No matter what the economy is doing or not doing, people want to be homeowners. Now more than ever the American Dream of owning a home may be just slipping out of sight. The cost of everything has gone up recently. This makes saving up for a down payment and closing costs for a home more difficult than ever. Luckily the Georgia Department of Community Affairs has programs to bring the dream of owning a home back into to reach. This is achieved through special first time homebuyer financing as well as down payment assistance.
Does Georgia Have First Time Home Buyer Programs?
If you are a first time home buyer in Georgia, you may be able to take advantage of The Georgia Dream Homeownership Program. This program makes purchasing a home more affordable for moderate to low income buyers. The program offers low interest fixed rate mortgages. You must be a first time home buyer to be eligible for the program.
You may only use the program for a purchase of a primary residence. Second homes and investment property are not eligible for the program. These loans are originated through VA, FHA, USDA/ Rural development guidelines or conventional financing.
Is There Down Payment And Closing Cost Assistance In Georgia?
Do not let lack of funds discourage you from the dream of owing a home in Georgia. The Georgia Department of Community Affairs has closing cost and down payment assistance programs to make the dream of homeownership possible. You may be eligible for a second mortgage up to $20,000 to assist you in the purchase of your home. You must be a first time home buyer, displaced homemaker or single parent to be eligible.
The Georgia Dream Second Mortgage can be used in conjunction with the first mortgage. This second mortgage is designed to assist you with paying the closing costs and downpayment associated with buying your first home. You must be able to contribute a minimum of $500 of your own money to be eligible for this special financing.
What Are The Details Of The Georgia Dream Second Mortgage?
The Georgia Dream Second Mortgage has an interest rate of 0%. This program is usually only available if the buyer uses the Georgia Dream First Mortgage loan. The repayment of this loan is made only when the home sells or refinances. If you turn the home into a rental property, the money will also be due and payable to the state.
Special Home Buyer Programs For Teachers and Police Officers In Georgia
The Georgia Dream Second Mortgage also has a special provision for health care workers, Police Officers, Fire Fighters and Teachers also known as the PEN Program. PEN stands for Protectors, Educators and Nurses. You can get a loan of up to $7500 to be used for down payment and closing cost requirements of your first mortgage.
Are There Any Home Buyer Programs To Encourage Energy Efficient Homes?
If you plan on purchasing a property that is a certified by EarthCarft Homes, EasyLiving Home or Energy Star you may be eligible for the home buyer assistance as well. You may be eligible for up to $20,000 for individuals and households with people with disabilities. This is called the Choice Program.
Are There Any Home Buyer Programs For People Who Have Served In The Military In Gerogia?
There are new programs for people who are in the military or are surviving spouses. It is called the Honors program. It offers a $10,000 second mortgage that can be used to cover closing costs and down payment. There is also the Georgia Welcome Home program for servicemen that served overseas in the war against terror. Servicemen can get 100% financing as well at $10,000 in closing cost and down payment assistance.
To get additional information about down payment assistance programs, or to find out more about mortgage programs please complete the information below:
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