you fit the guidelines it should be a straightforward process. Feel free to give me a call tomorrow morning to discuss your options. In the meantime, the site below will provide lots of helpful information for you. Have a great evening!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more