First Time Home Buyer Programs to Help You Buy the Perfect Home in Atlanta

Did you know that the typical home buyer waits at least seven years to be able to afford to buy a home, especially with respect to the down payment? We know you don’t want to be one of those buyers who wait so long. The longer you wait, the more home prices go up, which may mean your wait gets even longer. But there is hope and a way to afford it. Today. First-time buyers have a host of assistance programs available to them to help them realize their dream of owning their own homes. So let’s take a look at first-time home buyer programs to help you buy the perfect home in Atlanta.

Types of First-Time Buyer Programs

So, first, let’s look at the various types of first-time buyer programs, both loans and grants, that can help you buy the perfect home in Atlanta . . . 

Down Payment Assistance

The down payment is the largest initial expense involved in buying a home is and required by most types of mortgages. The good news is that there are many programs to help buyers cover some or all of this large upfront expense.

Most down payment assistance programs offer grants or low- to no-interest loans that are often exclusive to first-time buyers. The specific program will determine how you can use the available funds and whether they will need to be paid back.

To find out if you qualify for down payment assistance, consult a Atlanta agent at (404) 977-5054.

Government-backed Loans

Various loans are backed by the federal government to lower the risk for lenders. As a result, with these loans, lenders can offer mortgages that require a lower down payment and/or better terms.

Closing Assistance

Similar to down payment assistance programs, closing assistance programs (often government-sponsored) help you pay closing costs typically through a grant or loan. Since closing costs typically amount to 2% to 6% of the purchase programs, these programs can be a boon for first-time buyers.

Home Buyer Education

Knowledge can be as powerful as money. That’s why home buyer education programs are offered for first-time buyers – to help them understand their options, the buying process, and how to apply for a mortgage.

Specific Home Buyer Programs

Now, let’s get into some specific first-time home buyer programs.

Federal Programs

As we mentioned, the most widely used of these programs are the government-backed programs, which include . . . 

  • FHA, USDA, and VA Loans – Backed by the federal government, these loans allow buyers to get mortgages with a lower down payment and lower interest rates because of the decreased risk for lenders.
  • Good Neighbor Next Door Program – This is a program available to public service providers that offers up to 50% off select HUD properties.
  • HomePath Ready Buyer Program – Sponsored by Fannie Mae, this program allows first-time buyers to purchase a foreclosed property with as little as 3% down, and (in some cases) a reduction in closing costs.

Charitable/Non-profit Programs

Low- to moderate-income buyers may also be able to qualify for certain charitable or non-profit assistance, such as . . . 

  • Habitat for Humanity 
  • Neighborhood Assistance Corporation of America (NACA)

Employer-sponsored Programs

And some employers sponsor home buyer programs for their employees. These typically involve housing incentives to help employees cover the down payment and closing costs.

Programs for Students

If you’re a student, you may be eligible for certain home buyer programs (though if you have student loans, that may make it more difficult to qualify). For example, FHA loans and VA loans are viable options for students and recent graduates. In addition, some states offer first-time buyer assistance expressly for student loan borrowers.

Where to Find Assistance with Home Buyer Programs 

So there are a lot of options in first-time home buyer programs – grants, loans, and other financial help. But it’s the sheer number of these programs that makes choosing the right one so difficult. But an experienced Atlanta agent can provide the guidance you need. So if you’re looking into first-time home buyer programs to help you buy the perfect home in Atlanta, contact us today at (404) 977-5054.