First Time Home Buyer Grants In Georgia-Apply Free Money For Home Buying
Are you seeking to purchase a home in Georgia but stuck up with your plans due to your inadequate income or limited bank balance? Well, if you fall in the low income bracket and prove to be an eligible applicant then there are huge lists of housing grants by the state.
The Georgia Department of Community Affairs offers the grants to its residents as per the need and income level of the applicants. You can get free money from the government and your state to fulfill your dream of home ownership and also receive assistance with closing costs and down payment. Apply for your first time home buyer grants today.
List of Housing Grants in Georgia
Residents in Georgia have many federal and non federal housing grant programs that cater to their needs of rental assistance, offering them a safe and secured shelter. Let’s have a look at the housing grant list.
The Community HOME Investment Program (CHIP): a fraction of the DCA's HOME funds are utilized by the CHIP to offer housing assistance to communities in need. The funds collected are allocated to non-profit organizations, local governments and public housing authorities to offer monetary assistance with down payment, pre-paid items, closing cost, principal reduction aid, home repair or homeowner rehabilitation to eligible moderate income and low income households.
Georgia Dream Homeownership Program: eligible borrowers purchasing home for the first time can avail this housing program. Applicants need to submit home loan application that assists in down payment assistance, low-interest financing and home-buyer education. Some stated criteria are:
· Should not have had a home in the last 3 years or
· Should not have purchased home in a specific sector
· Must follow some stated income rules. The total household income for one to two people is $71,000 and for three or more people it is $82,000
· Need to have some assets
· The loan needs to be repaid when borrower seizes to use the home, when he sells the home or it is refinanced
Georgia Housing Choice Voucher Program: administered by the Georgia Department of Community Affairs, the program grants safe and decent housing in private rental market to eligible financially constrained people. Funded by HUD, this tenant-based aid program was established in 1974 that aims to:
· Offer affordable housing to needy people with better living conditions
· Support minority people and low income people to choose their shelter in proper society
· Provide secured, sanitary and decent housing facilities
· Offer incentives and subsidy payments to private property owners to encourage them for offering rent to monetarily deprived people
Georgia Habitat for Humanity: it’s a non-profit organization that facilitates deprived people with simple, affordable and safe shelters within their income limits. Post construction of house, applicants pay a mortgage amount as per their financial status. Some state criteria to note are:
· Must be US citizen
· Need to have reasonable savings to apply for the program
· The income earned need to fulfill the stated income prerequisites
Georgia residents have more options to choose for their housing grants like HUD, USDA Rural Development, Local HOME contacts, local CDGB contacts and others. Residents can also look for assistance from charities, non-profits, local agencies and accredited associations for rental help.
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