With the passage of the housing bill on October 1, 2008, that outlaws the traditional "no down payment" assistance programs, many people think that there are no more down payment assistance programs left. However, we are here to let you know that many people can still get in homes for nothing down, and as agents, we want you to know about them.




There are still government programs that give funds for people who qualify to buy good, safe housing. Everyone won't qualify for these programs, but many would and might not know about them.



There are three programs that are available from the state, targeted to three different groups. You might be eligible for all three programs; however, you can't use all three of them, you have to choose one, but you can always choose the one that will give you the most.



The first one is the Georgia Dream Homeownership program, and it has been around awhile. There are others like it in different cities, and all of the programs have slightly different amounts, and requirements. There is a version of this program if you live in Dekalb, a different one for people in Gwinnett, and in some of the other locations, like Atlanta City. If you would like to know more, get in touch with me, and I can help you find the best one to fit your needs.



The requirements for the Georgia Dream Homeownership Program are:



1. You must be what is considered a "First Time Homebuyer", which simply means you have not owned a home in the last three years.



2. The home you are buying must be your principal residence. No investors, please.



3. Your income must not be over a certain amount. The limits are pretty generous, and are based on the total number of people in the home. It must also count all income coming into the home, including child support, permanent benefits, and any income made by family members over 18, excluding full time students.



4. The home can't be over $250,000 in the Atlanta area. The limit is slightly lower around the state.



5. The down payment is in the form of a "silent" loan that carries no interest, or payments. The only requirement is that it has to be paid back when the home is sold, transferred, refinanced, or the owner dies.



These are some of the basic guidelines. You must use a first ""Georgia Dream" first mortgage, and your lender must be qualified with the program.



If you are looking to buy a home, (and now is a great time to look), email me at debbie_horne2000@yahoo.com, and I can help you get started now.