There is yet another Down Payment Assistance program in GA that many people are not aware of. It's the USDA's Guaranteed Loan Program and offers 100% financing in rural development areas. Before you dismiss rural development, check it out. It's not necessarily out in the "sticks" and not that far from metro Atlanta, GA.
The Housing and Community Facilities Programs guarantees loans made by private sector lenders. (A loan guarantee through HCFP means that, should the individual borrower default on the loan, HCFP will pay the private lender for the loan.) The individual works with the private lender and makes his or her payments to that lender. Contact me for a recommended lender.
I have a client that has excellent credit, a 788 credit score and a good paying job. Due to an injury, he was out on disability from his job for a couple of months and depleted a lot of his savings. He wants to buy a home, but didn't have the money to put down. I suggested we look at HUD homes where the buyer only needs to put $100 down, instead of the typical 3.5% minimum. (Buyers still need to come up with closing costs and money for appraisal and inspections.) There wasn't a lot of HUD owned foreclosures in the area he was looking. So, I thought about the USDA program. The US Department of Agriculture has a Rural Development program where home buyers can get 100% financing.
He is now buying a home in Auburn GA in Barrow County. (That's not an area I normally work, but he was a referral from a friend. I don't usually turn down referrals.) It's less than an hour from downtown Atlanta, GA.
To see if a home you may be interested in is located in the Rural Development area, click on this link and put in the address.
There are income limits, a maximum of $73,600 for households of 1 to 4 people. To see the limits for each area in GA click here.
My listing in Franklin County is a small house on Lake Hartwell with a dock. It would qualify for this down payment assistance program.
For expert real estate advice and representation in GA contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty at 404-456-5024.
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