We have recently blogged on housing affordability. The cost of housing is at the lowest point in recent memory. This is a function of low interest rates in tandem with low prices.
Something not reflected in the Housing Affordability Index is a plethora of down payment assistance programs. Many overlook this and especially how applicable it might be to even well-located quality property. Something like this could make a decisive difference in buying a Buckhead short sale or Midtown condo, for instance. (Please see a recent post we had on housing affordability by clicking here.)
Before we give you a short list of down payment assistance programs and other incentives, here is a list of some very good resources:
- Housing and Urban Development (HUD) – http://www.hud.gov/offices/cpd/affordablehousing/programs/home/addi/index.cfm
- Atlanta Development Authority –http://www.atlantada.com/buildDev/HomeAtlanta.jsp
- Georgia Department of Community Affairs – http://www.dca.state.ga.us/housing/Homeownership/programs/gadreamnspdownpayment.asp
- 2009 First-Time Home Buyer Tax Credit – http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit
- Go to your county web site – Gwinnett, DeKalb and Cobb each have programs. Many of these programs are associated with The American Dream Downpayment Initiative (ADDI) signed into law on December 16, 2003 and The HOME Program, created through the National Affordable Housing Act of 1990.
These programs are complex and require due diligence. In fact, many require that you take classes before accessing any program benefits.
Summary of down payment assistance programs and other incentives (click here or on the image for the PDF file):
Thanks for info on down payment assistance programs. However, I have a mortgage now, and am in trouble. Do you have any ways to save on mortgages, any gov’t help, if have a mortgage now? I think a program called Hope now? This site http://www.needhelppayingbills.com mentions there is one, but doesn’t have the details. Thanks in advance.