First Time Home Buyer Programs

First Time Home Buyer Programs

We get asked all the time about First Time Home Buyer Programs.  The reality is that there are a lot of programs out there that help ALL buyers but “target” First Time Home Buyers.  These programs typically allow home buyers to put less money down, do rehab work or get a special deal on the rate or price.

HUD Homes HUD Homes are likely the easiest to target and say, these are perfect for first time home buyers.  While not a first time home buyer program per se, HUD Homes can be purchased with $100 Down and are typically more affordable than other homes.  Most HUD homes are under $150,000 and with a mortgage at 2011 rates you can be in for less than you can rent, if you are a first time home buyer.  HUD Homes do offer incentives for those buying their Primary Residence.

Down Payment Assistance Down Payment Assistance is usually the most over used terminology for as a First Time Home Buyer Program.  The truth is that that the Down Payment Assistance is available to all who qualify.  In local cases, this means income requirements and requirements of you (as the home buyer) to buy in a certain location.

GA Down Payment Assistance Program and First Time Home Buyer Programs

  • GA Dream – $5,000 Down Payment Assistance – The home buyer must contribute at least $1,000 to the transaction and meet other requirements (to follow) in order to receive the “assistance.”  The $5,000 comes in the form of a no-interest, no-payment loan.  This means it MUST be paid off, but could “wait” until the sell of the home.
    • If 1 or 2 Buyers then the household income must be under $70,000
    • Cannot be used to purchase a home over $200,000
    • It’s worth noting that there are limited funds for the
    • Buyer can not have purchased a home in the last 3 years making it more like a true first time home buyer program.
  • USDA Loans – Here’s the beef!  If you are thinking of buying in a rural area such as Commerce, Winder, Dawsonville, etc, you can get a USDA loan for 100% of the purchase price.  The only “catch” is that it must be in an area that is designated as Rural, some metro cities such as Cumming, GA even qualify.
    • Loan rates are set and not “going market rate” – this can be to your advantage or disadvantage.
    • Cannot be used to buy a home that exceeds $180,000 in price.
  • 203K Loans – These loans are not Down Payment Assistance programs but rather a loan for a home that needs some repair.  This loan allows the home buyer to roll in the cost of repairs.  Because the loan is regulated, the types of repairs must be functional and not considered Luxury.
  • NACA, NSP and City Specific Down Payment Assistance or First Time Home Buyer Programs – These are seasonal and local.  You’ll need to talk to your loan professional or call us at 678-999-1001 to see which programs you qualify for. 

For more information regarding these loan types, feel free to contact the Jarvis Team.

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Joshua Jarvis
Joshua Jarvis

Joshua and his family have served Gwinnett County for over 20 years, specializing in homes for sale in Buford, Braselton, Hoschton and areas in the north Gwinnett area. Jarvis Team Realty has sold over 1,000 homes all over Atlanta