7 of the Best First-Time Home Buyer Programs in Atlanta

Buying a house is one of the biggest financial decisions you’ll make in your life. For many first-time homebuyers, it can be a daunting and overwhelming process, causing them to delay the purchase. Fortunately, there are several programs available in Atlanta that can help make the process a little easier for home buyers. In this blog post, we will discuss some of the first-time home buyer programs available here in Atlanta.

1. FHA Loans

FHA loans are a popular choice for first-time homebuyers because they require a lower down payment than traditional loans. With an FHA loan, you can put down as little as 3.5% of the purchase price of the house. Additionally, FHA loans are easier to qualify for than traditional loans, making them a great option for those with less-than-perfect credit. Keep in mind you will have to pay mortgage insurance in addition to your premium, but for many buyers, these costs are offset by the looser qualification requirements. 

2. VA Loans

If you are a veteran or active-duty service member, a VA loan may be the perfect option for you. VA loans are backed by the Department of Veterans Affairs and require no down payment. Additionally, there is no mortgage insurance requirement, which can save you thousands of dollars over the life of your loan. If you are a veteran in Atlanta, please look into the many programs and resources out there to help you. 

3. USDA Loans

If you are looking to purchase a home in a rural area, a USDA loan may be a great option for you. USDA loans are designed to help low- to moderate-income families purchase homes in rural areas. With a USDA loan, you can put down as little as 0% of the purchase price of the house. These types of loans are often overlooked but can be a great choice for home purchasers all over the country. 

4. Good Neighbor Next Door Program:

The Good Neighbor Next Door Program is designed to help law enforcement officers, firefighters, emergency medical technicians, and teachers purchase homes in revitalization areas. With this program, eligible participants can purchase homes at up to a 50% discount off the list price. The idea is to bring high-quality people to the neighborhood, which will help increase the sense of community in the area. 

5. HomePath Ready Buyer Program

The HomePath Ready Buyer Program is designed to help first-time homebuyers purchase foreclosed homes owned by Fannie Mae. With this program, eligible participants can receive up to 3% of the purchase price of the home in closing cost assistance. This can be an excellent opportunity for those who wish to buy, have some construction experience, and wish to save money on the purchase of their home. 

6. Energy Efficient Mortgage (EEM) Program

The Energy Efficient Mortgage Program is designed to help first-time homebuyers purchase homes that are energy-efficient. With this program, eligible participants can get a larger loan to purchase a home with energy-efficient features, such as solar panels, energy-efficient appliances, and insulation. It’s a win-win for both buyers and for our planet. 

7. State Housing Finance Agency (HFA) Programs

Many states have their own HFA programs that offer assistance to first-time homebuyers. These programs can include down payment assistance, closing cost assistance, and low-interest loans. It’s important to research the HFA programs available in your state to see if you meet the required qualifications. 
There are several programs available in Atlanta that can help first-time homebuyers purchase their dream home. Whether you’re looking for a loan with a low down payment, a discounted home, or a loan for an energy-efficient home, there is a program out there that can help you achieve your homeownership goals. Be sure to research your options and talk to a lender to find the program that’s right for you. Big Ron Property Solutions is happy to answer all of your questions and can connect you with some of the best lenders in Atlanta! Reach out to our team today to learn more! (404) 977-5054