Homestretch Down Payment Assistance Program

What is Homestretch Down Payment Assistance Program?

Homestretch Down Payment Assistance Program is a forgivable loan for homebuyers in Gwinnett County, Georgia.

• The Homestretch Down Payment Assistance Program is Gwinnett County's HOME-funded DPA program for first-time homebuyers purchasing a single-family detached home or townhome in Gwinnett County. Eligible buyers receive up to $7,500 in down payment and closing-cost assistance, structured as a 0% interest, deferred-payment second mortgage that is forgiven 20% per year and fully satisfied after 5 years of continuous owner-occupancy. Administered by the Gwinnett County Financial Services Grants Division using HUD HOME Investment Partnerships funds.
• Up to $7,500 in down payment and closing-cost assistance as a 0% interest, deferred-payment second mortgage. 20% of the principal forgiven annually.
• loan fully forgiven after 5 years of continuous owner-occupancy. No scheduled monthly payments during the 5-year affordability period.
• Funding comes from HUD HOME Investment Partnerships Program.

Do you have to pay it back?

Homestretch Down Payment Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, transfer, refinance (cash-out), or loss of owner-occupancy before the 5-year affordability period ends.
• The assistance is recorded in Subordinate (2nd lien) position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Homestretch Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Homestretch Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size.

• Household income at or below 80% of HUD HOME Income Limits for Atlanta MSA. Approximate by household size: 1p $60,200; 2p $68,800; 3p $77,400; 4p $85,950; 8p $113,550.
• 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?

Homestretch Down Payment Assistance Program caps the purchase price at $410,000.

• Eligible property types include Single-Family and Townhome.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Homestretch Down Payment Assistance Program serves buyers purchasing in Gwinnett County, Georgia.

• The program targets specific areas: Gwinnett County (excluding cities receiving direct CDBG funding in some program years).

How do you apply?

Applications for Homestretch Down Payment Assistance Program 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 HUD-approved homebuyer education provider (8-hour course).

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Pre-application submitted through Gwinnett County Homestretch portal; reservation made by approved lender once buyer is under contract, 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.