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Gwinnett Down Payment Assistance

Gwinnett Down Payment Assistance Programs:

Welcome to my page for Gwinnett Down Payment Assistance Programs.  If your interested in purchasing a home and need assistance for down payment, closing costs, etc... you've come to the right place. There are several programs available depending on your needs, career and financing.  You can qualify for help if you meet certain requirements for the programs. Take a look at the current list below and contact me for more information on how to get started.

Gwinnett County Homestretch:

About the Program 
The Homestretch Down Payment Assistance Program provides down-payment assistance to income-eligible homebuyers who have the capacity to purchase a home but lack the money needed for a down-payment.  We offer down-payment assistance up to $7,500 as a five-year deferred payment loan with 0% interest to qualified homebuyers who occupy the home as their principle residence for a period of at least five years. 

Eligibility Requirements  
In order to qualify for this program, applicants must meet the following criteria:

  • Must earn below 80% of Area Median
  • Must be a first-time homebuyer
  • Must have at least one credit score above 640
  • Debt-to-Income Ratio cannot exceed 43%

Please click here to see the current income eligibility limits for this program. Additionally, this program contains property eligibility requirements that are as follows:

  • Property must be either a single-family detached home or townhome
  • Property must be located within Gwinnett County
  • Property must pass a Uniform Property Conditions Standards Inspection
  • Property may not cost more than $165,000.00 for an existing home or $228,000.00 for new construction

 

The following table contains the income eligibility limits for applicants for the Homestretch Downpayment Assistance Program.

Applicants gross household income must be below the limits listed below per Household Size:


Household 
Size 

Program
Income
 Limits 

1

$37,800.00

2

$43,200.00

3

$48,600.00

4

$54,000.00

5

$58,350.00

6

$62,650.00

7

$67,000.00

8

$71,300.00

 

Once an applicant is determined to be eligible for this program, it will take 30 days for a check to be drafted for the down-payment funding.

Interested applicants may download the Homestretch pre-application form here. Once It has been completed it must be submitted to the Gwinnett County Community Development Program:

Gwinnett County Community Development Program
Attn: Homestretch Program
446 West Crogan Street
Suite 275
Lawrenceville, GA 30046
Email – homestretch@gwinnettcounty.com
Fax – 678-518-6071

For more information about the program and how it works, please download the Homestretch Program Overview.

For additional information or questions, please call (678) 820-9311


 

Neighborhood Stabilization Program:

About the Program

The Neighborhood Stabilization Program makes affordable housing available for purchase for eligible low-to moderate-income homebuyers.  The County utilizes NSP funds to purchase vacant foreclosed homes throughout the County, make necessary repairs on the homes, and resell these properties to income eligible homebuyers. This program does not provide foreclosure prevention assistance.

Eligibility Requirements 

In order to qualify for this program, applicants must meet the following criteria:

  • Must earn below 120% of Area Median
  • Must not own or will not own residential property at the time of closing
  • Qualify for a 30-year fixed mortgage
  • Complete an 8 hour HUD-approved homebuyer’s course
 
If you are interested in applying for this program please click here for the pre-application.
NSP Financial Assistance

Eligible applicants can receive homebuyer's assistance for the purchase of their new NSP home.  This assistance can be utilized to help with the cost of purchasing the home and be applied to the first mortgage to reduce the monthly payments. We offer financial assistance as a soft-second mortgage that is a deferred payment loan with 0% interest and now payments which reduces annually at the anniversary date of the closing.

Applicants are required to maintain the NSP home as their primary residency for a period of five or ten years depending on the amount of assistance they select.

The program currently offers the Soft-Second Mortgage in two options:

  1. $14,500 for five years with no interest and no payments, reduced annually at a 20% rate.
  2. $22,500 for ten years with no interest and no payments, reduced annually at a 10% rate.
Qualifications

To qualify as a NSP homebuyer, you must meet the following conditions:

  • Applicants may not currently own residential property, including rental housing or vacation home;
  • Applicants must qualify for a 30-year, fixed-rate mortgage from a FDIC Insured Lender;
  • Applicants must complete an eight-hour HUD-approved homebuyers course;
  • Applicants must invest one percent (1%) of the purchase price towards buying the home, up to $1,000.00;
  • Applicants must occupy the home as your principal residence; and
  • Applicants must meet the income limits below:

FY2016 Income Limits - Neighborhood Stabilization Program (NSP)


Household Size

Very Low Income 50%

Mid/Moderate Income 120%

1

$23,650.00

$56,700.00

2

$27,000.00

$64,800.00

3

$30,400.00

$72,900.00

4

$33,750.00

$81,000.00

5

$36,450.00

$87,500.00

6

$39,150.00

$93,950.00

7

$41,850.00

$100,450.00

8

$44,550.00

$106,900.00

 

If the homebuyer is unable to remain in the home for the residency requirements then the pro-rated loan amount shall be due back.

All buyers must meet certain eligibility requirements for financial assistance. To see if you qualify, visit the Qualifications page. 

 

How to Get Started

Contact our office at 678.820.9311 Cottell Cooper, Real Estate Consultant


 

ANDP Programs:

IMPORTANT STEPS TO PURCHASING A HOME:
 
ANDP has a program for NSP, Veterans and First Time Homebuyers,
 
Maybe you've been thinking about buying a home. Or maybe you've just heard about our new AHAP down payment assistance program and don't want to miss out on the opportunity. Welcome! This page will help you understand some of the general steps involved in the homebuying process. Here are four key areas to start the process
 
Complete homebuyer training. To purchase any home from ANDP or to participate in any of our affiliated down payment assistance programs, all homebuyers must complete a HUD-approved homebuyer education course. These courses are more than a requirement, they are extremely beneficial in understanding the homebuying process and how to care for your home after the purchase. This class is most frequently an all day class offered on Saturdays. ANDP is NOT a homebuyer education provider. To find an approved homebuyer agency near you visit our Homebuyer Education page.
 
Get prequalified for a mortgage. Purchasing one of our homes or participating in any of our affiliated down payment assistance programs requires homebuyers to use one of our approved lenders for their home loan. Start the process by contacting one of these lenders and ask them to pre-qualify you for a mortgage.
 
Seek down payment assistance. Depending upon your household income and other factors, you may qualify for down payment assistance. There are many programs that could provide you with down payment and closing cost assistance. ANDP is pleased to offer newly renovated homes in two programs that come paired with down payment assistance - the Neighborhood Stabilization Program (NSP) and the HOME/CHDO program. Learn more about these programs here. See a list of homes available in these programs here.
 
NEW IN 2017! With support from Bank of America Community Home Fund, ANDP is pleased to offer down payment assistance through it's AHAP program. Homebuyers using this program could qualify for up to $30,000 in assistance. Visit our AHAP page for more details.
 
Work with Cottell Cooper a real estate professional to help guide you through the process! The process includes finding the home, getting an inspection, getting an appraisal, making an offer, preparing for closing, and meeting the requirements of home buyer assistance programs! You will appreciate having a trained real estate professional to guide you through the process! 
 
 
Contact Cottell at 678-820-9311 for more information.