Down Payment Assistance Programs

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Real Estate

Down Payment Assistance Programs

Did you know that as of 2019, approximately 22%-51% of home buyers qualified to receive down payment assistance toward the purchase of their homes in amounts averaging from $2K-$39K nationally (2019 Guide to Down Payment Assistance in All 50 States); and, depending on the program and the area, that some buyers have received much more? Up front, out of pocket costs can be as much as $10K to purchase a home in the low $100K's for costs such as down payment, closing costs, and prepaid items. The availability of down payment assistance for eligble borrowers has afforded thousands of home buyers the ability to purchase a home with as little as $1000 down!

As you might expect, many programs have income/asset restrictions, recapture clauses, reserves required or geographic boundaries.

These programs generally participate with FHA, conforming and jumbo loan products, and can be used for single family homes, condos, townhomes, existing or new construction homes.

Some of the most popular local, state and national down payment assistance programs include:

1. City of Savannah Dreammaker Program More Info

2. Georgia Dream Program (Hardest Hit Fund :HHF", PEN) More Info

3. Federal Home Loan Bank More Info

4. NACA More Info

5. USDA Loans (100% loan, $0 down payment) More Info

6. 100% In-house lender loans (Check with local mortgage lending companies)

7. Housing Choice Voucher Program (Housing Authority of Savannah) More Info

These programs assist first time home buyers (and in some cases, previous home owners) in down payment and closing cost assistance and home buyer incentives. Programs like those listed above have assisted local home buyers in up to $60,000 toward the pruchase of their homes, making the goal of home ownership attainable for thousands of families in need of assistance. For more information, contact a local lender in your area and inquire about  programs and grants that may be available to assist in the purchase of a home. It could mean the difference in thousands of dollars in up front out of pocket costs, lower mothnly mortgage payments, and tremendous incentives to many home buyers and their families.

Need help getting started? Contact Akia White at 912-659-2989 for more information about these programs, and for recommendations of lenders in the area who can assist!

Akia White, Broker

ERA Evergreen Real Esate