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Atlanta Home 4.0 provides money for down payments | News

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Atlanta Home 4.0 provides money for down payments

ATLANTA -- A new program called Atlanta Home 4.0 provides as much as $10,000 in down payment assistance for qualified home buyers in Atlanta.

"Individuals can get a five percent grant that's forgiven at closing," said Frank George with Invest Atlanta. "They don't have to pay it back. They don't have to stay in the home. When they get their keys, it's forgiven."

The program is a public-private partnership between Invest Atlanta and Raymond James Financial, which provides as much as $60 million a year.

"Anytime anyone is willing to give you a check for just being able to qualify, that's absolutely amazing," said Tanya Howze, a paralegal who bought her first home in West Highlands.

To qualify, you have to buy a home, townhouse or condominium inside the Atlanta city limits.

Other requirements include the following:

  • Must have a minimum credit score of 640
  • Home must be owner-occupied
  • Maximum purchase price is $374,268
  • Must contribute $1,500 of your own funds toward closing
  • Must attend 6-8 hours homebuyer seminar
  • Must qualify for first mortgage with approved lender through Invest Atlanta.

Here are the income caps:

  • $64,974 for a 1-person household
  • $74,256 for a 2-person household
  • $83,538 for a 3-person household
  • $92,820 for a 4-person household
  • $100,246 for a 5-person household

The goal is to encourage more people to plant roots and eventually pay taxes in the city.

To read more details about the qualifications, visit investatlanta.com.