DOWN PAYMENT ASSISTANCE HOMEOWNERSHIP PROGRAM for ATLANTA HOUSING VOUCHER PARTICIPANTS
- PROGRAM ELIGIBILITYREQUIREMENTS
- SOME FREQUENTLYASKED QUESTIONS
- DOCUMENTS FOR ALENDER PRE-APPROVAL
BRIDGING THE GAP AH DOWN PAYMENT ASSISTANCE HOMEOWNERSHIP PROGRAM for AH HOUSING CHOICE VOUCHER PARTICIPANTS
Atlanta Housing is helping to bridge the gap from subsidized rental housing to sustainable homeownership by providing up to $60,0000 in down payment assistance (DPA) to eligible AH Voucher Participants
PRIMARY ELIGIBILITY REQUIREMENTS
A. Income(s) cannot exceed 80% of HUD’s MSA Area Median Income (AMI)
B. The purchase must be the Voucher Participant’s primary residence
C. The buyer cannot have ownership interest or title interest in a home within the past 3
years
D. The Voucher Participant must meet the primary lender’s loan approval
E. The primary loan can be from a 15- to 30-year loan term
F. The Voucher Participant’s credit score cannot be less than 580
G. The Voucher Participant’s out-of-pocket financial contribution towards the purchase cannot be less than $500
H. The maximum sales price is $375,000
I. Eligible properties must be within the City of Atlanta and can be a single family detached
(SFD) unit, or a townhome (TH) unit, or a condominium (Condo) unit.
J. The Voucher Participant must have verifiable Georgia residency for not less than six (6) months
K. A Completion Certificate of an 8-hour Homebuyer Education Class from a HUD-approved Homebuyer Education (HBE) Provider
L. Cash reserves at time of closing cannot be less than one month of the total mortgage payment (PITI) + one month of HOA, if applicable
M. Verifiable employment and/or verifiable income for not less than two years
N. Liquid assets at time of the AH DPA submission cannot exceed $35,000
- AH DPA can be layered with other local sources of DPA if the other sources are approvedby AH and the primary lender
- Purchases with a non-occupant co-borrower and/or with a co-signer, are not eligible.
- There is no “waiting list” or application process for an advance registration.
For questions you can send an email to HomeownershipSvcDevelopment@atlantahousing.org
As an AH Voucher Participants, if I meet the Eligibility Requirements for $60,000 in Down Payment Assistance, what will my lender need for a loan pre-approval?
Copies of the 3 most recent years of W-2’s.
Three (3) months of most recent paystubs and other verifiable income sources.
HBE Certificate (from a HUD-approved HBE Provider).
Proof of Georgia residency for not less than six (6) months.
Three (3) most recent years of complete filed and signed tax returns.
Three (3) months of savings/checking account statements.
The items listed are the customary documents needed for a lender’s application and review for pre-approval. Additional sources of documentation for verification and pre-approval may also be required.
Yes, eligible buyers must be approved by a lender from the AH Lender Network listed on AH website.
