Federal, State of Georgia, Metro Atlanta Regional and Gwinnett County Programs help credit, income and otherwise eligible First Time Home Buyers with their down payments and closing costs on qualifying Lawrenceville GA Homes being purchased for owner-occupancy. The borrower may not have owned a home in the last three years. Most programs may be used for the purchase of any qualifying home that qualifies for FHA Financing with a purchase price of up to $250,000 while one may only be used for the purchase of specific, newly-renovated homes. Also be mindful that borrowers will still need to have some funds available to buy and that participating lenders tend to run out of their allocation of funds later in the year.
This program offers up to $7,500 in down payment assistance to the qualified first-time home buyer of a household with an income of up to 80% of the metro area median to buy a home priced up to $250,000 in Lawrenceville GA. The program attaches a lien against the property title that is forgiven over five years of continued owner-occupancy. What does "Up to" mean? Credit-eligible persons employed in education, healthcare, law enforcement and the military or those in households that include disabled dependents may be eligible for $7500. Otherwise qualifying first-time buyers may be eligible for $5,000 in down payment assistance. A phone consultation with the program sponsor is required prior to settlement.
This program also offers up to $7,500 in down payment assistance to the qualified first-time home buyer of a three or more-person household with an income of up to $87,500 to buy a home priced up to $250,000 in Lawrenceville GA. What's the difference between this program and the FHLB Program? Other than the difference in the household income calculations, there is a two-percent transaction fee associated with this program, increasing the transaction closing costs. The lien for this first-time home buyer loan remains attached to the property until it is sold, refinanced or is no longer used for owner-occupancy. This program also requires that the buyer obtain a home buying class certificate from a HUD-certified Housing Counseling Agency, though persons with higher credit may take the class online.
The Atlanta Neighborhood Development Partnership, Inc promotes, creates and preserves mixed-income communities. This program is available only to certain renovated properties when they become available in Lawrenceville. The buyer's household income may not exceed 80% of the area median, the amount available is based upon need and the funds are forgiven over time.