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Are you considering purchasing a home? The Atlanta Housing Homeownership Program provides down payment assistance to eligible first-time homebuyers, subject to meeting both the program and primary lender's requirements. Note that these eligibility criteria are subject to change without advance notice.
Who Can Apply: First-time homebuyers or those who haven't owned a home in the past three years, excluding any ownership interest in residential or commercial property during this period.
Eligibility Requirements:
- Income must not exceed 80% of the current HUD’s MSA Area Median Income.
- The purchased property must be the homebuyer's primary residence; second homes are prohibited.
- Liquid assets of the buyer cannot exceed $25,000.
- Applicants must meet the primary lender’s credit requirements and secure approval for conventional, FHA, or VA loan financing.
- The primary loan term can range from 15 to 30 years and must be fixed-rate.
- Proof of Georgia residency for at least six months is required.
- Eligible properties include single-family detached homes, townhomes, or condominiums; undeveloped land is not qualified.
- Completing an eight-hour Homebuyer Education class from a HUD-approved provider is mandatory for all persons on the note.
- The buyer's contribution or own funds for the purchase must be at least $1,500.
Down Payment Assistance Options:
- Standard DPA: Up to $20,000 for eligible buyers.
- Enhanced DPA: Up to $25,000 for professionals in public safety, healthcare, education, current military or veteran, and Voucher Participants.
- AH DPA can be combined with other sources of DPA if approved by AH and the primary lender.
Maximum Purchase Price: $375,000.
Geographical Restriction: Properties must be located within the City of Atlanta.
Participating Lenders: See the list of AH’s participating lenders here.
HBE Counseling Providers: See the list of Home Buyer Education Providers here.
- Purchases involving non-occupant co-borrowers and/or co-signers are not eligible.
- Processing takes approximately 30 days after receipt of a complete credit file from the primary lender.
