Programs That Help With Buying Intown Homes
Thanks to our friends at SunTrust Mortgage, here's an easy way to see what programs are out there to help Intown buyers. Give me a call and I'll be glad to hook you up with a SunTrust lender to see how you can take advantage of one of these programs:
Atlanta Development Authority
www.atlantada.com
404-614-8280
The Atlanta Development Authority offers several programs that make living in the City of Atlanta affordable. With programs and incentives targeted at developers, homeowners and renters, ADA makes living in-town affordable for all types of working families.
The following is a few key points of the most popular programs available from the ADA.
Atlanta
- Provides $10,000 mortgage assistance in the form of a 0% second mortgage and covers up to 50% of the settlement costs.
- 1st Mortgage secured by ADA’s participating lenders and must be Conventional, FHA or VA 30 year fixed rate loan.
- Must be a first-time homebuyer or have not owned a home in the past 3 years.
- Maximum Income limits of $40,150 for 1 person household, $45,900 for 2 person household up to a maximum of $61,950 for a 5 person household.
- Borrower must have sound credit, provide 3 years tax returns, attend an ADA approved homebuyers seminar, have existing property inspected prior to closing and must contribute $1500 of own funds towards closing.
- Property must be located in city limits of Atlanta and be primary owner occupied up to a maximum sales price of $252,890.
- This silent second mortgage is deferred for 5 years: repayment is due in full upon sale, transfer, refinancing or when no longer owner occupied.
Opportunity
- No first-time homebuyer requirement for borrowers moving in the incorporated city limits of Atlanta, but current residence must be sold prior to closing.
- Maximum Income Limits of $71,200 for a 1 or 2 person household and $81,880 for 3 or more person household.
- The 10% deferred loan requires no payments and is forgiven if borrower occupies the property for at least 10 years
BELTLINE Affordable Housing Trust Fund (BAHTF)
- Provides downpayment assistance up to 20% of the sales price at 0% interest rate as a soft second mortgage up to a maximum amount of $50,578.
- Maximum Income Limits are as follows: 1-2 people $56,250 and below can receive 20% and $56,251 to $71,200 receive 10%. 3 or more people $56,250 and below can receive 20% and $56,251 to $81,880 receive 10%.
- The property must be located in the Beltline Tax Allocation District. To verify go to http://ais.atlantaga.gov/apps/parcel_search/
- The deferred loan requires no payments and is forgiven if borrower occupies the property for at least 15 years
Both ODPAP and BAHTF have the same requirements as AAHOP program plus the items noted.