Century MLS Realty
Tel: 404-810-1800

THE AMERICAN DREAM DOWNPAYMENT INITIATIVE

$8,000 Tax Credit for First Time HomeBuyers

Does the American dream seem out of reach? Did you know your monthly mortgage payment may be less than what you are currently paying in rent? If you aspire to the dream of home ownership, but struggle to come up with the down payment, this program may be for you. The Homeownership Program provides up to $15,000 towards your down payment. This is a loan that you do not have to pay back, unless you move out, sell or refinance your home within five years from the purchase date. In other words, this loan will be forgiven after you have owned and lived in your home for five years.

"For a first time homebuyer, buying a home can be very stressful, but you have to take chances in life. The reward is worth the effort! I never imagined buying a home, especially near the place that I grew up. This program made it possible for my family to continue to live in the City of Atlanta."

 What are the program details?

The American Dream Downpayment Initiative provides qualifying borrowers with $10,000 to serve as a down payment at zero percent interest. It is basically a deferred second mortgage loan that will be forgiven if you continue to live in and own your home for at least five years, without refinancing it. The second mortgage loan must be repaid in full if at any time the borrower sells, refinances or no longer occupies the property within five years of purchasing the property. This program can be combined with other down-payment assistance programs that might be available.

What are the requirements?

·      Borrower must be a first time home buyer.

• Borrower must contribute at least $1,500 of their own funds towards closing costs.
• Borrower must attend FREE Home Buyer Training prior to loan closing.
• Borrowers must meet program income qualifications and normal lender mortgage underwriting requirements that demonstrate creditworthiness.
• All newly constructed properties must meet the Barrier Free Ordinance requirements
• Borrower must purchase Title Insurance for the second mortgage.

Attention - Vine City and English Avenue neighborhood homebuyers:

The Housing Trust Fund Homeownership Program may provide an additional $15,000 of mortgage assistance. These funds may be combined with AAHOP for total mortgage assistance of up to $30,000 for eligible buyers. For more information on this and other mortgage assistance programs, contact Rony Paul (Broker Century MLS Realty) at 770-906-5039

What type of home can I buy?

Newly constructed or existing single family detached homes, attached townhomes or condos will qualify. The home must be used for your primary residence.

How do I apply?

Contact 770-906-5039 to be referred to one of the participating lenders on our approved lender list.  The lender will then pre-qualify you for the primary mortgage.

A COMMUNITY DEVELOPMENT PROJECT OF THE CITY OF ATLANTA funded by a grant from the U.S. Department of Housing and Urban Development through the Housing and Community Development Act of 1974, as amended.