Atlanta Home Buyers: There is still time to take advantage of the $14,000 incentive for foreclosure home purchases through the Georgia Dream Homeownership Program

 

The Georgia Department of Community Affairs is currently offering a $14,000  incentive for purchasing a foreclosure home through the Georgia Dream Homeownership Program.  The program is targeted at reducing the inventory of foreclosure homes in counties were foreclosure levels have been severely elevated.  The foreclosure property must be located in counties that have been selected for the program - Counties of Need - because of the large volume of foreclosure properties.    The $14,000 may be used either for necessary repairs to the property or may be applied towards the mortgage down payment. This is not a first-time buyer program, previous homeowners also qualify.

All Atlanta area counties are included in the program, so any homebuyer in the Atlanta market could potentially qualify for this program.  The program commenced in April 2009, but prospective buyers still have six months to take advantage of the program until it ends in July 2010.   Buyers must qualify against a number of criteria.  However, the most significant criteria is the income limits by county because it is a HUD-funded program administered by the Georgia Department of Community Affairs.

Program specifics

• The property purchased must be a foreclosure property located within the designated counties of need (all Atlanta metro counties qualify);


• Short-sales or homes in pre-foreclosure do not qualify;


• Home buyers must have an annual income within the defined income limits (for a table of income limits: http://www.dca.state.ga.us/housing/Homeownership/programs/downloads/NSPIncomeLimits.pdf); generally an annual income of less than $69,000 for a two-person household and less than $86,000 for a four-person household in the Atlanta area;


• Home buyers must attend at least eight live (in-person) hours of homebuyer counseling and education from a list of approved providers;


• A home buyer may also qualify for the US First-Time Homebuyer Tax Credit; however, they may not receive other forms of down payment assistance nor may they use the tax credit towards a down payment;


• The mortgage will be originated and held by a private lending institution;


• Currently 13 mortgage companies or lenders participate in underwriting mortgages for this program;


• A buyer must stay within the home purchased under this program for at more than five years, because a lien placed on the home for this program is not released until sixty-six months after the closing date.

 

For more information, see:

http://www.dca.state.ga.us/housing/Homeownership/programs/gadreamnspdownpayment.asp