Invest Atlanta - Perry Bolton Mortgage Assistance Program

What is Invest Atlanta - Perry Bolton Mortgage Assistance Program?

Invest Atlanta - Perry Bolton Mortgage Assistance Program is a forgivable loan for homebuyers in Atlanta, Georgia.

• The Perry Bolton Mortgage Assistance Program provides up to $20,000 in forgivable down payment and closing cost assistance for homebuyers purchasing within the Perry Bolton Tax Allocation District (TAD) in Atlanta. Buyers at or below 80% AMI purchasing permanently affordable homes receive $20,000; buyers up to 120% AMI receive $10,000. The assistance is structured as a 0% soft second mortgage forgiven after 5 years. A $1,000 program fee is required.
• $20,000 for buyers at or below 80% AMI purchasing permanently affordable homes in the Perry Bolton TAD.
• $10,000 for buyers up to 120% AMI purchasing non-permanently affordable properties.
• Fully forgiven after 5 years of owner-occupancy at 0% interest with no monthly payments.
• $1,000 program fee required.
• Must use an Invest Atlanta participating lender.
• Funding comes from Local Government.

How much assistance does it provide?

Invest Atlanta - Perry Bolton Mortgage Assistance Program offers between $10,000 and $20,000 in assistance, depending on the award tier a buyer qualifies under.

• The program asks buyers 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.

Do you have to pay it back?

Invest Atlanta - Perry Bolton Mortgage Assistance Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale, Refinance, No Longer Primary, and Transfer of Title.
• The assistance is recorded in 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?

Invest Atlanta - Perry Bolton Mortgage 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?

Invest Atlanta - Perry Bolton Mortgage Assistance Program limits household income to 120% of the area median income, which varies by county and household size.

• 80% AMI — 1 person: $66,000; 2 persons: $75,440; 3 persons: $84,880; 4 persons: $94,240; 5 persons: $101,840. 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.

What kind of home can it be used for?

Invest Atlanta - Perry Bolton Mortgage Assistance Program caps the purchase price at $300,000.

• Eligible property types include Single Family, 2-4 Unit, Townhouse, Condo, and New Construction.
• New construction is eligible.
• Manufactured homes are not eligible.

Where does it apply?

Invest Atlanta - Perry Bolton Mortgage Assistance Program serves buyers purchasing in Atlanta, Georgia.

How do you apply?

Applications for Invest Atlanta - Perry Bolton Mortgage 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 before funds are reserved.

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.