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Hot Tips For Where To Find Georgia First Time Home Buyer Grants Effectively

Are you thinking about buying a home for the first time? Do you wish that down payment and closing costs weren’t so expensive? If you are debating whether you can afford to actually own your own home, it may be time for you to find out where to find Georgia first time home buyer grants. There is money allocated by the state of Georgia to help first-time home owners who are within a particular income bracket with closing and down payment expenses.

The money provided is in the form of a state grant. The amount you may be eligible to receive can actually be in the thousands. Your first step in pursuing the possibilities is doing your research.

Find out more information on the grant programs through the Georgia Department of Community Affairs. One of the main determining factors on whether an applicant receives a grant is their income. These grant programs are aimed at getting lower-income families into homes of their own. The Georgia Dream Home program is the actual agency that disperses the grants.

The aim of this program is to find a solution to the number of foreclosed properties in the state of Georgia. This means that although you may receive the grant money, your options of where you live may be restricted to particular areas throughout the state. Since this money is given to help the costs that are associated with closing and down payments on a home, it comes with some strings attached. Namely, limiting your choices and the neighborhoods you consider.

This money may be dispersed as a grant, but it is technically considered a second lien mortgage on the purchased property. However, you do not have to make any payments on it as you would a normal loan. The lender only expects to get repaid if you sell the house. If you do not sell the house, and the property remains yours the loan will be forgiven somewhere between a 5-15 year period.

In order to apply to this program, an interested candidate has to contact a Georgia Dream program lender. The lender will proceed with a pre-qualification for applicable candidates. The process than begins on securing a mortgage loan. The lender will proceed to evaluate an applicant’s credit history, in addition to your eligibility for the program.

The process begins when an eligible candidate completes a training session that is several hours long with a professional HUD counselor. The purpose of this training is to prepare first-time home buyers for the responsibilities of home ownership. This is an informative session that must be completed in order to receive grant funds.

So, where to find Georgia first time home buyer grants starts with contacting a Georgia Dream lender. Once you have gotten in touch with this agency you will be able to tap into multiple sources of information from this agency. Remember to check out any possibilities with federal grants as well. Make sure you cover all of the possibilities available to you.