By Dan Hnatkovskyy — May 30, 2024

Homeownership Programs That Make Housing (A Bit) More Affordable in Atlanta, GA

Are you dreaming of owning a home in the heart of Atlanta but feeling like it's impossible right now? You're not alone. With the median price for homes soaring to a jaw-dropping $430,000, signing on the dotted line for a mortgage can feel like a pipe dream.

But wait, don't lose hope just yet! The city of Atlanta has a few tricks up its sleeve to help make your homeownership dreams a reality. Many of these programs ease the financial burden of buying a home, making the process much more achievable.

What are these magical programs, you ask? Well, get ready to take notes because you're about to dive into three incredible homeownership programs that are ready and waiting for you to apply. Grab your homebuyer hat, snatch a pen, and explore how you can buy a house in Atlanta!

Georgia Dream Home Ownership Program

This Georgia Dream Homeownership Program makes homeownership affordable by offering assistance with purchase price, down payment, closing costs, and homebuyer education. Eligible applicants receive 5% of the home’s purchase price or up to $10,000 (whichever is smaller). However, you can receive up to $12,500 if you fall into one of these three categories:

Residents whose family members are living with a disability
Healthcare personnel and educators
Public protectors

Main Eligibility Requirement

You must be a first-time homebuyer. More importantly, you should not have owned a home within the past three years and should not be looking for a house in other areas of Georgia.
The home’s purchase price should not exceed the purchase price limit of the county you want to purchase.
Your liquid assets should not be worth over $20,000 or 20% of the buying price (whichever is higher).
The amount of money you’ll receive depends largely on where you live and the respective median income limit. For instance, if the property is in Sandy Springs-Roswell, GA, your household income has to be less than $86,500 for one to two persons. The limit for a three-person household is slightly higher at $99,500. Check out the Georgia Department of Community Affairs website for more details about income thresholds for different areas.

Atlanta Housing (AH) Homeownership DPA Program

Need help with your down payment? If so, you should consider the AH Down Payment Assistance Program. Created with first-time homebuyers in mind, it offers up to $25,000 in downpayment assistance.

Unlike other programs, which tend to be restrictive, this one allows applicants to apply for other homebuyer support programs. The fact that the loan is completely forgiven after ten years of occupation is the cherry on top. However, this program is reserved for individuals in specific occupations, such as healthcare staff, military personnel or veterans, educators, public protectors, and Voucher Participants.

Eligibility

A sales price of $375,000 or less is required to meet the established criteria.
The applicant’s income should be less than 80% of HUD’s MSA Area Median Income.
The purchased home should be the applicant’s primary residence.
The applicant’s liquid assets should not be worth more than $25,000
Interested homebuyers should have met the lender’s credit criteria and obtained approval for conventional VA or FHA loan financing.
You should have lived in Georgia for the last six months.
You must also enroll in an 8-hour Homebuyer Education class from a HUD-approved service provider.
Be capable of contributing a minimum of $1,500 for the purchase.

Atlanta Neighborhood Development Partnership (ANDP) DPA Programs

ANDP is another organization determined to help Atlanta residents realize their home ownership dreams. One thing that sets it apart from other lenders is the fact that it offers diverse programs to meet different needs. For instance, there are opportunities for veterans, first-time homebuyers, and other groups. Every program has separate requirements that determine an applicant’s eligibility.

Program Options

ANDP-FHLBank Atlanta DPA Program

ANDP has partnered with the Federal Home Loan Bank of Atlanta (FHLBank) to offer financial aid to would-be homebuyers.

Eligible applicants receive between $12,500 and $15,000 for a down payment. They can use these funds to purchase one of ANDP’s properties or any other home located within Metro Atlanta. To qualify for this aid, offered on a first-come-first-served basis, applicants must earn less than 80% of the area’s average income.

ANDP Veterans Program

True to its name, this homeownership program is for honorably discharged veterans, reserve members, active-duty military workers, or Gold Star family members. If you qualify, you will get up to $15,000.

ANDP First Generation Homebuyer Program

This program helps first-generation homebuyers who fall into these categories:

Applicants who were raised in the foster care system
Applicants whose parents have never owned a home
Individuals whose parents lost their home
Homebuyers who lost their homes

You’ll receive up to $12,000 in homebuyer aid if you qualify.

Find a New Home in Atlanta, GA with NewHomesMate

Once you’ve identified a program that works for you, Let us help you unlock the door to your new home and create lasting memories in a new community you'll love. Our NewHomesExperts in Atlanta understand the housing market and the available homeownership tools.

But our support continues beyond there. As your trusted partner, NewHomesMate will help you find the ideal home that meets your budget, lifestyle, and personal preferences. Whether you're looking for a cozy bungalow or a spacious family home, our extensive network of builders and developers ensures you'll find the perfect match.

Don't let the dream of homeownership slip away. Start your search today to explore your options and take the first step toward building a brighter future in the heart of Atlanta.