Buying a home in Georgia has it's benefits. Take advantage of the downpayment assistance programs ADA has to offer when purchasing a home in the desired cities:

Program Structure

The ADA Downpayment Assistance Program combines Opportunity Downpayment Assistance Program
(

ODAP), Beltline Affordable Housing Trust Fund (BAHTF), Atlanta Affordable Homeownership Program
(AAHOP), and Vine City/English Avenue Home Ownership Assistance Program (HOAP)

These programs provide funding to eligible homebuyers for purchase of a new or existing home. Funding will be used to pay all or a portion of the closing costs and/or the down payment associated with purchasing a home.

Who Qualifies?
First-time homebuyers as well as previous homeowners are eligible for these programs. AAHOP is our only program that requires you to be a first-time buyer. Other requirements:
1. Current residence must be sold
prior to closing on the new home.
2. Income limits cannot exceed
program income limits (see chart)
3. Must contribute at least $1,500 of
own funds toward closing
4. Must have a sound credit history
5. Must qualify for first mortgage
with ADA approved lender
6.Home must be owner-occupied

Maximum Income Limits:

ODAP--10% of Sales Price

$71,700 for 1-2 person households

$82,455 for households of 3 or more

BAHTF--up to 20% of Sales Price

For Households of 1 to 2 people:
$57,350 and below receive 20%
$57,351-$71,700 receive 10%

For Household of 3 or more:
$57,350 and below receive 20%
$57,351-$82,455 receive 10%

AAHOP--$10,000
$40,250 for 1-person household
$46,000 for 2-person household
$51,750 for 3-person household
$57,450 for 4-person household
$62,050 for 5-person household

HOAP--10% of Sales Price up to $15,000
$71,700 for 1-2 person households
$82,455 for households of 3 or more

Eligible Properties
o Single family detached homes, condo, and townhomes
o Newly constructed or existing home

o Maximum purchase price cannot exceed $252,890 (there is no maximum purchase price for HOAP)

Eligible Properties (cont.)
o Properties must be located in the City of Atlanta and pay city taxes

o For BAHTF, the property must be located within the BeltLine Tax Allocation District.

To determine, visit: http://gis.atlantaga.gov/apps/parcel_search/.

o For HOAP, the property must be located within the Trust Fund Boundaries. Mortgage Assistance
o Assistance in the form of a zerointerest
second mortgage
o Loans deferred from 5 to 15 years; repayment is due upon sale, transfer, refinance or when home
is no longer owner-occupied.
o 1st mortgage must be fixed bond rate mortgage

How Do I Get Started?

o Attend ADA-approved homebuyer seminar.
o Contact one of ADA's participating lenders to get prequalified and secure first mortgage loan.
o Find a home within the city limits of Atlanta.
o Have your lender complete loan package and forward it to ADA.

Jacqueline Martin

Realtor

PalmerHouse Properties & Associates, LLC

404-946-3318 (O)

662-796-7074 (F)

http://jsgwm.webs.com

http://jacquemartin.georgiamls.com