New homebuyers in 10 counties may qualify for help

First-time homebuyers in 10 counties may be able to receive $15,000 in state assistance for down payments, closing costs and prepaid costs. The new initiative is targeted to eligible borrowers purchasing an existing home in 10 Georgia counties: Bibb, Chatham, Clayton, DeKalb, Douglas, Fulton, Gwinnett, Henry, Muscogee and Paulding.

Homebuyers do not need to live in one of the qualifying counties but only need to be purchasing a home in one of these counties. They also must be willing to contribute at least $1,000 to the purchase transaction. The goal is to reduce obstacles for homeownership and stabilize these counties that have been the hardest hit with serious delinquency, negative equity, distressed sales and foreclosures.

Homesafe Georgia and the Georgia Department of Community Affairs’ Office of Homeownership Finance have begun accepting reservations through participating lenders for Hardest Hit Fund Down Payment Assistance. The assistance is being made available on a first-come, first-served basis until the $15 million allotted for the program is depleted.