Combing through Georgia first time home buyer grants to purchase a home? Discover the best grants, programs for home buying in Georgia and other down payment assistance available to you below.Before you obtain a grant and apply for a mortgage, you really need to understand how your credit profile looks.
You want to know your credit score and determine if you need credit repair before proceeding.
Unfortunately, without a credit score of at least 640, you will not be able to qualify for those low down payment programs like the FHA 203b loan that works so well with the various grant programs out there. You want to be able to qualify for these programs and with a higher credit score, you'll find a better interest rate as well.
So if your score is low, work on that first.
Deciding to buy a home in any state is exciting!
It is also intimidating! However, don't let yourself become overwhelmed with the process.
To begin with, the State of Georgia does not offer a Georgia first time home buyer grant program for its residents. But they do offer some down payment assistance programs.
The state agency which maintains these programs is Georgia Department of Community Affairs. One of these programs is called the "Georgia Dream Homeownership Program DPA". This is a deferred second that has a zero percent interest rate. What that means you don't have to make any payments on this loan. But it is due whenever you sell, refinance, or payoff the first mortgage. You can borrow up to $5,000.
Another program is called the "Hardest Hit Fund DPA." This too is a deferred second with zero interest. You can borrow up to $15,000, but if you stay in the five years the loan is forgiven. Doesn't that sound almost like a grant? But only certain counties qualify for this. So you will have to investigate its requirements and restrictions to see if this will work for you.
There are two other special down payment assistance programs. One is called "PEN' and the other is called "CHOICE." PEN is for those working in law enforcement, education, and health care. It offers help up to $7,500 for down payment and closing costs. CHOICE is for those with disabilities and offers $7,500 in assistance as well.
Many of these programs require a contribution of $1,000 toward the purchase. They want to see that you are serious about purchasing a home. So do your homework to see which program will work for you. And start saving some money for that contribution requirement.
Each of these programs will have restrictions and limitation to consider.
Whether you qualify or not will depend the amount of your income. You should visit Georgia Department of Community Affairs to determine your eligibility.
In addition, the federal government offers grant assistance for first time home buyers in Georgia. This program is maintained by the United States Department of Housing and Urban Development and is called the Homes and Communities program.
Their website contains useful information and applications. The website for the grant program maintained by the United States Department of Housing and Urban Development can be visited by using this link, HUD Grant Information.
Another website I would recommend that you view is Government Grants. This website offers a list of all federal government grant programs. It would be a good idea to take some time and browse through this site to see what it offers and the qualifications for application.
It is important to note that there is a plethora of local first time home buyer grant programs available from specific private organizations in Georgia.The FHA loan products are very flexible and work well with other assistance programs. Would you like to know where you stand with their requirements? Learn what those requirements are by clicking here.
Perhaps a grant is not available in your state. Or you do not qualify for one. Don't get discouraged. If you still want to save money, check out this page that discusses the zero down payment program.
Would you like some help? Perhaps a personal coach to guide you through the process is what you're looking for. For free coaching, fill out the questionnaire here. Then you will be contacted and offered the assistance you seek.
Is there more mortgage information for you? Yes, if you want to learn more about other mortgage options you may want to consider the several home mortgage information articles listed here. Take your time and scan the various subjects and become an educated buyer.
Once again be sure to check your credit. If your credit is low, you won't qualify for any of these as well the mortgage you need to buy the home. Many who come to me for coaching discover they have to work on their credit first. If you click on this link and go to the bottom of the page, you will find a link to see your free credit.
Thank you for visiting our website for first time home buyers. Below you'll find more information to help you with Georgia first time home buyer grants.
This link will take you to the HUD website and you will see a map of the USA. Click on your state and then you'll find a list of the local counseling agencies in your own area.
Please tell others about this FREE information. Everybody else on the web charges for this kind of stuff!!
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