Homeownership Program

Homeownership Program Eligibility Requirements for the Capitol Gateway Down Payment Assistance Program

1. To participate in Atlanta Housing Authority’s homeownership program ($20,000 of down payment assistance), all qualified buyers must be at or below 115% of Area Median Income: not to exceed $82,455. (As defined by the U.S. Department of Housing and Urban Development).
2. Purchaser must not have owned a home within the last 36 months.
3. Purchaser must occupy the home as their primary residence.
4. Eligible households will be required to attend homebuyer’s education classes.
5. Minimum down payment 3% with no less than $1000 from buyers own funds.
6. Purchaser must be able to verify a minimum of 2 months PITI cash reserves after closing.
7. Total debt-to –income cannot exceed 46%.
8. Loan-to-value ratio cannot exceed 100%.

Required Documents from borrower/lender

1. Provide completed homeownership application (In person required)
2. Current pre-approval letter from the lender
3. Good Faith Estimate (though you may not have identified a property yet, your lender should be able to provide this document.)
4. Copy of the 1003
5. Last 2 years W-2’s
6. Last 2 years tax returns
7. Last 3 current pay stubs
8. Last 3 current statements for all assets (Savings, Checking, 401K, 403B, etc.)
9. Current Credit Reports from all three agencies (no more than 3 months old)
10. Homebuyers Certificate from HUD Certified Counseling Agency,( due before closing date).
11. Verification of  Employment
12. Copy of  the Purchase and Sales Agreement
13. Copy of Appraisal