The intent of the Homebuyer Assistance Program is to make homeownership affordable for low/moderate income families.
If you are interested in the program and meet the income limits you will need to attend an 8-hour HUD approved Housing Counseling Seminar with the
Credit Counseling of West Georgia and East Alabama
(706-327-0260) and obtain a Certificate of Completion.
Afterwards you will need to contact a pre-certified lending institution (current listing below) to be pre-qualified for your mortgage. The lending institution will then take over the process of your loan being approved and prepare the necessary documentation for our office. The assistance cannot be used for any Adjustable Rate Mortgages or Balloon Mortgages.
Homebuyer assistance is provided in the form of a $5,000 deferred loan. The entire amount must go toward the down payment of the home. The purchaser is not allowed to receive any portion of these funds as cash back at closing. The seller or purchaser is responsible for the closing costs. The closing costs cannot be taken from the $5,000 however, $1,000 of the assistance maybe used to pay prepaid fees (taxes and insurance).
Down-Payment Assistance Partner Program Loan
The Down-Payment Assistance Partner Program is designed to assist low-income person or families with the purchase of their own homes. The Program, in conjunction with the Consolidated Government of Columbus Georgia's Consolidated Plan and Strategy, will target areas of need within the community to stimulate both existing property sales and new construction, while increasing the level of affordable housing
One must be a low income family or individual. Low income means the individual or family must have a gross income that does not exceed 80% of the median income for the area, as determined by HUD, with adjustments for smaller or larger families. Gross annual income is defined as all income anticipated to be received from all sources by each family member residing in the home in the next twelve months. The income limits are established by HUD for the Columbus Metropolitan Statistical Area (MSA) and are adjusted annually. The most recent published income limits will be observed.
Assistance will be provided in the form of a zero interest rate loan until the time of sale, and/or transfer of the property. The loan will be issued on an as needed basis up to $10,000 for the Down-Payment Assistance Partner Program. Maximum loan amount is $1,000 for pre-paids (taxes and insurance) plus 5% of the sales price. Funds cannot be used for closing cost.
The Down-Payment Assistance Partner Program is a loan. The balance is due and repayable if the property is sold, transfer of title or foreclosure. The Down-Payment Assistance Partner Program loan will be deed secured.
Current Income Limits:
1 Person - $29,050
2 Person - $33,200
3 Person - $37,350
4 Person - $41,450
5 Person - $44,800
6 Person - $48,100
7 Person - $51,400
8 Person - $54,750