Our Real Estate Blog

WE DeKalb Housing Initiative, Down Payment Assistance Grant

posted Aug 29, 2016, 12:40 PM by Michelle Pettway

We DeKalb stands for Work Force Enhancement.  it is a partnership with DeKalb Chamber of Commerce and Decide DeKalb Development Authority. The WE DeKalb housing initiative, a program that provides home ownership opportunities for DeKalb’s workforce.

DeKalb County businesses can offer this "owner-occupant program" to their employees as an economic incentive. The program also offers attractive re-financing opportunities for select homeowners’ existing mortgages, depending on the rate option selected.
Employees of DeKalb County businesses considering relocation to DeKalb County or currently residing there may take advantage of this unique program that offers qualifying home buyers, a 30-year fixed-rate mortgage with down payment assistance (DPA Grant) equal to either 3% or 5% of the mortgage amount, with no repayment. The grant can be used for down payment and or closing cost assistance.
Here's how the WE DeKalb Program works:
  • Select a lending institution from the approved lender list.
  • Contact the lender and present a letter of introduction along with your completed your mortgage application. The determination of your mortgage application is governed by the lending institution. The approved participating lender can help determine if you meet the program qualifications.
General Guidelines:
  • Mortgage rates for the program will be the same or slightly above the market mortgage rates depending on the selected DPA grant option. Rates will change periodically
  • Maximum qualifying income – $81,900 (families of 2 or less) and $95,600 (families of 3 or more)
  • Eligible VA and FHA loans
  • FHA mortgage limit is $342,700
  • VA mortgage limit is $417,000
  • Minimum FICO score of 660
  • 45% debt-to-income (DTI) ratio
  • No first-time homebuyer requirement
  • Residential property
  • Owner-occupied
  • Property must be located in DeKalb County
  • New or existing 1-4 units detached or attached, condos, town homes, and manufactured homes that meet service/guarantor requirements are eligible
  • No prepayment penalty
  • Standard agency guidelines still apply
  • Recreational, seasonal, or other types of vacation or non-permanent homes;
  • Buy downs are not permitted;
  • Cosigners are not permitted; and
  • Construction to permanent is not permitted.
Next Steps:
If you are interested in getting approved for the WE DeKalb Program please contact me by completing the information below.  Someone will reach out to you within 24 to 48 hours.

Home Loan Programs and Down Payment Assistance Grants

posted Aug 29, 2016, 12:01 PM by Michelle Pettway   [ updated Aug 29, 2016, 12:03 PM ]

Choosing the loan programs that best fits you can be challenging without the proper information especially if you are looking 100% financing for a low - middle income family.

Here are some of your choices.  VA Guaranteed Loans are 100% loans in that they do not require a down payment however, borrowers may be assessed a "funding fee" which can be added back to the loan and financed

VA helps Service-members, Veterans, and eligible surviving spouses become homeowners. They provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms. VA does not make loans. approximately 631,000 Vets purchased homes through VA Benefits.
USDA  known as the Section 502 Direct Loan Program, this program assists low- and very-low-income applicants obtain decent, safe and sanitary housing in eligible rural areas by providing payment assistance to increase an applicant’s repayment ability. Payment assistance is a type of subsidy that reduces the mortgage payment for a short time. The amount of assistance is determined by the adjusted family;
Applicants must:
  • Be without decent, safe and sanitary housing
  • Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet
  • Agree to occupy the property as your primary residence
  • Have the legal capacity to incur a loan obligation
  • Meet citizenship or eligible non-citizen requirements
  • Not be suspended or debarred from participation in federal programs
Properties financed with direct loan funds must:
  • Generally be 2,000 square feet or less
  • Not have market value in excess of the applicable area loan limit
  • Not have in-ground swimming pools
  • Not be designed for income producing activities
Georgia Dream - The Georgia Dream Home ownership Program provides first mortgage loans, down payment assistance and home buyer education to eligible home buyers. An eligible borrower must not have owned a home in the past three years, or must be purchasing a home in a targeted area. The borrower must meet income and purchase price limits, have limited assets, and must invest at least $1,000 into the purchase transaction.  Borrowers who qualify for the Georgia Dream Program benefit from down payment assistance. All eligible borrowers qualify for $5,000.
Two additional programs are available: Down Payment Assistance for Protectors, Educators and Health Care Workers (PEN), and Down Payment Assistance for Families with members who are disabled (CHOICE). PEN and CHOICE eligible borrowers qualify for $7,500 in down payment assistance.

For More Information on any of these programs or on Home Ownership please feel free to contact me at 770-873-2513 or via email @ mdpettway1@gmail.co

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