There is a new down payment assistance program offered by the Federal Home Loan Bank. Its available to first time home buyers in the form of a 2nd mortgage that is forgiven after 5 years.The funds are provided in a 5 to 1 ratio based on the buyer's personal contribution. For instance, if you contribute $500 toward your down payment then you can receive $2,500. If you contribute $2,000, you can receive the maximum amount of $10,000.
This is a great program. Its actually better than the mortgage assistance offered through the Atlanta Development Authority as it can be used anywhere in the state of Georgia and currently has better mortgage interest rates. Homebuyer education classes are required and it is necessary to meet certain income guidelines.
This is a great program. Its actually better than the mortgage assistance offered through the Atlanta Development Authority as it can be used anywhere in the state of Georgia and currently has better mortgage interest rates. Homebuyer education classes are required and it is necessary to meet certain income guidelines.
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