There are many programs available to help the first-time home buyer including programs that offer down payment assistance. Here are a few:
Georgia Dream Home-ownership Plan: The Georgia Dream Home-ownership Program is available to qualified borrowers statewide who meet certain income guidelines and who are purchasing homes within certain purchase price limits. In addition, borrowers must have modest assets and meet the flexible credit underwriting criteria for the loan program they have selected. Down payment assistance is available for eligible home buyers. Click here for brochure.
FHA Mortgages: FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal:
- Low down payments
- Low closing costs
- Easy credit qualifying
If you are buying your first home, FHA might be just what you need. Your down payment can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.
VA Loan Programs: A long term, low or no down payment loan guaranteed by the Department of Veterans Affairs. Restricted to individuals qualified by military service or other entitlements.
U.S. Department of Agriculture Rural Development Housing & Community Facilities Program: This program provides a variety of financing for low- and very-low income buyers in rural areas. If you are a farmer or live in a rural area, ask mortgage lenders if you may qualify. The Rural Housing Service (RHS) provides a number of home-ownership opportunities to rural Americans.
American Dream Down-payment Assistance Initiative (ADDI): The American Dream Down-payment Assistance Initiative authorizes up to $200 million annually around the country for down-payment assistance. To be eligible for ADDI assistance, individuals must be first-time home buyers interested in purchasing single family housing. A first-time home buyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance.