Happy Thursday – I hope you are doing well. For this week’s video, I want to share two grant programs we provide to help clients with their down payment or closing costs. I have put the details below but please call us if you have any questions.
First Time Home Buyer Grant
$5,250 towards down payment or closing costs and $500 appraisal credit for properties in certain census tracts.
Qualification is based on the buyer's current address, not the property they are buying. The address must be in an eligible census tract designated by Fannie Mae.
Atlanta – Sandy Springs – Roswell, GA area is one of the six areas that may qualify. Please note, not all addresses qualify.
At least one borrower on the application must be a first-time homebuyer.
No income limits. This is huge as most grants have income caps.
2% Grant - Does not have to be first time home buyer.
2% of purchase price of property towards down payment or closing costs.
Income must be less than 80% of Area Medium Income - $82,320 max income for most areas around Atlanta.
Max Loan Amount $350k.
Stewart Sadler
Managing Partner
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938
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