Atlanta Down Payment Assistance for First Time Home Buyers

I graduated from college a year ago, with a master's degree in accounting. My first job out of college paid well, and with the low home prices in Atlanta, I could easily afford to make monthly mortgage payments. Coming up with the cash for a down payment was tougher, which is when I found out about Atlanta's down payment assistance programs. Unless otherwise noted, these programs can be used by both first time homebuyers and people who have already owned homes.

Due to cost cutting, the federal government has suspended most of its down payment assistance programs. However, individual cities and states still offer many of these programs to help lower-income families purchase homes. The assistance is primarily limited by how much money the future home owner makes. However, even with a well-paid job as an accountant, my salary was still low enough to qualify for one of the programs. Additionally, for a household with more people in it, the annual income can be higher, and the family may still qualify for assistance.

Typically, the "assistance" provided by these programs comes in the form of a 0% interest "loan." This means that when you sell the home, you will be expected to pay back all or part of the loan. The longer you live in the home, the less you need to pay back, and if you live in the home for 10 or more years, you will typically not need to repay any of the assistance.

The following information includes some basic facts about the different down payment assistance programs available in Atlanta. Once you see a program you may qualify for, contact the Atlanta Development Authority for more details on qualification and the application process.

Opportunity Downpayment Assistance Program (ODAP)

Opportunity Downpayment Assistance Program, or ODAP, is the program I ended up using to help me buy a home. For a household of one or two people, the maximum income limit is $68,300. If you have a household of three or more people, the maximum limit jumps to $78,545.

If you meet the requirements for ODAP, the city of Atlanta will pay up to 10% of the purchase price of the house towards a down payment and closing costs. As a caveat, the purchase price of the house cannot exceed $252,890, but, in my opinion, at the income limits given, it would be difficult to afford a house more expensive than that anyway.

The only geographic requirements are that the house needs to be within the city limits of Atlanta. So if you are looking at Roswell, or Marietta, or one of the other Metro areas, this program will not be available.

Beltline Affordable Housing Trust

This program offers the highest possible down payment assistance, with relatively high income limits. Similar to ODAP, a household of one or two people must earn below $68,300, while a household of three or more people must earn below $78,545. However, if you qualify you can receive up to 20% of the purchase price in down payment assistance. The catch is that the homes that can be bought using this program are very limited.

The Atlanta Beltline project has been in process for quite some time in Atlanta. This is an initiative to add a light rail line around the city, and improve neighborhoods, businesses, and green spaces along the path of the rail line.

Only homes in certain developments near the Beltline qualify for this program. Typically, these are condos and townhouses, as opposed to free standing homes with a yard. The easiest way to find a home that will qualify is to go to http://www.livealongthebeltline.com and search the homes listed on that website. The website lists ALL of the homes that can be purchased with this program.

Atlanta Affordable Homeownership Program

This program is only available to first time homebuyers. It provides assistance of $10,000 and covers up to 50% of the closing costs.

Applicants are limited to the following income levels:
$38,300 for a one-person household
$43,750 for a two-person household
$49,200 for a three-person household
$54,650 for a four-person household
$59,050 for a five-person household

Vine City / English Avenue Trust Fund

This program is only available only in the "Trust Fund Program" boundaries. This area of the city is located in the area bounded by Joseph Lowery Boulevard, Donald Hollowell Parkway, Northside Drive, and Martin Luther King, Jr. Drive. It provides assistance of 10% of the purchase price, and is limited to $15,000.

Applicants are limited to the following income levels:
$68,300 for a one-person household
$78,545 for a two-person household