Talk about the grant programs,and what programs have down payment assistance. And what is the current interest rate?
I work for a Federal Bank, and we are one of 4 lenders in GA who offer multiple down payment assistance programs. Right now the 2 HOT products are the Georgia Dream program and the Atlanta Development Authority programs. The Georgia Dream is a grant or a "soft second" mortgage for up to $40,000.00. The amount you qualify for is based on the homes purchase price as well as your total household income. In paulding, the average income for the program is around the $60,000.00 level and there is a higher income progra that covers over $80K in household income. We underwrite the loan in house here in atlanta and once approved we send it to our GA dream rep to sign off on the grant funds. I love this program as it is very well funded and very streamline. In addition to these programs we have numerous other programs like the HUD $100.00 down program which allows you to get into a HUD owned home for only $100.00 out of your pocket. We also have the Fannie Mae Homepath program, this program is amazing, you can purchase a Fannie MAe home for WELL under market value, finance up to 97% of the homes purchase price, and you can even combine it with a downpayment assistance program. Rates currently on these programs are in the mid 4's. you can review these programs on our website at http://www.georgiabe...tance-programs/
We are also considering doing monthly homebuyer seminars in paulding as well. We would discuss these programs and many more that we have!!