Cobb County My Home Down Payment Assistance

What is Cobb County My Home Down Payment Assistance?

Cobb County My Home Down Payment Assistance is a grant for homebuyers in Cobb County, Georgia.

• The Cobb County My Home Down Payment Assistance Program offers eligible homebuyers a non-repayable grant of 0%, 1%, or 2% of the first mortgage note amount for use toward down payment and closing costs. No first-time homebuyer requirement. County employees may qualify for an enhanced $10,000 grant.
• Non-repayable grant of 0%, 1%, or 2% of first mortgage note amount.
• No first-time homebuyer requirement.
• Available for down payment and closing costs.
• Enhanced $10,000 grant for qualifying Cobb County government employees.
• 30-year fixed rate first mortgage.
• Income limits apply by loan type (FHA/VA: $159,880.
• Freddie Mac HFA Advantage: $149,240).
• Funding comes from Local Government.

How much assistance does it provide?

Cobb County My Home Down Payment Assistance provides assistance worth 2% of the purchase price, as set by the program.

• Award tier “Standard”. Who qualifies: All eligible borrowers meeting income and credit requirements.
• Award tier “County Employee Enhanced” — up to $10,000. Who qualifies: Cobb County employees purchasing a home within the county.
• 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.

Do you have to pay it back?

Cobb County My Home Down Payment Assistance is structured as a grant, so it is not repaid.

• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Cobb County My Home Down Payment Assistance is open to buyers who will live in the home as their primary residence.

What are the income limits?

Cobb County My Home Down Payment Assistance sets its income limit as follows: FHA/VA: $159,880; Conventional (Freddie Mac HFA Advantage): $149,240.

• 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.

What kind of home can it be used for?

Cobb County My Home Down Payment Assistance caps the purchase price as follows: $498,257 for FHA; $766,050 for VA and Freddie Mac HFA Advantage.

• Eligible property types include Single Family, Condo, Townhouse, 2-4 Unit, and New Construction.
• New construction is eligible.

Where does it apply?

Cobb County My Home Down Payment Assistance serves buyers purchasing in Cobb County, Georgia.

How do you apply?

Applications for Cobb County My Home Down Payment Assistance go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through Southeast Mortgage & Vanderbilt Mortgage and Finance, Inc.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through First-Come-First-Served, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.