2015 First Time Home Buyer Programs for Georgia Standard Down Payment Assistance Program Standard Down Payment Assistance Program offers eligible homeowners up to $5,000 that can be used towards down payment assistance. Borrowers can only qualify for the Standard Down Payment Assistance Program if they are eligible for Georgia’s Dream Program. Qualified buyers in Georgia may apply. VA Loan Great fixed rate programs for veteran buyers or active duty military personnel in Army, Navy, Marine Corps, Air Force, Coast Guard, and National Guard (Military Reserve are eligible with 6 years of service) with no money down or down payment required or private mortgage insurance. There is a 620 minimum credit score. USDA Rural Development Loan The USDA Rural Development Loan is a zero down loan, meaning you can finance the entire price of the property. The biggest stipulation is that the property must be located in targeted rural area. Credit score minimum is 620. Seller can pay 6% of purchase price toward buyers closing closing costs. FHA Loan The FHA Loan has a low down payment of 3.5%. There is a minimum credit score of 580 and the entire down payment can be a gift, or from state assistance programs or grants. Lastly sellers can pay 6% of purchase price toward buyers closing. The Dream Program The Dream Program is available for first time homebuyers only. The opportunity is a 30 year fixed rate first mortgage for buyers with a household income of $69,000 for less than two persons or over $79,500 for three or more residents. The sales price of a home in a metro area may not exceed $250,000, and if a borrower is buying outside of a metro area, the income and sales price limits will be decreased. Qualified buyers in Georgia may apply. Consumer Home Ownership and Independence Choice for Everyone Consumer Home Ownership and Independence Choice for Everyone (CHOICE) Program is for first time homebuyers with disabilities, or a Georgian taking care of a disabled family member. In order to qualify, a borrower needs to provide documentation from an acceptable medical source verifying their disability. Similarly to the PEN program, CHOICE offers up to $7,500 for down payment assistance. Qualified buyers in Georgia may apply. The Protectors, Educators and Nurses (PEN) Program The Protectors, Educators and Nurses (PEN) Program is for military, police, fire (including EMS workers and volunteers), education, or a health care worker in a state licensed facility. The PEN program offers $7,500 in down payment assistance. Borrowers must also meet the requirements of the Georgia Dream Program. Qualified buyers in Georgia may apply.
To apply visit http://buyerprograms.net/georgia