Buying your first home is an exhilarating and exciting experience. There are many benefits and incentives that can be found for first time home buyers in Georgia. Before setting out to make a purchase, be sure to take a look at some of these popular programs so you can get the most out of your experience. In many cases, you can find additional assistance and even save a lot of money by using these programs.
FHA Mortgages
As a first time home buyer, you should utilize the incentives that the FHA has to offer. The FHA is in business strictly to help people purchase their first home. By using this program, first time home buyers can take advantage of lower interest rates, lower down payments, easier credit qualifying, and even lower closing costs. In fact, through this program, your down payment can be as low as 3.5 percent of the purchase price of the home. All of these incentives will save you money up front as well as in the long run. You can find more about the government program here.
Georgia Dream Home-Ownership Plan
This program offered by the Georgia Department of Community Affairs helps first time home buyers who meet certain requirements. You must also purchase the home within a certain price limit for the area. Some of the additional requirements include a limit on household income (amount depends on the number of people in the household), having a limited amount of liquid assets, and qualifying for the flexible credit underwriting provided by the program. They even offer a down payment assistance program for individuals who meet certain qualifications. You can find more about the program here.
VA Loan Program
If you are a veteran, then you may qualify for the VA loan program which is specifically designed to assist veterans with purchasing their first home. Some of the benefits of the program include the possibility of no down payment, more lenient credit qualifications, and more. This helps greatly if you do not have a solid credit history or a lot of money to put down on a home. It can help save veterans a lot of time and allow them to purchase a home without these two things. You can find more about this program and the advantages here.
American Dream Down-payment Assistance Initiative
This program is designed to help first time home buyers get the money for a down payment on a single family home purchase. To qualify for this, you must be a first time home buyer and you must be interested in purchasing a single family home. For the program, a first time home buyer means that you and your spouse (if applicable) must not have purchased a home in the last three years. The website will show you all kinds of grants that will help you acquire the down payment for your home. There are many different programs in Georgia and this program helps you discover all of them in one place. It has never been easier to find extra money to buy your first home in Georgia.
U.S. Department of Agriculture Rural Development Housing and Community Facilities Program
If you are looking to purchase your first home in a rural area in Georgia, then you may want to consider this program. This program provides buyers with financing options even if they have a low or very low income. Both farmers and low income buyers in rural areas qualify for this program. In fact, there are multiple programs within this program to help people with low incomes purchase a home in a rural area of Georgia. You can find more about the program here.
Education Programs
In addition to all of the helpful programs in Georgia, there are also many education programs that can be found for free. The home buying process can be very complicated and it can be easy to get confused in the process. Before you get involved in the process, you should have a good idea of what to expect. This can be done by finding a local education program near you. You can even find some education programs online. Take the time to do this before you start applying to a lot of programs. It will pay off in the long runt o do your homework. This is a big step and it will be much more enjoyable if you understand the process.
Tax Credits in Georgia
In Georgia, there is a tax credit program for first time home buyers. There used to be a tax credit from the IRS for first time home buyers but it has expired. Instead, first time home buyers can qualify for the Mortgage Credit Certificate which can lower the amount of federal taxes you are required to pay the IRS. This tax credit will match dollar for dollar the amount of interest you pay on your mortgage every year. You will have to file this with your taxes every year to get the tax credit but it is something to keep in mind when you are purchasing your first home.
Buying your first home can be a great experience. If you qualify for one of these programs, it can be even better because you will save money in the process. We wish you the best of luck on your journey. Use Movoto to find your first home in Georgia.
2 Point Highlight
- There are many benefits and incentives that can be found for first time home buyers in Georgia.
- In addition to all of the helpful programs in Georgia, there are also many education programs that can be found for free.
