My New Blog

As promised, I am posting more info about Downpayment Assistance Programs.  There are some that are avail in Cobb and Gwinnett and specific intown neighborhoods.  So, if you don't see one that matches your needs, drop me a line: info@intownfocus.com - and I will let you know if I can find a program for you.

Housing Authority of DeKalb County: This program is for 1st time buyers and requires the borrower to contribute 1% of the sales price.  There are income limits and the Authority will lend $5,000-$8,000 with 620 FICO scores.  They are offering 0% on the 2nd Mortgage. 

NACA:  This has been an active program for years.  NACA offers competitve rates and buy downs are avail.  They recommend the borrower provide 1% of the sale price to reduce the interest rate, but it is not required.  There are no income limits.  They do require education and counseling prior with enrollment in the program.  Does not have to be first home, but does have to be primary residence.  There are loan limits.

With the approved 3% DownPayment/Gift Programs no longer being accepted by FHA this leaves some would-be home buyers still saving for that "one day".  And in the current economic times, no real certainty as to when that "one day" will come.  This is the best time for these would-be home buyers to become homeowners, as there is surplus inventory at reasonable prices.

Although the Gift Programs were the most widely used, there are still some alternative programs available.  So Virginia, like Santa Claus, they really do exist.

First Home Loan Bank Matching Funds Grant: www.fhlbatl.com            For every dollar Buyer contributes the program will match it up to five (5) times.  There is a $10,000 limit and a $500 Borrower Funds minimum.  See the website for income limits and requirements.  It is forgivable after 5 years.  Funds are available January through December until funds are exhausted.

Georgia Dream: www.dca.state.ga.us   There are two (2) programs under Georgia Dream.  One is for first time buyers, single parents, displaced homemakers, and disabled persons.  The loan is repayable upon sale or title transfer.  The gift limit is $250,000 and requires a $500 Borrower Funds minimum.  As of Sept 15th, 2008 the interest rate was 6.2%.  The second program is 0% 2nd mortgage up to $20,000 with a minimum of $5,000. See the website for income limits and details on both programs.

TAD Affordable Housing: www.Atlantada.com  Funds for new construction home purchases on the Eastside of Atlanta.  Communities include Oakland Park, Renaissance Walk, The Reynolds, Tribute Lofts, Twelve at Centennial Park.  Borrowers must provide a minimum of $1,500 in funds.  Ther are income limits but no 1st time buyer requirement.  Loan limits are $144,000 for a 1 bedroom and $155,000 for a 2 bedroom.  It is forgivable after 50 years and repayable upon sale or title transfer.  The rate is 0% interest for 50 years.

Home Atlanta: www.Atlantada.com Another City of Atlanta program with a 6.25% fixed rate.  Funds are available Dec 2008-Jan 2009.  Minimum of $1,500 in Borrower Funds. Check out website for further details and restrictions.

Home Atlanta Grant: www.Atlantada.com This is a GRANT, which means it is not repayable.  4% of loan is granted up to $299,475 non target and $366,035 for target income.  See website.  Funds are only available Dec 2008-Jan 2009.  Buyer must provide at least $1,500.

There are additional programs that I will blog about this week.

Attention All Buyers using FHA downpayment assistance programs:  The deadline of Oct 1st is quickly approaching.  After Oct 1st, lenders will no longer be able to offer 100% financing through FHA.  So, if you have not yet found the home you wish to buy, please CALL US!!!  We will work hard and fast to find you your home, negotiate the best deal, and get it closed by Oct 1st.   We have home inspectors ready to make certain your home meets safety guidelines by FHA and the State of GA.  We have lenders ready to process your loan quickly without added fees.  We have home warranty and insurance companies in place to offer coverage of your structure and systems.  678 508 6811 is Joan's cell phone or email info@intownfocus.com

We are certain a replacement program will come into effect, but don't let this change make you miss out on GREAT CURRENT INTEREST RATES!!!