Ok, here’s the deal. Yes- the city does have programs that will provide down payment assistance to first time home buyers. But before you begin to jump for joy- please know that the home MUST be in move in ready to condition to participate in the programs I’ve seen. (if there are some that will allow you to rehab a house and provide this assistance,I’m not familiar with it- if you are, please provide this info to us all..)
As you know, all of our vacant homes in the West End/Westview neighborhoods are usually missing or in need of a new- HVAC, Furnace, Hot water heater and in some cases plumbing, electrical and pretty much a lot of what would make these homes “move-in condition”. However, if you happened to come upon that rare gem-take a look at this:ada-flyer
Unfortunately, I heard these funds may be running out by October, but I dont know for sure.
Find out more at http://www.atlantada.com/buildDev/ADDI.jsp
Nonprofits that funnel money from sellers to buyers are under attack by the Bush administration, but supporters say that these companies help thousands of middle-income people who would otherwise never save up enough to buy a home.
The Federal Housing Administration requires a down payment of 3 percent, but no-money down loans using charitable down-payment assistance grew to about 35 percent of the agency’s new loans last year, up from about 5 percent in 2001.
Defaults are higher than the FHA’s other loans. As of February, about 10 percent of borrowers receiving seller-financed down-payment assistance were either 90 or more days delinquent or in foreclosure, government statistics show.
That’s greater than the rate of about 6 percent for ordinary FHA loans, but less than the rate of about 24 percent for subprime loans made to borrowers with poor credit.
Supporters say that the programs would significantly reduce access to homeownership and some tightening of the regulations would solve problems with the program.
Source: The Associated Press, Alan Zibel
ACE Development Corporation is celebrating National Homeownership Month with an open house (10 AM – 5:30 PM) and reception (5:30 PM – 8:30 PM) on Monday, June 30. ACE programs help renters save towards the purchase of affordable homes and guard against foreclosure. Open house seminars include such topics as reverse mortgages, down-payment assistance, how to avoid foreclosure, and housing cooperatives. Great door-prizes. Free to the public. John Birdine Neighborhood Center, 215 Lakewood Way. Call 404-627-5920 or visit www.acedevelopment.org for more info.
Please see the flyer here
Free and Open To the Public! Thursday, March 6th 6-8PM West End Branch Library (525 Peeples St)
All government agencies will discuss programs available to help make home buying a reality!
Atlanta Development Authorities (ADA)
” Atlanta Affordable Home-ownership Program provides up to $15,000 towards your down payment”
Department of Community Affairs (DCA)
“Home Buyers Programs to help low to moderate income Georgians save hundreds to thousands of dollars of down payments, low mortgage and interest rates”
The Atlanta Renewal Community Mortgage Assistance program that provide grants in the form of a zero(0) percent interest deferred loan to help low and moderate income residents of the original Atlanta Empowerment Zone (AEZ) who are first-time home buyers.
University Community Development Corporation (UCDC)
“Affordable housing programs that improve neighborhoods and enhance the quality of life for residents in the areas adjacent to the Atlanta University Center”
Capitol Gateway Down Payment & Housing Choice Mortgage Assistance
“Atlanta Housing Authority discussing affordable housing opportunities in revitalized and premier communities”