GA First Time Home Buyer Grants: Get Up To $15,000

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Do you want to buy your first home? GA first time home buyer grants help eligible homebuyers by offering affordable mortgage financing, as a resident of the state of Georgia.

Owning your own home will definitely be a huge milestone for you, and in most cases, it’s a huge financial investment. But what if you don’t have the money to buy a home outright?

Don’t worry–there are ways to make homeownership a reality. One such way is to take advantage of GA first time home buyer grants available to first-time home buyers in Georgia.

In this post, we’ll introduce you to GA first time home buyer grants available to you and walk you through the application process.

How Do You Qualify For GA First Time Home Buyer Grants?

In order to qualify for a grant as a first-time home buyer in Georgia, there are certain requirements that you must meet. The most important one is that you must be a legal resident of the state. In addition, you must have never owned a home before – meaning you cannot have been a part of another homeownership program in the past. You must also have a minimum credit score of 640, and your total household income cannot exceed $97,000 per year.

Finally, you must agree to live in the home you purchase for at least five years. If you meet all of these qualifications, then you are likely eligible for one of Georgia’s many GA first-time home buyer grants.

How Much Can You Get?

The amount you can get varies depending on any of the GA first time home buyer grants. Some grants are for a specific amount, such as $5,000, while others are a percentage of the purchase price, such as 20%. In most cases, though, you’ll need to be pre-approved for a mortgage before you can apply for a grant. Contact a lender to find out more about the specific grants available in your area.

What Can You Use GA First-time Home Buyer Grants For?

The Georgia first-time home buyer grant can be used for a variety of expenses, including down payments, closing costs, and pre-purchase counseling. However, it’s important to note that GA first time home buyer grants cannot be used to cover the cost of the home itself. So, if you’re hoping to purchase a new home with the help of the grant, you’ll need to come up with the remaining funds on your own.

That being said, the grant can still be a huge help in lowering your overall costs and making homeownership a reality. It can take the pressure off of having to save up for a large down payment or paying for closing costs outright.

And, if you use a qualified lender, you may not even have to pay back the grant money!

For the best options for you, find an accredited housing counselling agency here.

How Do You Apply?

Applying for a grant as a first-time home buyer in Georgia is a fairly simple process. You can either apply online or pick up a physical application at your local county courthouse. The application will ask for some basic information, such as your name, Social Security number and contact information. It will also ask about your current housing situation and your previous address.

You’ll need to provide documentation supporting your answers, such as pay stubs, bank statements and rental agreements. Once you’ve filled out the application, you’ll need to submit it to your local county government office.

READ ALSO: Idaho First Time Home Buyer Grants: How to Get $17,500 in Financial Assistance

Be sure to do this well in advance of your intended purchase date, as GA first time home buyer grants are awarded on a first-come, first-served basis.

What is the Georgia Dream Homeownership Program?

The Georgia Dream Homeownership Program covers GA first time home buyer grants offered to first-time home buyers in the state of Georgia. The grant provides up to $5,000 for down payment and closing costs assistance. In order to be eligible for the grant, you must meet certain requirements, including:

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  • You must be a first-time home buyer (you have not owned a home in the past three years)
  • Your total household income must fall below certain thresholds
  • You must purchase a home in a designated qualifying area
  • You must have a credit score of at least 640

The Georgia Dream Home Ownership Program allows qualifying residents to purchase a home. Georgia Dream offers low-cost financing, assistance with down payments and closing costs, and homebuyer education. Active military personnel, public safety officers, educators, healthcare providers, and people with disabled family members are eligible for special down payment loan choices.

To know more about this program, see program flyers below:

To be eligible for the program, you must fulfill certain requirements

However, it is important to take note of requirements that are specific to your county because conditiond may vary from one county to the other. For example, what applies in Atlanta might not be same as what is expected of prospective homeowners applying from Columbus. An insight into these are provided below.

Atlanta City

Inside the city of Atlanta, you have a variety of possibilities for realizing your dream of homeownership. Such possibilities include:

  • Home Atlanta 4.0
  • Vine City Renaissance Initiative (VCRI) 
  • ATL Home Renovation Advantage
  • Atlanta Affordable Homeownership Program (AAHOP) 
  • Intown Mortgage Assistance Program (IMAP)
  • Perry Bolton Mortgage Assistance Program

Augusta Housing & Community Development Department, Georgia

The Augusta Housing & Community Development Department (AHCDD) has a Down-payment Support Program which provides financial assistance to low- to moderate-income first-time homebuyers. The program uses monies from the US Department of Housing and Urban Development’s HOME and American Dream Down-payment Initiative programs to pay for qualified down payments and closing costs.

Columbus, Georgia

The Columbus Consolidated Government participates in the HOME Investment Partnership Program and receives annual HOME entitlement cash. Activities have been carried out as part of this program to support continuing community regeneration efforts.

Dekalb County, Georgia

Depending on the kind of loan chosen, Dekalb County, through the WE DeKalb program provides a 3-5 percent down payment grant to qualified applicants interested in purchasing, renovating, or refinancing a property in the County.

This non-repayable incentive is not limited to homebuyers who work in DeKalb County: any qualified borrower interested in purchasing a property in DeKalb County can benefit from it.

How can I buy a house with no money down in Georgia?

You could find more about your options by visit a housing counselling agency today. See a list of accredited housing counselling agencies in Georgia here.

Click here to find a list of accredited lenders. LIST OF ACCREDITED GEORGIA DREAM LENDERS

Please Note: FHA, USDA-RD, VA, and conventional mortgage loans are all approved by accredited lenders.

Conclusion

If you’re looking for GA first time home buyer grants in Georgia, the Georgia Dream Homeownership Program can help you get into your dream home with a grant of up to $15,000. But to qualify, you must meet certain income requirements and borrow a minimum of $1,000 from a participating lender.

The grant can be used for down payment and closing costs, and there are no restrictions on the type of home you buy. So, start your application online today and get your dream home on track through any of the available GA first time home buyer grants.

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