Choosing a First Time Home Buyer Loan in GA
When you purchase your first house, it is an extremely exciting time. But it can also be fraught with stress and anxiety, especially when it comes to financing. Figuring out the right mortgage for your circumstances can be overwhelming and if you do not have enough money saved for your down payment, it will make the process even more challenging. And while it may seem hopeless, with a Georgia Dream Down Payment first time home buyer loan in Ga, you will receive the assistance you need. At BrightPath, we work hard to get you into your first home.
First Time Home Buyer Loan in GA
If you’re ready to look at the best first time home buyer loan in Ga for you, here are a few options:
Georgia Dream Home Ownership Program
The Georgia Dream Home Ownership Program is one of the most popular first time home buyer programs in the state. Offered by the Georgia Department of Community Affairs (DCA), this program provides cost-effective financing to make it easier for Georgia buyers to purchase their first house. To be eligible, you must have a minimum credit score of 640, pass a homebuyer education course and possess liquid assets that are lower than 20% of the price of your property.
There are many benefits to this Atlanta first time home buyer program. Along with lowering the interest rate on your mortgage, it can help you to quickly get through the closing process. But one of its greatest advantages is the ability to pair it with a down payment assistance program.
Georgia Dream Down Payment Assistance Programs
Even if you qualify for the Georgia Dream Home Ownership first time home buyer program, if you do not have the savings needed for your down payment or closing costs, it can still prohibit you from purchasing your first house. However, with one of the following Georgia Dream Down Payment Assistance programs, you can overcome this hurdle. See below to learn more about these programs, their benefits, how to qualify and which will work best for you.
Georgia Dream Standard Down Payment Assistance
This first time home buyer loan in Ga is the best option for you if you are unable to afford your closing costs or down payment. With this program, you will get a $5,000 no-interest loan to cover these fees. And while you will need to pay this amount back in full, the repayment is deferred until you sell or refinance your home. To be eligible, you must complete a homebuyer education course and contribute a minimum of $1,000 of your own money towards the home.
Georgia Dream PEN Down Payment Assistance
If you are a public servant in the healthcare, military or education industries, this is the best first time home buyer program for you. With this program, you will get up to $7,500 no-interest loan to use for your down payment and closing costs. Similar to the Georgia Dream Standard Down Payment assistance plan, you do not have to repay until you refinance or sell your home. You will also need to finish a homebuyer education course and contribute $1,000 toward your house payment.
Georgia Dream Choice Down Payment Assistance
This first time home buyer loan is made specifically for anyone that has a disability or cares for a disabled family member in the home. Just like with the Georgia Dream PEN Down Payment Assistance program, you will have a zero interest rate and do not need to repay the loan until selling or refinancing your home. You must also take the financial homebuyer course and contribute $1,000 towards purchasing your house. But unlike the other programs, this is plan is only offered in certain areas around the state.
First Time Home Buyer Loan GA: The Experts at BrightPath Are Here to Help
Determining which first time home buyer program will work best for you can be an arduous process. The experts at BrightPath will use their expert knowledge to find you the right loan that meets your needs. Contact us today to schedule a consultation.
When you work with BrightPath, you are guaranteed to get into your first home.