Gwinnett County Down Payment Assistance

In years past there were down payment assistance programs like the Nehemiah or Ameridream Programs that were totally funded by homeowners who were selling their homes. The homeowners were allowed to contribute a portion of their proceeds from the sale of their home towards the buyer’s down payment. Unfortunately these programs have gone away. There are two Gwinnett County Down Payment Assistance programs which replaced the previous programs, The Gwinnett Homestretch Program and The Gwinnett County Neighborhood Stabilization Program.

The Gwinnett Homestretch Program

The Gwinnett Homestretch Down payment Assistance Program provides loans of $7,500 at 0% interest to qualifying first-time homebuyers who purchase affordable homes in Gwinnett County. Homestretch Loan funds may be used for Down payment and/or Closing Cost Assistance, and/or Prepaid Items. These loans are 5-year, deferred payment loans. No scheduled payments are required on the Homestretch loans during the 5-year loan period. If the homebuyer occupies the home purchased with Homestretch funds as their principal residence for at least 5 years, the loan is satisfied and no repayment is required.

The Gwinnett County Neighborhood Stabilization Program

The Gwinnett County Neighborhood Stabilization Program (NSP) was created to help slow the decline of neighborhoods where housing values and conditions are deteriorating due to the presence of foreclosed homes.

A second objective of the Gwinnett NSP is to provide affordable housing to eligible low, moderate, and middle income homebuyers. To address the foreclosure problem, Gwinnett County uses NSP funds to purchase vacant foreclosed homes in targeted Census Tract Block Groups, make necessary repairs on the homes, and resell these homes to new homebuyers.

NSP Financial Assistance

All NSP homebuyers will receive up to $22,500 to assist in purchasing their new home, which may be used to help defray the cost of purchasing the home and/or applied to the first mortgage to reduce the monthly payments. This allows a purchaser to lower the monthly payments or purchase a more expensive home.

Two programs are available:

• A “soft second” mortgage of $14,500 for five years at zero percent interest rate and no payments with the principal being reduced 20 percent per year
• A  “soft second” mortgage of $22,500 for 10 years at zero percent interest rate and no payments, with the principal being reduced 10 percent per year.

In either case, if the house is no longer the homebuyer’s primary place of residence, any remaining principal shall be paid to the County.

Buyers must meet certain eligibility requirements.

Qualifications

Low, moderate, and middle income homebuyers may be eligible to purchase the NSP homes and receive $22,500 in financial assistance. To qualify as a homebuyer, you must not currently own residential property, including rental housing or vacation home.

In addition, you must:

• Qualify for a 30-year, fixed-rate FHA first mortgage, and
• Complete an eight-hour HUD-approved homebuyers course, and
• Invest one percent of the purchase price towards buying the home, and
• Occupy the home as your principal residence, and
• Meet the income limits below based on the size of your household :

Available Homes

Available homes are priced from $70,000 to just under $200,000 and are located throughout Gwinnett County. These previously-foreclosed homes have been purchased, updated, finished, and are move-in ready; many have never been lived in.

So what do you think, could The Gwinnett Homestretch Program or The Gwinnett County Neighborhood Stabilization Program be of assistance to you? Why don’t we get together and discuss your housing needs.

To schedule an appointment to view homes that qualify for either of these Gwinnett County Down Payment Assistance programs contact Mack Perry at 770-318-2572 or by email at AtlantaBuyersAgent@gmail.com.

Below are the current properties in Gwinnett County that qualify as NSP (Neighborhood Stabilization Plan) Homes.

3 Listings, Showing 1-3

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1) 910 Lakeside Ct, Loganville GA 30052, Gwinnett Co.
16 pictures $129,900 4 Bedrooms 2 Full & 1 Half Bathrooms Single Family Home MLSID 2929540 Active More Details	Schedule A Visit Save This Listing

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2) 541 Canterbury Lane, Lawrenceville GA 30046, Gwinnett Co.
2 pictures $84,900 3 Bedrooms 2 Full & 1 Half Bathrooms Single Family Home MLSID 5021904 Updated 5/18/12 Active More Details	Schedule A Visit Save This Listing

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3) 700 Saddle Shoals Drive, Lawrenceville GA 30046, Gwinnett Co.
5 pictures $67,900 3 Bedrooms 2 Full & 0 Half Bathrooms Single Family Home MLSID 5006013 Pending Sale More Details	Schedule A Visit Save This Listing

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Listings identified with the FMLS IDX logo come from FMLS, are held by brokerage firms other than the owner of this website and the listing brokerage is identified in any listing details. Information is deemed reliable but is not guaranteed. © 2012 First Multiple Listing Service, Inc.
Data updated as of: 05/20/12, 6:45 AM

The data relating to real estate for sale on this web site comes in part from the Internet Data Exchange/Broker Reciprocity Program of Georgia MLS. Real estate listings held by brokerage firms other than RE/MAX Center are marked with the Internet Data Exchange/Broker Reciprocity logo and detailed information about them includes the name of the listing brokers.
The broker providing this data believes it to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Information is deemed reliable but is not guaranteed. © 2012 Georgia MLS. All rights reserved.
Data updated as of: 05/20/12, 6:15 AM

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