ATTENTION 1^st TIME HOMEBUYERS IN DEKALB COUNTY!

 Applications are now being accepted for the DeKalb County 1^st Time Homebuyer Program funded by the DeKalb County Community Development Department and administered by the Housing Authority of DeKalb County.  Program Features

v    How can the program assist you?

All eligible applicants will receive $5,000 towards their down payment, closing costs, or other prepaid expenses.  Those who successfully improve their FICO credit scores to 620 or higher may receive up to $8,000.

v    Who is eligible?

First-time homebuyers that have not owned a home during the last three years.  Displaced homemakers and single parents may also qualify.  Successful applicants must meet maximum income guidelines, be credit worthy, participate in home ownership pre-purchase counseling, and have a valid real estate sales contract to purchase a single-family home anywhere in DeKalb County outside the city limits of Atlanta.

v    What is the maximum purchase price?

The purchase price of the home cannot exceed $160,000.

v    What are the maximum annual income limits?

  Household of 1----------$39,850

  Household of 2----------$45,550

  Household of 3----------$51,250

  Household of 4----------$56,950

  Household of 5----------$61,500

  Household of 6----------$66,050

  Household of 7----------$70,650

  Household of 8+--------$75,200

v    How will my credit history affect eligibility?

Applicants must be credit worthy as determined by one of the program's participating lenders. Judgments, garnishments, bankruptcy, collections or too many bills may affect your ability to qualify for a loan.

v    What is the first step in applying?

Applicants must first attend a financial literacy class with one of the approved counseling agencies.

A certificate of completion can be obtained by attending classes and individualized counseling that will prepare you to make an informed choice when you purchase your home.

Topics Covered in the classes include:

v      How to get a mortgage

v      Money for down payment

v      Planning for homeownership responsibilities

v      Evaluating your ability to afford a home

v      Types of financing available

v      Budgeting and Credit

v      Understanding your FICO score

v      Avoiding foreclosure

Following class completion, you will also be required to sit down with a certified housing counselor who will go over your own personal situation and advise you on the best way to proceed to become a new homeowner in a way that works out best for you.  Class times and locations will vary by the counseling agency, so call now to enroll in a class that fits your schedule.