Located in the southeastern United States, Georgia is the 4th state in the Union. Nicknamed The Peach State, Georgia’s terrain includes mountains, farmland, and coastal beaches. It is home to the Martin Luther King Jr. National Historic Site, Masters Tournament in Augusta, and more. The state capital and largest city is Atlanta. With a population of nearly 11 million people, Georgia boasts a homeownership rate of 64.7% (2022-U.S. Census Bureau).
DPA programs across the country continue to make homeownership possible for many. Below is a list of programs available in the state of Georgia. Also, combining programs may be possible, so be sure to inquire.
Georgia Department of Community Affairs
Columbus Consolidated Government Community Reinvestment
Hall County Financial Services Department
Fulton County Community Development
Savannah Housing and Neighborhood Services
Clayton County Housing & Urban Development
Atlanta Neighborhood Development Partnership
Decide DeKalb Development Authority
Gwinnett County Department of Financial Services
Federal Home Loan Bank (FHLBank) Atlanta
Georgia Dream Homeownership Program
“The Georgia Dream Homeownership Program fulfills homeownership dreams by providing affordable mortgage financing for eligible homebuyers.”
Down payment loan options effective 2/15/2023:
Affordable Homeownership Program (AHOP)
“The City seeks to increase its supply of quality, affordable housing to qualified homebuyers through a Lease to Purchase Program and the provision of homebuyer assistance. The City reduces housing costs to qualified homebuyers through its Affordable Homeownership Program (AHOP) which offers assistance with first and second mortgages, down payment, and closing costs.”
ACT I Homes Program
“The AHA began to build, renovate, and sell single-family homes through our ACT I Homes Program. The program has enabled low-to-moderate-income families, who thought a house of their own was out of reach, to become first-time buyers.”
AHA Down Payment Assistance Program
“Our down payment assistance program is for moderate income families (80%-115% of ACC Area Median Income) for Athens-Clarke County.”
ALT Homeownership Program
“ALT constructs or rehabilitates homes and sells them to first-time homebuyers who earn 80% or less of the area median income. The homebuyer and ALT sign a 99-year renewable ground lease at the time of purchase. This ensures that the house remains owner-occupied and establishes a purchase-option if the homebuyer wishes to sell the home in the future. The ALT homeowner has full rights and responsibilities for the home, and can bequeath the home to their children.”
Homeownership Down Payment Assistance Program
“The Atlanta Housing Homeownership Program offers down payment assistance to first-time homebuyers who meet the eligibility requirements and the primary lender’s lending requirements.
Down Payment Assistance Options as of 12/2021:
HOME Atlanta 4.0
“HOME Atlanta 4.0 offers a competitive 30-year fixed interest rate FHA or VA mortgage with a forgivable 3.5% grant to help with the down payment and closing costs. The grant is fully forgiven at closing.”
Vine City Renaissance Initiative (VCRI)
“Homebuyers receive $10,000 toward the down payment and/or closing costs that is fully forgiven after living in the home for 5 years. This incentive can be used with a home renovation mortgage loan.”
ATL Home Renovation Advantage
“Homebuyers receive $10,000 toward the down payment and/or closing costs. The loan is fully forgiven after living in the home for 5 years.”
Intown Mortgage Assistance Program (IMAP)
“Homebuyers receive a 30-year fixed rate FHA, VA, or conventional mortgage, as well as assistance for down payment and/or closing costs. The loan is fully forgiven after living in the home for 5 years.”
Perry Bolton Mortgage Assistance Program
“Homebuyers at 80% of AMI or below who are purchasing homes deemed permanently affordable are eligible to receive $20,000 in assistance. Homebuyers with household income up to 120% of AMI, who are purchasing a home that is not permanently affordable, but is within the Perry Bolton TAD, are eligible to receive $10,000 in assistance. The loan is fully forgiven after living in the home for 5 years.”
Homeownership Assistance Program
“Down payment assistance is available to eligible applicants in the form of a deferred-payment loan and low-interest loans in which Housing and Community Development (HCD) will provide up to the required down payment or closing cost (not to exceed $5,000).”
Sweet Home Columbus
“Down-Payment assistance is provided in the form of a zero-percent deferred loan 5% of the sales price up to $14,975.00 and an additional $1,000 for pre-paid fees (taxes and insurance). The entire amount must go toward the down payment of the home.”
Neighborhood Stabilization Program
“The Neighborhood Stabilization Program makes affordable housing available for purchase for eligible low-to moderate-income homebuyers. The County utilizes NSP funds to purchase vacant foreclosed homes throughout the County, make necessary repairs on the homes, and reselling these properties to income eligible homebuyers.”
NSP Financial Assistance
“Eligible applicants can receive homebuyer’s assistance for the purchase of their new NSP home. This assistance can be utilized to help with the cost of purchasing the home and can be applied to the first mortgage to reduce the monthly payments. We offer financial assistance as a soft-second mortgage that is a deferred payment loan with 0% interest and now payments which reduces annually at the anniversary date of the closing.”
Fulton Homeownership Program (HOP)
“The Fulton Homeownership Program (HOP) provides down payment and closing cost assistance to income-eligible homebuyers who have the capacity to purchase a home but lack the money needed for a down-payment and loan closing costs. We offer assistance up to $10,000 as a deferred payment loan with 0% interest to qualified homebuyers who occupy the home as their principal residence for a period of at least six years.”
Neighborhood Stabilization Program (NSP)
“The Fulton County NSP Homeownership Program provides homeownership to eligible low-moderate income residents that purchase NSP designated homes in south Fulton County, Georgia, outside the city limits of Atlanta. Through the Fulton County Homeownership Programs, Fulton County helps homebuyers who otherwise might not qualify for mortgage loans from private lending institutions at prevailing rates and terms, but who can qualify with the special programs that are offered by the County.”
Down Payment Assistance Mortgage Program
“The Housing Authority of Cobb County (the “Authority”) in mid 2019, undertook a program to impact the acquisition cost of single family housing by providing tax free down payment assistance (“General DPA”) funds to qualifying purchasers of single family residences in Cobb County (the “County”).”
Cobb County Government Full-time Employees
“Cobb County Government full time employees, employed for at least 12 consecutive months prior to mortgage loan closing, may receive an additional $10,000 Grant to be used as down payment assistance.”
City of Marietta Full-time Employees
“City of Marietta full time employees, employed for at least 12 consecutive months prior to mortgage loan closing, may receive an additional $10,000 Grant ($15,000 to Public Safety employees) to be used as down payment assistance.”
DreamMaker Home Purchase Assistance
“Provides down payment, closing cost, and/or gap financing assistance to help qualified home buyers purchase their first home. ” Up to $50,000 maximum loan amount depending on location in 2023.
Special Additional Home Purchase Assistance
“Homebuyers may be eligible for other grants, forgivable loans, and/or loans that are neighborhood-based and/or offered by employers and mortgage lenders, including but not limited to:
Down Payment Assistance Program
“Down payment assistance up to $15,000 for eligible buyers.”
ANDP DPA Program
“ANDP DPA Program provides between $5,000-$10,000 in down payment assistance to qualifying homebuyers with a household income of less than 80% of area median income. These funds can be used to purchase an ANDP home or any other existing home.”
HOME
“The Federal HOME program provides homebuyer assistance strictly based upon the borrower’s need and amounts vary depending on the jurisdiction. Homebuyer’s household income cannot exceed 80% of area median income for this program. ANDP has been selected to provide home sales with down payment assistance in the City of Atlanta and DeKalb, Fulton, and Gwinnett counties.”
Neighborhood Stabilization Program (NSP)
“Neighborhood Stabilization Program (NSP) provides up to $25,000 in homebuyer assistance depending upon the jurisdiction. Homebuyers can not exceed 120% AMI for this program. The assistance is paired with the purchase of specific houses offered by ANDP. ANDP has been selected to provide home sales paired with down payment assistance, in Douglas and Rockdale counties.”
ANDP Veterans Program
“Provides up to $7,500 in homebuyer assistance to any honorably discharged veteran, active-duty military personnel, reserve member, guard member, or Gold Star family member. Assistance provided comes in the form of seller contribution at closing. Qualifying participants can use these funds only for the purchase of an ANDP property.”
Atlanta’s Historic Pittsburgh Neighborhood
“We are currently offering a limited number of homes through a unique homeownership program based upon the “community land trust model.” This program is limited to qualifying homebuyers with a household income at or below 80% of area median income.”
We DeKalb DPA Program
“WE DeKalb offers a non-repayable home down payment grant for new or eligible homeowners. Approved applicants will receive a 30-year, fixed-rate, fully amortized first mortgage and non-repayable down-payment grant of up to 3% of the initial principal balance of the mortgage.”
Homestretch Down Payment Assistance Program
“The Homestretch Down Payment Assistance Program provides down payment assistance to income-eligible, first-time homebuyers who have the capacity to purchase a home but lack the money needed for a down payment. We offer down payment assistance up to $7,500 as a five-year deferred payment loan with 0% interest. The loan does not need to be repaid as long as the funded homebuyer occupies their home as their principal residence for a period of at least five years.”
Neighborhood Stabilization Program (NSP)
“The Neighborhood Stabilization Program makes affordable housing available for purchase for eligible low-to moderate-income homebuyers. The County utilizes NSP funds to purchase vacant foreclosed homes throughout the County, make necessary repairs on the homes, and resell these properties to income eligible homebuyers.”
NSP Financial Assistance
“Eligible applicants can receive homebuyer’s assistance for the purchase of their new NSP home. This assistance can be utilized to help with the cost of purchasing the home and be applied to the first mortgage to reduce the monthly payments. We offer financial assistance as a soft-second mortgage that is a deferred payment loan with 0% interest and now payments which reduces annually at the anniversary date of the closing.”
Welcome Home Program
“The program provides assistance in the form of a 0% interest down payment loan to qualified first-time home buyers, who purchase affordable homes in Gwinnett County. With the rapidly changing housing market, GHC restructured the program by shifting solely to new construction. GHC makes the home affordable by holding the second soft mortgage up to $80,000 (dependent on need). There is no payment or interest, as long as the house remains owner-occupied. The loan is repaid upon resale and is always subordinated to the first mortgage.”
ForkView Project
“Located in Lawrenceville, ForkView will be 21 detached, single-family homes 3br/2ba, sitting on 8+ acres of land, available to first-time homebuyers earning 80% or less of the Area Median Income. Completion is expected around Fall 2023.”
The Grove at Rosebud Project
“Located in Loganville, Rosebud will be 39 townhomes sitting on about 8 acres of land, available to first-time homebuyers. Completion is expected by early 2025.”
States/Territories served: Alabama, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia
Community Partners Products
“Provides up to $15,000 in down-payment and closing-cost funding to current or retired law enforcement officers, educators, health care workers, firefighters, and other first responders; veterans or active-duty members of the U.S. military or their surviving spouse; and COVID-related essential workers that are first-time homebuyers or non-first-time homebuyers.”
First-time Homebuyer Product (FHP)
“The First-time Homebuyer Product (FHP) provides up to $12,500 in funds for the down payments and closing costs of first-time homebuyers.”
Single Family Housing Direct Home Loans
“Also known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time.”
Habitat Home
“We believe that everyone should have a safe, affordable place to call home. To carry out our vision, we partner with individuals and families from application through construction to when the keys are handed over.”
NeighborWorks Columbus FHLB of Atlanta DPA Program
“This DPA Program provides between $12,500-$15,000 in down payment assistance to qualifying homebuyers with a household income of less than 80% of the area median income and for qualifying essential workers. These funds can be used to purchase any existing single-family home. This program is affiliated with the Federal Home Loan Bank of Atlanta.”
Home Purchase Paired with DPA Program
“HOME – The Federal HOME program provides homebuyer assistance strictly based on the borrower’s need and amounts vary depending on the jurisdiction. Homebuyers’ household income cannot exceed 80% of the area median income for this program. NeighborWorks Columbus has been selected to provide home sales with down payment assistance in the tri-city area.”
Aflac Lender Referral Program
“AFLAC employees who choose to purchase a home located in a NeighborWorks® Columbus revitalization neighborhood (East Wynton and Baelwood) receive a grant award of $5,000.00. AFLAC employees who purchase a home not located in a NeighborWorks® Columbus neighborhood receive a grant of $1,000.00.”
Hallock Soldiers Fund Down Payment Assistance
“Through the Hallock Soldiers Fund grant, NeighborWorks® Columbus will provide potential homeowners with a deferred payment subordinate mortgage for a down payment, closing costs, and prepaid expenses associated with their home purchase up to $5,000.”
ALT Homes
“The mission of Atlanta Land Trust (ALT) is to deliver and steward permanently affordable housing to support inclusive, equitable communities near the Atlanta BeltLine and other targeted areas in the city of Atlanta.”
DLT Homes
“The DLT encourages home ownership by stewarding new homeowners to minimize displacement and to help residents and families of all incomes, at all stages of life, prosper.”
Closing Cost Assistance
“First-time homebuyers who take Fannie Mae HomeView® and receive a certificate of completion may receive up to 3% in closing cost assistance when purchasing a HomePath property.”
First Time Homebuyer Program
“Down Payment Assistance will be provided to eligible recipients in an amount not to exceed $8,000. Funds will be secured against the property as a 0% interest deferred loan for five years. In the sixth-year repayment requirements of down payment assistance funds will be forgiven.”
The next blog post in this series will explore Hawaii’s down payment assistance programs.
Georgia Department of Community Affairs
Columbus Consolidated Government Community Reinvestment
Hall County Financial Services Department
Fulton County Community Development
Savannah Housing and Neighborhood Services
Clayton County Housing & Urban Development
Atlanta Neighborhood Development Partnership
Decide DeKalb Development Authority
Gwinnett County Department of Financial Services
Federal Home Loan Bank (FHLBank) Atlanta
A Community Land Trust (CLT) is a nonprofit organization that holds land in trust for the benefit of the community. The primary purpose of a CLT is to provide affordable housing, although some CLTs also manage land for other community needs such as agriculture, commercial spaces, or conservation.
Explore down payment and homebuyer assistance programs in the U.S. Virgin Islands.
Explore down payment and homebuyer assistance programs in Puerto Rico.
Copyright © 2023 AMA Resources LLC. All Rights Reserved.
Source 1: Wikipedia: Reusing Wikipedia Content. This work is released under CC BY-SA. Source 2: Farlex Financial Dictionary
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