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First Time Home Buyer Programs in Georgia

By Tiffany Raiford

There are a number of effective first-time homebuyer programs available to prospective homebuyers in Georgia upon the purchase of their first house. With these options available to you, you no longer have to live with the misconception that you cannot afford to buy a home thanks to the rising cost of home prices and the fees associated with the purchase of a new home. These programs will allow you to realize your homeownership dreams.

Georgia Dream Loans

The Georgia Dream Loans program is available to all first-time homebuyers in the State of Georgia. These loans are guaranteed to anyone who meets the minimum requirements for homeownership. They are fixed-rate, 30-year mortgages. The good news is that buyers who qualify for one of these loans as well as any programs offered by the VA or FHA can utilized both.

The Georgia Dream Loans program also offers down payment assistance to first-time homebuyers. As long as the buyer agrees to offer $1,000 of his or her own funds towards the down payment of a new home in Georgia, he or she will qualify for a down payment assistance payment of $5,000 to $7,500.

USDA Rural Development

The USDA Rural Development program is designed to help first-time homebuyers purchase their first home. This program requires you meet a specific set of circumstances and requirements. The program offers not only down payment assistance by affordable payment options. The terms are based on the amount of time in which you reside in the home you purchase. If you stay for the length of the term, the funds given to you are not required to be repaid. However, if you move out of your home before the term is over you will be required to pay a portion of the money given to you to purchase your home.

CHIP Program

The only downfall to the CHIP Program is that it is not available in every city in Georgia. It is something worth looking into, however. If you qualify, the program will provide you with down payment assistance to help you purchase your first home.

There are several options available for Georgia residents looking to purchase their first home. If you think you cannot afford to buy a home, you could be mistaken. Looking into these programs can help you determine whether or not you can afford to become a Georgia homeowner for the first time.

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