|
What are ADA’s Downpayment Assistance Programs?
The ADA Downpayment Assistance Programs combine Opportunity Downpayment Assistance Program (ODAP), Beltline Affordable Housing Trust
Fund (BAHTF),
Neighborhood Stabilization Program (NSP), Atlanta Affordable Homeownership Program (AAHOP), and Vine City/English Avenue Home Ownership Assistance program (HOAP). These programs provide funding to eligible homebuyers for purchase of a new or existing home. Funding will be use to pay all or a portion of the closing costs and/or the down payment associated with purchasing a home.
Who Qualifies?
First-Time homebuyers as well as previous homeowners.
AAHOP is our only program that requires you to be a first-time buyer, current residence must be sold prior to closing on the new home.
- Income limits cannot exceed program income limits (see individual charts)
- Must contribute at least $1,500 of your own funds toward closing
- Have acceptable credit
- Qualify for first mortgage with ADA approved lender
- Must be owner occupied
Maximum Income Limits:
ODAP
$71, 200 for 1-2 person households
$81,880 for 3 or more person
households
BAHTF
$56,250 and below to receive 20%
$56,251-$81,880 to receive 10%
NSP
120% AMI Eligible for $15,000
$60,250 for 1-person household
$68,850 for 2-person household
$77,450 for 3-person household
80% AMI Eligible for $25,000
$40,150 for 1-person household
$45,900 for 2-person household
$51,600 for 3-person household
AAHOP
$40,150 for 1-person household
$45,900 for 2-person household
$51,600 for 3-person household
HOAP
$71, 200 for 1-2 person households
$81,880 for 3 or more person
households
Eligible Properties
- Single-family detached homes, condo, and townhomes
- Purchase price cannot exceed $252,890
- Properties must be located in the city of Atlanta and pay city taxes
- Newly constructed or existing home
Beltline*
Must be located within the BeltLine Tax Allocation District.
To determine if property is in the TAD visit:
http://gis.atlantaga.gov/apps/parcel_search/
Neighborhood Stabilization Program (NSP)
Must be located within the NSP census tracts. To verify eligibility, go to http://factfinder.census.gov
Vine City/English Avenue*
Must be located within the Trust Fund Boundaries: Joseph Lowery Blvd; Donald Hollowell Pkwy; Northside Dr.; Martin Luther King Jr. Drive
Mortgage Assistance
- Assistance in the form of a 0% interest second mortgage
- Loans deferred from 5-15 years; repayment is due upon sale, transfer, refinance or when home is no longer owner occupied.
- Must be fixed-rate mortgage
How Do I Get Started?
- Attend ADA approved homebuyers
seminar.
- Contact one of ADA’s participating lenders to get
pre-qualified and secure 1st
mortgage loan.
- Find a home within the city
limits of Atlanta.
- Have your lender complete loan
package and forward it to ADA.
ADA Dowpayment Assistance Programs Flyer
Neighborhood Stabilization Program Flyer 1-14-10
PDF: ADA Downpayment Assistance fillable application
Preferred Housing Education providers
Participating Attorneys List
For questions that are not available on the website contact Hiwot Mekonnen, ADA Mortgage Specialist at 404.614.8317 or email: Homeownership@atlantada.com
|
