BELTLINE AFFORDABLE HOUSING DOWN PAYMENT ASSISTANCE PROGRAM

If  your a resident of Georgia by now you have heard about the Beltline. The BeltLine is a former railway corridor that circles Atlanta. Transit, parks, walking & bike trails will make-up the Beltline. The project will connect 45 different neighborhoods, redefining the meaning of historic preservation and a more effective way of utilizing green space.
To make housing more affordable the Beltline Affordable Housing Trust Fund was created to assist homebuyers with down payment assistance.  The programs allows buyers to receive up to 30% of the sales price at a zero percent interest rate as a soft second.  What is a soft second? A soft second mortgage is a second mortgage with subsidized affordable rates, which is usually combined with a traditional first mortgage. To be eligible for the soft second mortgage the first mortgage must be a conventional, FHA or VA 30-year fixed.
                                                                                                                          Map of the Beltline
Below are the program highlights

The first time homebuyer requirement is waived for borrowers moving into a target area within the incorporated city limits of Atlanta.
The current residence must be sold prior to closing on the new home.
Borrowers moving into a non-target area must be first time homebuyers.
Maximum purchase price cannot exceed $252,890.
The property must be owner occupied.
Single-family detached homes, Townhomes and condo are the eligible properties to receive program benefits.
The deferred loan requires no payments and is forgiven if borrower occupies the property for at least 15 years.
Loan proceeds may not be used to pay-off other loans, advances or consumer debts.
A $1000.00 administration fee is charged to the borrower at the closing.
Buyers must attend an ADA -approved homebuying seminar.

Maximum limits for 2011 are as followed

Households of 1 to 2 people- $68,300
3 or more - $78,545

Mortgage assistant amounts-

City of Atlanta, Fulton County, APS Employees-  30% of the Purchase Price up to $50,000
Current City of Atlanta Beltline Overlay Residents- 30% of the Purchase Price up to $50,000
Eligible Homebuyers- 20% of the Purchase Price up to $50,000

If you would like to know more about this program or would like to be signed up for an ADA seminar give me a call. Don't forget to visit the website at www.belpointerealestate.com for helpful tips and other valuable information. Also email or call me to sign up for our monthly newsletter get informed with today's trends in real estate is free and very informative. Knowledge is power!

REAL ESTATE COMPANY
Morrishia Dooley
direct-678-886-8353
office-678-365-3153
email-dooleymorr26@yahoo.com