Get $14,000 Free Towards Your Home Purchase - Here’s How…

Do you live in Georgia and desire to make a home purchase but need some additional cash for either your downpayment or repairs?  Well there is some good news for you!  Whether or not you are a first-time home buyer that qualifies for the up to $8000 tax credit, you may be eligible for $14,000 from the Georgia Department of Community Affairs. 

The Georgia Dream NSP Purchase Program was created to encourage the purchase of foreclosed properties. Funds utilized are an allocation of federal dollars received by the Department of Community Affairs from the Housing and Economic Recovery Act of 2008.

The program provides $14,000 to eligible borrowers purchasing foreclosed properties in eligible areas. Funds are disbursed in the form of a second mortgage lien with no interest and no monthly payments. The lien is released over a period of five years and six months. Funds may be used for required repairs and/or down payment assistance.

This program begins April 1, 2009 and all funds must be disbursed by June 30, 2010.
How do I apply?

All buyers must receive eight hours of in-person home buyer education/counseling provided by a HUD-approved housing counseling agency.

Contact a Georgia Dream participating lender for pre-qualification and to begin the mortgage loan process. The lender will evaluate your credit worthiness based on FHA or VA guidelines and your qualifications for the program based on the Georgia Dream NSP Down Payment Program guidelines.

For further information and links to key documents and participating vendors visit: http://www.dca.state.ga.us/housing/homeownership/programs/gadreamnspdownpayment.asp

Source: http://www.dca.state.ga.us/housing/homeownership/programs/gadreamnspdownpayment.asp