Down payment program decoded
Down Payment programs in Atlanta
In Atlanta, Invest Atlanta leads the pack in down payment assistance, in fact other than Georgia Dream, there is no other source for down payment assistance in Atlanta (I excluded NSP funds because you have to buy a NSP house to get those funds).
I have been getting a lot of questions on down payment assistance programs, so here are some of the answers:
1) What is it?
This down payment program is funded by the Wells Fargo Foundation and NeighborWorks America, and is available through Invest Atlanta. Contrary to popular thinking, the lender does not have to be Wells Fargo. The program will be available for two years, however, it is a first come, first service program. If the funds run out before the two years are up….I can only say SORRY.
2) How much money can a buyer receive?
Qualified homebuyers can receive up to $15,000.00 to purchase a home.
3) Can the Neighborhood lift program be combined with other down payment assistance programs?
The Neighborhood lift program can be layered with other down payment assistance programs but not with Georgia Dream.
4) Does the money have to be paid back?
As long as the buyer stays in the home for five years, no money has to be paid back. However, if the buyer moves out of the home before five years a portion of the money must be paid back. This amount will be based on the amount of time the buyer has lived in the home.
5) Can the home be refinanced to get a lower rate before the five years are up?
The Neighborhood Lift program is the only program Invest Atlanta maintains, that allows refinancing. Yes, the buyer can refinance to get a lower rate. No cash out refinancing is allowed.
6) Can the Neighborhood Lift program be used with a 203k loan?
Yes, it can but only if you are not layering it with another Invest Atlanta program.
7) Can the homebuyer certificate received for the other Invest Atlanta programs apply towards the Neighborhood lift program?
No, the buyer must take a class specific to the Neighborhood Lift program. You can go to Invest Atlanta website or call me for the list of classes.
I hope I was able to answer your questions on the Neighborhood lift program, if you have more questions about down payment assistance go ahead and call me. if I dont know the answer, I will know where to get the answer.
Vonda Henry., Loan Originatior.
Voice 404.374.3557 Fax 404.806.0073
Equity Loans, LLC NMLS 170855 G A25313
1150 Hammond Drive Blg. E Ste 650 Atlanta, GA 30328