The 411 on Down Payment Assistance..

              Years ago potential homeowners had to come up with there own down payment assistance (dpa). Many home buyers saved for years or had to borrow the money from somewhere else making the home buying process often daunting. Dpa use to be as high as 20% of the purchase price. In many cases this was extremely difficult for most potential home buyers. Luckily in recent years this number has shrunk dramatically to about 3.5% for FHA.

              A down payment represents a fraction of the total cost of a home. For instance if your buying a home for $100,000 with a down payment of 3.5% your down payment would be $3500.00. If you were purchasing a home in the amount of $180,000 with a down payment of 3.5% your down payment would be $6300.00.  When you factor in other cost such as closing cost, moving cost and other fees buying a home can get pretty expensive.  
     
                  Down payment programs enlist participation from nonprofit organizations or municipalities. They assist families in covering the cost of there down payment. Many people believe (dpa) is only for low-income families. This is truly not always the case. Although there are guidelines for each program dpa is worth looking into. Many agencies require that a buyers loan have full documentation. They also require the buyer participate in a home buying class.
   
                 There are different types of assistant programs for instance some programs may only be available in a particular area like the Citylift or Beltline program. Or if the buyer is in a particular career field such as the Good Neighbor Next Door Program. This program is available for teachers, fireman, police officers or emt's.  There are also programs with guidelines on income.

                  Whatever your individual circumstance everyone should look into down payment assistance programs. As Benjamin Franklin once said ( A penny saved is a penny earned!)

Down Payment Counseling agencies 

D&E INC -770-961-6900

DEKALB/ FULTON HOUSING COUNSELING-404-508-0922

CCCS OF GREATER ATL 404-527-7630

Please contact me if you have questions about DPA. I will put you in touch with a lender that can help you navigate which program may be right for you..

                  Morrishia Dooley -Associate Broker

Better Homes and Gardens Real Estate Metro Brokers

direct-678-886-8353

Office- 404-843-2500

blog-therealestateavenue.com

email-morrishiadooley@gmail.com

website-morrishia.dooley.metrobrokers.com