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.

Invest Atlanta - Perry Bolton Mortgage Assistance Program offers between $10,000 and $20,000 in assistance, depending on the award tier a homebuyer qualifies under. 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 - Perry Bolton Mortgage Assistance Program is forgiven after 5 years, so a homebuyer 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.

Invest Atlanta - Perry Bolton Mortgage Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: 3 years since last ownership. On credit, the program states: The minimum credit score requirement is determined by each participating lender. A homebuyer education course is required. Citizenship or immigration status: U.S. Citizen or Permanent Resident. Property must be located within the Perry Bolton Tax Allocation District, 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, Program fee of $1,000, to cover the cost of education and ensure commitment to the 5-year minimum living requirement, Homebuyers cannot exceed $25,000 in liquid assets, Participants cannot own interest in any other property, and The property must be owner-occupied and cannot be manufactured.

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.

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.

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

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. Funds are reserved through First-Come-First-Served. 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.