ATL Home Renovation Advantage

ATL Home Renovation Advantage is a forgivable loan for homebuyers in Atlanta, Georgia. ATL Home Renovation Advantage is an Invest Atlanta homebuyer incentive that pairs with an FHA 203(k) or Fannie Mae HomeStyle renovation first mortgage to provide $20,000 in down payment and closing-cost assistance for buyers purchasing and rehabbing a home within the City of Atlanta. The assistance is structured as a 0% interest soft second mortgage that is fully forgiven after the buyer occupies the home as their primary residence for 5 years. Designed to expand homeownership in Atlanta neighborhoods with older or distressed housing stock by combining purchase and rehabilitation financing with DPA. Up to $20,000 toward down payment and/or closing costs as a 0% soft second mortgage, fully forgiven after 5 years of owner-occupancy. Designed to be paired with an FHA 203(k) or Fannie Mae HomeStyle renovation first mortgage so the buyer can purchase a home that needs rehabilitation in the City of Atlanta. Funding comes from Invest Atlanta / Urban Residential Finance Authority bond proceeds and program income.

ATL Home Renovation Advantage offers up to $20,000 in assistance. The program asks homebuyers to contribute $1,500 borrower contribution (purchases outside closing count). The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

ATL Home Renovation Advantage is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Sale, transfer, refinance (cash-out), or loss of owner-occupancy within the 5-year affordability period. The assistance is recorded in Subordinate (2nd lien) to renovation first mortgage position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

ATL Home Renovation Advantage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Minimum FICO determined by participating lender; typically 640-660+. A homebuyer education course is required, through Resources for Residents & Communities and Committed to Communities. Residency requirement: Property must be located within the City of Atlanta city limits and occupied as primary residence. Property must be located within the city limits of Atlanta. Buyers cannot exceed $25,000 in liquid assets. Must contribute $1,500 of own funds. Must qualify for a 30-year fixed FHA, VA, or conventional first mortgage with an Invest Atlanta participating lender. Must complete a special renovation education class with Resources for Residents & Communities or Committed to Communities. Program fee of $1,200 to cover education cost. Owner-occupied required, no other property ownership at closing. Must be paired with an FHA 203(k) or Fannie Mae HomeStyle renovation loan.

ATL Home Renovation Advantage limits household income to $148,080. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

ATL Home Renovation Advantage caps the purchase price at $428,000. Eligible property types include Single-Family, 2-4 Unit, Townhome, and Condo. New construction is eligible. Manufactured homes are not eligible.

ATL Home Renovation Advantage serves homebuyers purchasing in Atlanta, Georgia. The program targets specific areas: Properties must be within the city limits of Atlanta.

Applications for ATL Home Renovation Advantage go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Reservations made by participating lender through eHousingPlus once buyer is under contract. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.