If you’re tired of hearing your upstairs neighbor’s thundering footsteps or exhausted with trying to find a parking spot at your apartment, buying a new home can be a welcomed change. Atlanta first-time homebuyer programs aim to give first-time homeowners help when it comes to securing a mortgage. A first-time homebuyer is anyone who hasn’t owned a home before or hasn’t owned one in the last 3 years. At BrightPath, we have several options available for first-time homebuyers here in Atlanta.
Choosing the Right Atlanta First-Time Homebuyer Program
Saving for a down payment can seem intimidating, but many first-time homebuyers are unaware of the mortgage resources available in Atlanta to help make securing their first home a lot easier. At BrightPath, we recommend checking out the following:
Federal Programs
The most well-known Atlanta first-time homebuyer program is an FHA Loan, which is backed by the Federal Housing Administration. While these loans are not specifically for first-time homeowners, the terms can be beneficial. For an FHA loan, buyers don’t have to provide a large down payment and can put down as little as 3.5 percent. An FHA Loan does come with a higher mortgage interest rate compared to other loans, so while the terms can be great for a first-time homebuyer, it’s a good idea to consider all options. Or, look into refinancing down the road to get better deals and a lower interest rate.
Home Possible, a program targeted toward first-time homebuyers by Freddie Mac, allows people with low to moderate-income, or live in an area with higher than average costs, the option to purchase a home with as little as 3 to 5 percent down payment. To qualify, first-time homebuyers need to complete an education requirement and cannot currently own any other property.
Georgia Programs
For those looking to buy a home in Atlanta or other cities in Georgia, the Georgia Dream program is designed for first-time homeowners or anyone who hasn’t owned a home for at least three years. Qualifications for the loan include meeting certain income requirements and purchasing a home under a certain price. Homebuyers also need to invest at least $1,000 towards the purchase of the home. Some qualified buyers receive assistance of up to $5,000 toward their down payment.
The first step to buying your first home is to get prequalified for a mortgage. This will give buyers a good idea of the amount they’re able to borrow and help determine which first-time buyer program is the right for you. Factors such as savings and credit history can be a good reason to go with a first-time homebuyer program.
At BrightPath Mortgage, we’re happy to help you decide which mortgage option is right for you. From Atlanta first-time homebuyer programs to state and federal options, we’re here to help you navigate your options so you can land that first home you’ve always wanted.
Visit our website or call us at 888-222-6003 today to learn more about the different mortgage options available.
