City Of Atlanta Homebuyer Programs

The Atlanta Development Authority has six down payment assistance programs for qualified borrowers who want to live in the city of Atlanta. Some programs may be combined to maximize down-payment assistance. In addition, some programs may specify different requirements like the contribution amounts.

• Requirements For Programs

  • Homebuyer must attend the Invest Atlanta Q & A Session

  • Homebuyer must attend an 8-hour class offered by a Participating Homebuyer Educator

  • Homebuyers must use a Participating Lender

  • Homebuyers must close with a Participating Attorney at approved location

  • Homebuyers must purchase homes in the incorporated City Limits of Atlanta

  • Existing properties must be inspected prior to closing

  • Homebuyers must contribute $1,500 of their own funds to the transaction (items paid for outside of closing count toward contribution)

  • No first-time buyer requirements

  • Property must be owner-occupied

  • Homebuyers cannot own interest in any other property

  • No manufactured home

• HOME Atlanta 4.0

PROGRAM HIGHLIGHTS:
• The program offers a competitive 30-year fixed interest rate, FHA or VA mortgage with a forgivable 5% grant to help with the down payment and closing costs. The grant is fully forgiven at closing.
• Must have a minimum credit score of 660 and maximum debt-to-income ratio of 45%

• Single family detached homes, 2-4 units, townhomes, and condominiums, newly constructed or existing, are eligible properties

• Maximum purchase price is $374,268

 

MAXIMUM INCOME LIMITS:

• Household of 1 - $66,200       
• Household of 2 - $75,600     
• Household of 3 - $85,100

• Household of 4 - $94,500     
• Household of 5 - $102,100

• HFA Preferred (TM)

PROGRAM HIGHLIGHTS:

• The program offers a competitive 30-year fixed interest rate conventional mortgage with a forgivable 5% grant to help with the down payment and closing costs. The grant is fully forgiven at closing.

• Must have a minimum credit score of 680 with a 3% down payment or 640 with a 5% down payment and maximum debt-to-income ratio of 45%

• Single family detached homes, 2-4 units, townhomes, and condominiums, newly constructed or existing, are eligible properties Condominiums eligible at 5% down payment. All other property types are eligible for 3% down payment
• Maximum purchase price is $374,268

 

MAXIMUM INCOME:

• Household of 1 - $66,200       

• Household of 2 - $75,600     

• Household of 3 - $85,100

• Household of 4 - $94,500     

• Household of 5 - $102,100

• Atlanta Affordable Homeownership Program (AAHOP)

PROGRAM HIGHLIGHTS:

•Homebuyers receive up to $10,000 towards the down payment and/or closing costs that are fully forgiven after living in the home for (5) years.

 Must qualify for 30-year fixed rate FHA, VA or Conventional mortgage loan with Invest Atlanta Participating Lender

 Acceptable minimum credit score is determined by Invest Atlanta Participating Lender

Homebuyer cannot exceed $10,000 in liquid assets

 Single family detached homes, 2-4 units, townhomes, and condominiums, newly constructed or existing, are eligible

properties

 The maximum purchase price for new and existing homes in DeKalb County is $238,000. In Fulton County, it’s $228,000 for new construction and $223,000 for existing homes

• Home Quality Standards and Environmental Review inspections are required and paid for by the program

 

INCOME LIMITS:

• Household of 1- $37,800       

• Household of 2 - $43,200     

• Household of 3 - $48,600

• Household of 4 - $54,000     

• Household of 5 - $58,350

• Intown Mortgage Assistance Program (IMAP)

PROGRAM HIGHLIGHTS:

• Homebuyers receive a 30-year, fixed rate FHA, VA or Conventional mortgage AND $10,000 towards the down payment and/or closing costs that are fully forgiven after living in the home for 10 years

• Must have a minimum credit score of 660 for an FHA mortgage loan, or with a Conventional mortgage, a credit score of 680 with a 3% down payment, or 640 with a 5% down payment

• $1,000 Program Fee

• Homebuyer cannot exceed $10,000 in liquid assets

• Single family detached homes, 2-4 units, townhomes, and condominiums, newly constructed or existing, are eligible properties

• Condominiums are eligible with a 5% down payment. All other property types are eligible for a 3% down payment

• Property must be located within city limits of Atlanta, outside of the Vine City and English Avenue neighborhoods

•Maximum purchase price is $342,700
 

MAXIMUM INCOME LIMITS:

• Household of 1- $66,200       

• Household of 2 - $67,500      

• Household of 3+ - $77,650

• ATL Home Renovation Advantage

PROGRAM HIGHLIGHTS:

• Must qualify for 30-year fixed rate FHA or Conventional home renovation mortgage loan with Invest Atlanta Participating Lender

• Acceptable minimum credit score is determined by Invest Atlanta Participating Lender

• $1,200 Program Fee

• Borrower cannot exceed $10,000 in liquid assets

• Homebuyer must attend special home renovation class

• Single family detached homes, 2-4 units, townhomes, and condominiums, newly constructed or existing, are eligible properties

• Property must be located within city limits of Atlanta, outside of the Vine City and English Avenue neighborhoods

• Maximum purchase price is $342,700
 

MAXIMUM INCOME LIMITS:
• Household of 1- 2 - $67,500 

• Household of 3+ - $77,650

• VCRI (Vine City Renaissance Initiative)

PROGRAM HIGHLIGHTS:

• Homebuyers receive $10,000 towards the down payment and/or closing costs that are fully forgiven after living in the home for (5) years and can be used with a home renovation mortgage loan

• Must qualify for 30-year fixed rate FHA, VA or Conventional mortgage loan with Invest Atlanta Participating Lender

• Acceptable minimum credit score is determined by Invest Atlanta Participating Lender
• Homebuyer cannot exceed $10,000 in liquid assets

• $1,000 Program Fee

• Single family detached homes, 2-4 units, townhomes, and condominiums, newly constructed or existing, are eligible properties

• The property must be located within incentive boundaries: Donald L. Hollowell Pkwy to the north; Northside Drive to the east; Martin Luther King Jr. Drive to the south; Joseph E. Lowery to the west

• No maximum purchase price cap
 

MAXIMUM INCOME LIMITS:

• Household of 1 - $66,200       

• Household of 2 - $75,600     

• Household of 3 - $85,100

• Household of 4 - $94,500     

• Household of 5 - $102,100

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If you are ready to start the process for one of these programs, simply click here. If you have any questions, click here or text us to talk now at (404) 969-5422

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