100% FINANCING ,BUYING A HOME WITH DOWN PAYMENT ASSISTANCE
Buying a house with NO MONEY DOWN in metro Atlanta, is still possible in today’s real estate environment. With the current low interest rates and low price homes available, many first-time home buyers are taking advantage of loan programs offered through various local mortgage lenders that offer 100% financing or down payment assistance.
But…if saving money for a rainy day is not your thing, then buying a home with no money down may not be for you. Although these programs are an option to the first time home buyer, you still have to save and plan for home maintenance. Maintenance for a home is an ongoing obligation and could easily cost thousands of dollars a year, such as H VAC, plumbing,roofing issues, Murphy law is; expect these costly repairs if you are not prepared. Also, Buying a home with no money down do not include your initial out of pocket expenses, ie: earnest money, appraisal and home inspection fees. Depending on the size and price of the home, expect a minimum of $1000 for these fees.
NEIGHBORHOOD STABILIZATION (DEKALB COUNTY)
Still one of the best Down Payment Assistance programs available for a first time home buyer is the Neighborhood Stabilization Program (Neighborhood Stabilization Program). Each county in the metro Atlanta area including the city of Atlanta, have their own Down Payment Assistant program. NSP was established for the purpose of stabilizing communities from an abundance of foreclosures or vacancies. NSP is allocated funds that were used to purchase homes by the county. The county renovates these homes with new carpet, paint, flooring and appliances. Generally the electrical and plumbing have been updated and these homes are practically new, once renovated they are placed back on the market and sold to a first time home buyer or a buyer who has not owned a property in the past three years. The price of these homes includes down payment and closing cost for the home buyer, generally the only investment by the homeowner is earnest money which could range from $500 to $1000 depending on the price of the home.
When applying for NSP funds for down payment and closing cost, the home buyer has to purchase a home that is a part of the NSP program. Almost each metro county have a version of the NSP program .
AM I ELIGIBLE FOR NSP PROPERTIES
To find out if you qualify for NSP properties, just ask yourself these questions. Am I currently a home owner or have owned a home or investment property in the past three years? Does my income falls at or below these following guidelines.
Family Size
|
Annual Income
|
Single, 1 person
|
$57,480
|
Family of 2
|
$65,640
|
Family of 3
|
$73,800
|
Family of 4
|
$81,960
|
Family of 5
|
$88,560
|
There are ways to prepare yourself for buying a home and one of the best way, is to take a “home counseling class“, these classes are often a prerequisite with down payment assistance
programs. When buying a home, be served and not sold, contact a Buyers Agent that is working exclusively on your behalf.
programs. When buying a home, be served and not sold, contact a Buyers Agent that is working exclusively on your behalf.
STEPS TO BUYING A NSP HOME
- Learn about the NSP Process
- Complete an NSP application
- Attend an education class
- Work with your Buyers agent who locates an NSP home
- Move into your NSP home
DEKALB County currently has a NSP home in the process of renovation with "upto" $25000 in down payment assistance.This beauty is perched atop a hill with beautiful views of the community. Renovated with refinished hardwood floors and old world charm with beams in the living area.
CLICK HERE for info on additional DOWN PAYMENT ASSISTANCE programs.
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