Down Payment Assistance Program in Atlanta, GA
We at National Faith HomeBuyers have been trusted by Michigan homebuyers since 2001 and have now opened our doors to an office in Atlanta. We recognize the difficulties that many of our members in the Atlanta area unjustly face when it comes to homeownership, and we want to help change that.
We have put together a team full of experts in the home buying process, who will work with you to get you the resources you need to own a home. We offer all of these programs at absolutely no cost.
How the Down Payment Assistance Program Works
The typical mortgage from most financial institutions comes with a 3.0% down payment. On top of that, you’ll have to cover other closing costs, such as organization fees, appraisals, inspections, and more. That means your down payment could end up doubling.
According to a study by Marketwatch, more than a third of Americans have less than $500 in savings. That means that a large section of people are being left without a chance at homeownership, just because they can’t afford a down payment. Here at National Faith, our goal is to make homeownership achievable for everyone, which is why we offer our down payment assistance programs to the Atlanta area.
As part of our program, you will have to provide just $1000 of your own money. We then provide a loan ranging from $5000-10,000, depending on location and other factors, which is forgivable after five years at 0% interest.
Keep in mind that you must have a mortgage that allows for secondary financing and that your monthly mortgage payments cannot exceed 31% of your household’s gross monthly income.
Areas That Qualify For Assistance
National Faith is currently certified by the Georgia Dream program to offer downpayment assistance in the following Metro Atlanta counties: Fulton, DeKalb, Gwinnett, Cobb, Clayton, Coweta, Douglas, Fayette, and Henry.
Home Buyer Education
Our goal isn’t to just get you a home, but to prepare you for homeownership. That’s why we require participation in the Home Buyer Educational Program by National Faith, or another education course approved by National Faith. Please, speak with a National Faith representative to make sure that you are on the right path to down payment assistance.
House Quality Requirements
As a rule, we only provide down payment assistance for homes that meet federal Housing Quality Standards. It is always sensible to enlist an inspector before buying a home to make sure there is no cracked or peeling paint or any fractured asbestos. We can provide you with a list of home inspectors that can certify your future home as meeting Housing Quality Standards.
2021 Income Requirements
We base maximum income limits for our down payment assistance programs on a city-by-city basis and on your family size. Household income includes the total sum of all incomes in a household.
The current income criteria are:
- 1 or 2 persons: $84,000
- 3 or more persons: $96,000
Keep in mind that the purchase price of the home cannot exceed $325,000.
Contact National Faith Today
Our services are completely free. Please contact us to see how we can help you make the dream of homeownership in Georgia a reality. Make sure to indicate what area you want to live and what you can afford.