Georgia Dream Home Ownership Program and Down Payment Assistance Makes Home Purchasing Easy and Affordable

Buyers seeking a home of any type should purchase now. Simultaneously low mortgage interest rates and home prices create a historic opportunity to purchase that may never reoccur and may disappear quickly. Signs of economic recovery will increase both mortgage interest rates and home prices.

In the past two weeks, I have listed three foreclosure homes that were held in “shadow” inventory for a time; the longest of which was two years. All three of these properties have gone under contract within a week of being listed and for higher than the listing price, plus two of them are cash deals. The days of banks accepting absurdly low offers on foreclosed properties is coming to an end.

First time home buyers, current renters and anyone else who hasn’t owned a home in three years have a unique opportunity to purchase a home right now, but buyers must act quickly because home inventory is currently lower than in past years and prices are starting to climb. The State of Georgia has a unique program to help these buyers purchase a home called the Georgia Dream Home Ownership Program. As of March 2012, http://www.gadream.com states that eligible buyers in the Atlanta MSA (defined below) having income of no more than $69,000 for one to two person households or $79,500 if more than two people are in the household can get a 30 year fixed rate first mortgage at 2.875 percent to purchase a home with a price not more than $250,000. Plus, if buyers have the credit qualifications for a FHA, VA, Rural Development or conventional loan, they can get $5,000 in down payment assistance (up to $7,500 for buyers from certain professions) in the form of a no interest loan that must eventually be paid back. Unlike previous down payment assistance, however, buyers must contribute a minimum of $1000 out of pocket to the transaction.

Buyers outside of the Atlanta MSA can also take advantage of the Georgia Dream Home Ownership Program. Outside of the Atlanta MSA the income requirements drop to no more than $59,000 for one to two person household or $69,500 if more than two people are in the household. Plus, the allowable purchase price outside of the Atlanta MSA is reduced to no more than $200,000. But the down payment assistance remains the same.

While the days of ridiculously low home purchase prices are coming to an end, buyers still have the opportunity to purchase a home with only a $1000 out of pocket investment. Anyone paying $700 or more in rent should seriously investigate purchasing a home call me or my wife Cynthia Gray at 770-265-9396 or send an email to broker@DBR40.com and either of us will be glad to assist you in qualifying for a loan and purchasing a home. Feel free to begin searching by visiting http://www.DBR40.com.

P.S. The Atlanta MSA includes the following counties: Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, and Walton.

P.S.S. I have 53 acres listed for sale on Dunahoo Road in Winder, GA 30680. The listing price is $159,000. This property is mostly pasture land and woods with a stream but it would make a nice subdivision, or a nice location for a new school. I also have 4 acres in Dewy Rose, GA for sale.