Atlanta Development Authority (ADA)

Atlanta Skyline ADA Down payment assistance programs

Atlanta Development Authority (ADA) – Down Payment Assistance Programs

ADA has several programs.  These details apply to all of those programs.

Down payment assistance is available for eligible home buyers through the Atlanta Development Authority!

The Atlanta Development Authority has several down payment assistance programs for qualified borrowers who want to live in the city of Atlanta.  Atlanta Development Authority is helping buyers achieve the goal of homeownership.

How do I apply?

  • Submit a Home Loan Application. Please tell us you are interested in GA Dream in the comments section.
  • Give us a call at 404-601-4152

How do ADA Down Payment Assistance Programs Work?

  • Down payment funds are provided as a Second Mortgage Loan for the purpose of principal reduction and the payment of pre-paid items and closing costs.
  • The Down Payment Loan may only be used in conjunction with a ADA’s First Mortgage Loan.
  • No Monthly Payments for the Down Payment assistance
  • No Interest on the Down Payment Assistance funds

 

It’s easy to qualify!  Check qualifications listed with each program below.

 

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Program Structure

  • First Mortgage Interest rate 3.5% (FHA & VA)
  • Assistance comes in the form a silent second mortgage.  This mortgage has no interest and no monthly payments.

Eligible Borrowers

  • Homebuyers who not have had an ownership interest in a principal residence for the last three years. There is no first time home buyer requirement for borrowers moving into the Targeted Area (80% of the City), but current residence must be sold prior to closing on the new property.

Borrower Must:

  • Secure an executed real estate contract on the property to be purchased
  • Have a sound credit history (need 620 Credit Score)
  • Provide copies of federal tax returns for the past three years
  • Attend ADA approved homebuyers seminar – Download List
  • Have existing property inspected prior to closing
  • Contribute $1,500 of own funds toward closing
  • The Maximum Purchase Price is $252,890

Eligible Properties

  • The property must be located in the city limits of Atlanta
  • Newly constructed, existing and foreclosed homes
  • Single family detached homes, townhomes and condominiums

 

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Current ADA Programs

Atlanta Affordable Homeownership Program (AAHOP) -$10,000 

 

  • There is no first-time home buyer requirement for borrowers moving into the incorporated city limits of Atlanta but, current residence must be sold prior to closing on the new property.

 

  • Maximum 2011 Income Limits:
    • $38,300 for 1person household
    • $43,750 for households of 3 or more
    • $49,200 for 1person household
    • $54,650 for households of 3 or more
    • $59,050 for 1person household

 

  • The property must be located within the City of Atlanta

 

  • The AAHOP loan is deferred for five years; repayment is due in full upon sale, transfer, refinancing, or when home is no longer owner occupied.

 

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Beltline Affordable Housing Trust Fund (BAAHTF)– 20-30% of the purchase price – Up to $50,000 in Grant Money.  (These transactions must close by April of 2012)

 

  • Maximum 2011 Income Limits for households of:
    • 1 to 2 people—68,300
    • 3 or more— 78,545
    • •The property must be located in the Beltline Tax Allocation District. To verify go to http://gis.atlantaga.gov/apps/parcel_search.
    • Maximum purchase price limit cannot exceed $252,890.
    • The deferred loan requires no payments and is forgiven if borrower occupies the property for at least 15years
    • Buyers who currently live in the Beltline can get 30% of the Purchase Price Up to $50,000
    • City of Atlanta, Fulton County and APS employees are eligible for 30% of the Purchase price up to $50,000.
    • All other Eligible borrower’ are eligible for 20% of the Purchase Price Up to $50,000.
    • Borrower’s purchasing in Sky Lofts will receive 38% of the sales price.

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Opportunity Down Payment Assistance (ODAP) – 5% up to $25,289 – (All loans have to be closed by April 15, 2012)

 

  • There is no first-time home buyer requirement for borrowers who are buying in a target area but, current residence must be sold prior to closing on the new property.

 

  • Maximum 2011 Income Limits:
    • $68,300 for 1-2 person households
    • $78,545 for households of 3 or more

 

  • The property must be located within the City of Atlanta

 

  • The ODAP loan is deferred for ten years; repayment is due in full upon sale, transfer, refinancing, or when home is no longer owner occupied and is forgiven if borrower lives in home for more than 10 years.

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Vince City (HOAP)– 10% of the Purchase price up to $15,000

AP)

  • There is no first-time home buyer requirement for borrowers moving into the incorporated city limits of Atlanta but, current residence must be sold prior to closing on the new property.

 

  • Maximum 2011 Income Limits:
    • $68,300 for 1-2 person households
    • $78,545 for households of 3 or more

 

  • The property must be located within the Trust Fund Program boundaries:  Joseph Lowery Blvd. on the west; Donald Hollowell Pkwy on the north;  Northside Drive on the east; Martin Luther King Jr. Drive on the south incorporated limits of Atlanta

 

  • The HOAP loan is deferred for five years; repayment is due in full upon sale, transfer, refinancing, or when home is no longer owner occupied
For more information:

Contact Your HomeOwnership Team or call us at 404-601-4152 to learn more about these programs!