What downpayment assistance is available?
Opportunity Downpayment Assistance Program
This program provides homebuyers with downpayment assistance of 10 percent of the sales price at zero-percent interest rate as a soft second mortgage. First mortgage secured by ADA’s participating lenders must be Conventional, FHA, or VA, 30-year fixed-rate loan.
Who Qualifies?
There is no first time homebuyer requirement for borrowers moving into the incorporated city limits of Atlanta but, current residence must be sold prior to closing on the new home.
Maximum Income Limits:
$71,700 for 1 to 2-person household $82,455 for 3 person household
Borrower Must:
• Secure an executed real estate contract on the property to be purchased
• Have a sound credit history
• Provide copies of federal tax return transcripts for the past three years
• Attend ADA-approved homebuyer seminar
• Have existing property inspected prior to closing
• Contribute $1,500 of own funds towards closing
Eligible Properties
• The property must be located in thecity limits of Atlanta
• Maximum purchase price limit can not exceed $252,890
• Single family detached homes, townhomes, and condominiums
• Property must be owner occupied
Loan Conditions & Repayment
• The 10-percent deferred loan requires no payments and is forgiven if borrower occupies the property for at least 10 years
• Loan proceeds may not be used to payoff other loans, advances, or consumer debts
Program Layering & Fees
• Qualified borrowers using Opportunity Downpayment Assistance Program may pool funds from other downpayment assistance programs, as long as borrower qualifies under each program guidelines
• $1,000 program administration fee is charged to borrower at closing
How Do I Get Started?
• Attend ADA-approved homebuyerseminar
• Contact one of ADA’s participating lender to get prequalified and secure first mortgage loan
• Find a home within the city limits of Atlanta
• Have your lender complete loan package and forward it to ADA
You may be eligible for up to $25,289 in downpayment assistance
For more information, please contact Hiwot Mekonnen, Mortgage Specialist, at 404.614.8317 or visit the Affordable Housing section of our website, www.atlantada.com.