$14,000 Down Payment Assistance Program "For all Home Buyers"
The Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received from the Housing and Economic Recovery Act of 2008.
The program provides $14,000 to eligible borrowers purchasing foreclosed properties in Georgia in eligible areas. The funds may be used for required repairs and/or down payment assistance. This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010.

How do you apply?
• All buyers must receive eight hours of in-person home buyer education/counseling provided by an approved housing counseling agency.
• Contact us at 770-410-4950 ext 324 or 770-355-0130 for pre-qualification and to begin the mortgage loan process. We will evaluate your credit worthiness based on FHA or VA guidelines and your qualifications for the program will be based on the Down Payment Program guidelines

Frequently Asked Questions:

1. Are only first time home buyers eligible for the down payment assistance program?
Applicants do not have to be first-time home buyers and they are not prohibited from owning other residential real estate. This home must be your Primary Home.
2. If I am a first time home buyer and I use the Georgia Dream NSP program do I still qualify for the federal first time home buyer $8000 tax credit?
Yes. If you purchase a home prior to December 1, 2009.
3. Are there income limits?
Yes. Eligible borrowers must have a total household income less than 120% of the area median income (we can tell you what that is at application as it is based on county and family size)
4. Can I buy a home anywhere in Georgia?
No. You must purchase a foreclosed property in an area of greatest need. Need was determined by the volume of foreclosed properties in a county, though most of Greater Atlanta is covered.
5. What interest rate will I pay on my first mortgage loan?
The mortgage loan will be a 30 year fixed rate FHA or VA loan originated by the lender within the program guidelines. The rate will be determined by current market rates and the lenders choice of investor.
6. Can I use the down payment assistance program to purchase a short-sale or a home that is pending foreclosure?
No. the property must have been foreclosed and the title transferred to the mortgage lien holder or an eligible agency. Eligible properties must be owned by Bank, Government Entity or an eligible Non-profit.

CALL NOW TO GET QUALIFIED:

Travis Newberry – Community Mortgage Services
Sr. Loan Officer
USMC Ret
770-410-4950 ext 324
770-355-0130 Cell
770-410-4961 Fax
www.travisloans.net