Invest Atlanta - ATL Home Renovation Advantage

Invest Atlanta - ATL Home Renovation Advantage is a forgivable loan for homebuyers in Atlanta, Georgia. ATL Home Renovation Advantage provides $10,000 toward the down payment and/or closing costs for homebuyers who qualify for and use a home renovation mortgage loan in the City of Atlanta. The loan is fully forgiven after living in the home for 5 years. $10,000 toward the down payment and/or closing costs. Fully forgiven after living in the home for 5 years. Paired with a 30-year fixed-rate FHA, VA or conventional mortgage loan. Maximum purchase price is $450,000. Funding comes from Local Government.

Invest Atlanta - ATL Home Renovation Advantage offers up to $10,000 in assistance. The program asks homebuyers to contribute $1,500 of their own funds; items purchased outside of closing count toward this requirement. 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.

Invest Atlanta - ATL Home Renovation Advantage is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Invest Atlanta - ATL Home Renovation Advantage is open to homebuyers who will live in the home as their primary residence. On credit, the program states: The minimum credit score requirement is determined by each participating lender. A homebuyer education course is required, through Resources for Residents & Communities and Committed to Communities. Must qualify for a 30-year fixed-rate FHA, VA or conventional mortgage loan with an Invest Atlanta participating lender, The minimum credit score requirement is determined by each participating lender, Must attend a special renovation education class by Resources for Residents & Communities or Committed to Communities, Homebuyers cannot exceed $35,000 in liquid assets, Program fee of $1,200, to cover the cost of education, Participants must contribute $1,500 of their own funds; items purchased outside of closing count toward this requirement, Participants cannot own interest in any other property, The property must be owner-occupied and cannot be manufactured, and Existing properties must pass inspection prior to closing.

Invest Atlanta - ATL Home Renovation Advantage limits household income to 120% of the area median income, which varies by county and household size. 120% AMI. 1 person: $99,000; 2 persons: $113,160; 3 persons: $127,320; 4 persons: $141,360; 5 persons: $152,760. 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.

Invest Atlanta - ATL Home Renovation Advantage caps the purchase price at $450,000. Eligible property types include Single Family, 2-4 Unit, Townhouse, Condo, and New Construction. New construction is eligible. Manufactured homes are not eligible.

Invest Atlanta - ATL Home Renovation Advantage serves homebuyers purchasing in Atlanta, Georgia.

Applications for Invest Atlanta - ATL Home Renovation Advantage go through the administering agency, which publishes the current terms and the application steps on its own site. 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.