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Does the American dream seem out of reach? Did you know your monthly mortgage payment may be less than what you are currently paying in rent? If you aspire to the dream of home ownership, but struggle to come up with the down payment, this program may be for you. The Homeownership Program provides up to $15,000 towards your down payment. This is a loan that you do not have to pay back, unless you move out, sell or refinance your home within five years from the purchase date. In other words, this loan will be forgiven after you have owned and lived in your home for five years.
| "For a first time homebuyer, buying a home can be very stressful, but you have to take chances in life. The reward is worth the effort! I never imagined buying a home, especially near the place that I grew up. This program made it possible for my family to continue to live in the City of Atlanta.” |
| - Virtuous Perdue |
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What are the requirements?
- Eligible properties must be located within the City of Atlanta.
- Borrower must be a first time home buyer.
- Borrower must contribute at least $1,500 of their own funds towards closing costs.
- Borrower must attend FREE Home Buyer Training prior to loan closing.
- Borrowers must meet program income qualifications and normal lender mortgage underwriting requirements that demonstrate creditworthiness.
- All newly constructed properties must meet the Barrier Free Ordinance requirements
- Borrower must purchase Title Insurance for the second mortgage.
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Maximum Income Limits:
ODPAP
$71, 200 for 1-2 person households
$81,880 for 3 or more person
households
BAHTF
$56,250 and below to receive 20%
$56,251-$81,880 to receive 10%
AAHOP
$40,150 for 1 person household
$45,900 for 2 person household
$51,600 for 3 person household
HOAP
$49,800 for 1 person household
$57,000 for 2 person household
$64,100 for 3 person household
Attention - Vine City and English Avenue neighborhood homebuyers: The Housing Trust Fund Homeownership Program may provide an additional $15,000 of mortgage assistance. These funds may be combined with AAHOP for total mortgage assistance of up to $30,000 for eligible buyers. For more information on this and other mortgage assistance programs, contact Tracey Powell at 404-614-8280.
What type of home can I buy?
Newly constructed or existing single family detached homes, attached townhomes or condos will qualify. The home must be used for your primary residence.
Contact one of the participating lenders on our approved lender list. The lender will then pre-qualify you for the primary mortgage.
A COMMUNITY DEVELOPMENT PROJECT OF THE CITY OF ATLANTA funded by a grant from the U.S. Department of Housing and Urban Development through the Housing and Community Development Act of 1974, as amended.
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