Down Payment Assistance is available for 1st Time Home Buyers in Dekalb County. Applications are being accepted for the DeKalb County First-Time Homebuyer Program, funded by the DeKalb County Community Development Department and administered by the Housing Authority of DeKalb County.
Here's how it works: All eligible applicants will receive $5,000 towards their down payment, closing costs, or other prepaid expenses. Those who successfully improve their FICO credit scores to 620 or higher may receive up to $8,000.
What are the maximum annual income limits?
Household of 1----$39,850
Household of 2----$45,550
Household of 3----$51,250
Household of 4----$56,950
Household of 5----$61,500
Household of 6----$66,050
Household of 7--- $70,650
Household of 8+- $75,200
What is the maximum purchase price? The purchase price of the home cannot exceed $160,000.
Who is eligible? First-time homebuyers that have not owned a home during the last 3 years are eligible. Displaced homemakers and single parents may also qualify. Successful applicants must meet maximum income guidelines, be creditworthy, participate in home ownership pre-purchase counseling, and plan to purchase a single-family home anywhere in DeKalb County, outside the city limits of Atlanta. Homes must be up to all DeKalb County codes at the time of purchase.
What is the first step to apply? Applicants must first attend a workshop with one of the approved counseling agencies listed below.
How will my credit history affect eligibility?Applicants must be credit-worthy as determined by one of the program's participating lenders. Judgments, garnishments, bankruptcy, collections or too many bills may affect your ability to qualify for a loan.
Is any other assistance available? Qualified buyers may be eligible for $5,000-$20,000 in additional funds through the Georgia Dream Homeownership program, under the Georgia Department of Community Affairs.
Housing counseling with an approved agency is the 1st step to enter this program. If you already have a contract on a house at the time of application, please be aware that your closing date must be at least 45 days away in order to complete processing. Because of the many HUD rules and regulations, this program may not be for you if you have already signed a contract on a home.
How much cash must buyers contribute? Buyers must contribute 1% of the total purchase price. So if you are buying the maximum purchase allowed of $160,000, you will need to contribute $1,600.
A certificate of completion can be obtained by attending classes and individualized counseling that will prepare you to make an informed choice when you purchase your home.Topics covered in the classes include:
- How to get a mortgage
- Money for down payment
- Planning for homeownership responsibilities
- Evaluating your ability to afford a home
- Types of financing available
- Budgeting and credit
- Understanding your FICO score
- Avoiding foreclosure
Following class completion, you will also be required to sit down with a certified housing counselor who will go over your own personal situation and advise you on the best way to proceed to become a new homeowner in a way that works out best for you. Class times and locations will vary by the counseling agency, so call now to enroll in a class that fits your schedule.
Approved Housing Counseling Agencies
• Consumer Credit Counseling Services of Greater Atlanta 1-888-239-8516, ask Operator for the DeKalb County 1st Time Homebuyer Program,Referral code 098 www.cccsinc.org
•· DeKalb Metro Housing Counseling Center 404-508-0922 e-mail: dmhcc@bellsouth.net
•· Green Forest Community Development Corporation 404-486-5768 www.gfcdc.org
•· D&E, A Financial Education & Training Institute, Inc. 770-961-6900 www.depower.org
•· Housing Authority of DeKalb County 404-270-2600 www.dekalbhousing.org
•· Urban Hope Homeownership Center 770-696-9607 www.urbanhope.com
•· Reynoldstown CDC 404-525-4130 ext. 15 www.reynoldstown.org
•· HomeFree-USA 404-607-0800 www.homefreeusa.org
If you are considering buying or selling a home in Dekalb County, contact Jen Bowman, Realtor, Keller Williams Realty Atlanta Partners at 404-456-5024.
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Realtor Jen Bowman has been featured on HGTV's My First Place, HGTV's Buying and Selling 20 Best Kept Secrets & Inman News - where real estate and technology connect. She is a proud member of Keller Williams Realty Atlanta Partners Agent Leadership Council. Jen is also a member of Keller Williams Realty Luxury Home Division, catering to luxury home buyers and sellers. Call or text 404-456-5024 today to get started buying your dream home in Dekalb or Cobb, selling your current home in Dekalb or Cobb, or learning more about an awesome career in real estate.
Jen we have a few communities here in Connecticut that are offering grants to first time home buyers, but we also have a program "Connecticut Housing Finance Authority" (CHFA) that will also assist first time home buyers with downpayment an closing cost assistance and a reduced interest rate.
The help is out there if you know where to look.
Hi There, I finished Dekalb Co program and found a great home ,but now am told that neither Dekalb or Ga Dream will let you buy a foreclosed property. I read the states program description and there is nothing in it about that. What's the deal? Another Dekalb scam to keep money in their pockets?
Hi Sk8rmom56,
You are able to buy a foreclosed property. It just cannot have extensive repairs needed, like a new roof, new windows, HVAC, etc. It must be a livable home. If the repairs are done before closing, that is OK too. Feel free to contact me at 404-456-5024. I know of some foreclosures that have been inspected and have already been approved for this type of financing.
Hello,
I was looking for info. on down payment assistance for my son that moved to Ga. for his job in 2007 They did own a home in Washington, they had a hard time selling it, it took about a year. so would owning that home not allow them to get down payment assistance in Ga. I was reading another site (Neighborhood Stabilization Program) and it said owned a home in the past 3 years OR take advantage of a foreclosed home and there was another OR and I can't remember what it said. Anyway, If this is their --1st home in Georgia --Would they be able to take advantage of this program. They found a home in Woodstock and wrote an offer, I have not found a site for Cherokee Cty. or Woodstock can you tell me if there is one? It would be very nice If they did not need to get the down payment from Mom.
I appreciate your time, Thank you
Hi Colleen, In order for buyers to get down payment assistance they need to complete a home buyer class and get the certificate. The classes are offered for free at many locations. If your son has already submitted an offer, it may be too late. I don't know about a particular program just for Cherokee county, but Georgia Dream does apply to all counties in GA. The requirements for Georgia Dream are you must be a 1st time Home Buyer, or not owned a home in the past 3 years or purchase a home in a targeted area. Cherokee county is not a targeted county, neither are any of the areas in metro Atlanta. Home buyers who will be using down payment assistance programs really need to look into them before they submit an offer, It's best to do it in the beginning of the home search so your agent can make sure that everything is in order. Sorry Colleen, it looks like your son may be going to the "bank of Mom". Feel free to call me at 404-456-5024 with any other questions.
Please send information for me and my wife. We are interested in buying a home.
Alvin, thanks for stopping by. I just spoke to your wife and told her how to get started. I look forward to working with you!
Is the maxium annual income limit based on 2008 tax returns?
Thanks
Jen, I've been saving for a downpayment. Is it possible to buyt down interest points (with my savings) if I use the GA dream program.
Asia, the maximum annual income limit is based on your most recent tax return. So yes, this year it would be based on your 2008 returns. I'm glad you've been saving for your downpayment. There may be a better program with a better interest rate than the GA Dream program for you. Feel free to call me at 404-456-5024. I would be glad to assist you in the purchase of your home.
I recently signed a contract to purchase a home in Dekalb county. I am one to two weeks away from closing I had the 3% to close but do to a family emergency I had to spend some of the money. Do I qualify for any assisstance being that I am a first time home buyer and have never purchased a home.
Floyd, You would qualify based on the first time buyer status. Usually the minimum amount of down payment required is 3.5%, unless you are buying a HUD owned foreclosure (you can buy those with $100 down) or a property in the USDA Rural Development area where you can buy with 100% financing. Remember you will still need closing costs in addition to the down payment.
You said that you were one to two weeks away from closing. That is not enough time to go through the Homebuyer Workshop and go through the required steps including having the Dekalb County Housing Inspector come out and inspect the house to approve it for the program. (That is different from your regular home inspection.)
My suggestion is that you wait to buy until you have some emergency money set aside. In the meantime, take the class and go through the required steps. As you probably know, emergencies do come up and you want to have money set aside for those and to be able to make your mortgage payments comfortably.
can i get down payment assistance to buy a condo?
Sorry Steve, Dekalb's downpayment assistance is only available for single family homes, not condos. There are HUD owned foreclosures that are condos that can be bought with $100 down instead of the minimum 3.5% down payment. Feel free to contact me at 404-456-5024 for more information on that.
I wanted to know is this Georgia Dream Program still going on or is this the program that expired some months ago? If not, what can I do with a credit rating on 582. Most of the things that are on my credit are is medical bills. I have been paying on my credit for quite some time and only see little increase in my credit score. I need something that will happen over night. Something like a miracle I guess. ... Seriously, I am at the end of my 12 month lease in a 3 bedroom apartment and I have 4 toddler kids. I want to make my next move into a house while I am still young. I am only 25 and need some guidance on where to start. Please help!!
Hi Neishia, Georgia Dream is still alive and well. Improving your credit score is important. Give me a call 404-456-5024 and I will connect you with someone who can give you some specific ideas on what you can do to get your credit score up. I don't know of anything that will increase your score overnight. It takes time and hard work. If you are at the end of your lease, I would suggest going on a month to month if you can until you get your score up and are ready for homeownership. I look forward to hearing from you.
Hi, Jen I wanted to know how buyers applying for Georgia Dream or any first time buyers are finding housing that meets the programs critiria. I'm a renovater looking to sell top notch renovated homes at affordable prices. I'd also be willing to help out on closing cost to. Is there a buyers pool out there of qualified buyers in this market? If so how can I tap into this awesome buyers pool and market my properties? I'd like to show you some of my most recent work in Stn Mtn.
Louis
Hi Jen, I am participating in a HUD approved homebuyers education course i have attended the 8 class i have had 2 one on one sessions with my counselor I have raised my credit score what is the next step? find a lender ; realestate agent. also what exactly does the certificate do for you? Is this needed to be approved for one of the dwn pymt assistance programs?
I also read that the minimum requirements as far as your FICO score has now dropped to 580 is this true just looking for some honest answers with all the programs and literature is hard to keep up Ga Dream program NSP program Get Home Now program just want to know which of the programs work
Thank you
Louis, I apologize for the delay. I am just now seeing your post. There are a tremendous amount of buyers needing good homes. Please feel free to contact me at 404-456-5024.
Soni, Please contact me, I have the lender for you and I'm a real estate agent who knows these programs and can help you navigate through them. The certificate allows you to apply for the down payment assistance.
Regarding the FICO score, it depends on the lender and the seller of the home you are purchasing. HUD owned foreclosures have the most lenient rules regarding FICO scores and allow $100 down payment. FHA loans require higher than that. Please give me a call at 404-456-5024 and we'll talk more about your specific issues.