Hot Tips On Where To Find Georgia First Time Home Buyer Grants Quickly

Is this your first time buying a home in the state of Georgia

? Do you want to move forward with the process but have found that closing and down payment costs could actually be out of your budget? If so, you may find the information in this article pretty useful! The state of Georgia has in place grant money allocated for fist time home buyers. So, where to find Georgia first time home buyer grants may be the next question to ask.

The cash an eligible candidate receives is grant money. The dollar value of this grant can reach into the thousands of dollars. The first step for you to take is to do your research. Do not waste an opportunity because you simply did not know.

The Georgia Department of Community Affairs is the place to start your search. This agency can give you information on how to apply to the grant program. One of the major factors that will determine eligibility is your income. Income qualifications are extremely important and the Georgia Dream Home Program is the designated agency that helps limited income families find a home.

The aim of this particular program is to revive the occupancy of foreclosed properties. The money an eligible applicant receives has to be put toward a home within a particular area. The funds for this program are given by the federal government. The qualifying applicant may actually be able to receive fourteen-thousand dollars to help with closing and down payment costs.

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.

Applying for this program has to happen through the Georgia Dream program. Finding this lender will help you receive a pre-qualification, if you are an eligible candidate. The lender will conduct a credit check as well as consider whether you are eligible for the grant program. If both these factors are a go, then the process on finding a suitable mortgage begins.

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.

Where to find Georgia first time home buyer grants can begin by finding a Georgia Dream participating lender in your area. Once you are in touch with this agency they can give you further instructions. Make sure to check out the Department of Housing and Urban Development to find out if you may be eligible for other federal grant programs. Don't lose your chance at owning a home simply because you did not know what to do. Make sure you do your homework completely in order to understand the possible options available to you.

by: Tom McHenry.

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