Programs for First Time Home Buyers

Don’t let assumptions stop you from buying a home.

One of the most common barriers to home ownership is lack of a sufficient down payment. We have an array of loan programs for first time buyers with very low or even no down payment One popular program we offer requires just 3% down payment with a low mortgage insurance payment. The down payment for this program can even be a gift from a relative. Military veterans may be able to quality for a mortgage with no down payment. We also offer USDA loans with zero down payment required, but there are some geographic restrictions.

First time homebuyers in Georgia may be able to take advantage of down payment assistance offered by the Georgia Department of Community Affairs. This program is known as the Georgia Dream Homeownership Program that was created to make homeownership possible for buyers with eligible low and moderate income in specific areas. Grants of $5,000 to $7,500 are available for use as down payment. The down payment assistance eventually needs to be paid back. It is a 0% interest loan with no monthly payment. It takes the form of a second mortgage on the property that needs to be repaid when the property is sold, refinanced, or is no longer occupied as the primary residence. For purposes of this assistance program, a first time homebuyer is defined as someone who has not owned a home or an interest in a home for at least three years.