Where To Obtain Georgia First Time House Buyer Grants

Searching for Georgia first time home buyer grants is easy

. You can carry the search online or offline. The place you should start with is the Georgia Dream Home Ownership Program. This program facilitates the home buying process of people in the lower income bracket and those belonging to minority community.

Most of the homes are qualified by the Georgia government for the grant program. This is because these properties are foreclosed and need new homeowners. To be able to participate in this program you have to contact the agency in your home county.

The agency in charge of the Georgia new home buyer grants is Georgia Department of Community Affairs. The grant will be awarded based on the income level and need of the candidate.

Georgia grants is usually like a second mortgage. But instead of making monthly payments and paying accrued interest, no payment is made at all. The said loan becomes a second mortgage until the house is sold. If you qualify for the home buyer grants criteria then the debt is forgiven in 5 to 15 years after you buy the house.

You need not pay money if you reside in the house. The grant in Georgia makes use of federal money which are provided to Department of Community Affairs. The funding is part of the Housing and Economic Recovery Act of 2008.

The program could provide of up to $14,000 of grant money to qualified recipients. But before you apply, find out if you qualify from the Georgia Department of Community Affairs.

The procedure in getting a grant begins with the candidate attending an 8 hour education and counseling pertaining to home ownership. The applicant needs to show up in person for these courses. These are not offered online.

The Georgia Dream lender can determine if you are qualified for a grant. The considerations for qualification are credit history and income level. Your income has to be 120% lower than the average income in the place you reside.

You do not have to be a first home buyer to avail of Georgia Dream NSP program. You may have a number of properties in your name at the same time. But if you get income from rent of these properties, you should state the income in your application. If given a grant, you must live on the house in 60 days after getting approved of the grant.

Georgia residents can also apply to federal grants. A good source of grant information for Georgia residents who are buying their first homes is the US Department of Housing and Urban Development website.

This agency has a list of a huge compilation of grants that will benefit first time owners. Just scroll down to your state. For instance click on Georgia to see the list of grants.

he site offers all necessary info pertaining to the grant. Application forms are readily available in the site. Read the details in the site so you will have ample information on grants given to first home buyers.

by: Jack Bennington

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