It’s called the Fulton County Homeownership Program, or HOP! It provides down payment and closing cost assistance for qualified individuals in accordance with the loan applicant’s first mortgage lender requirements. The funding is available for low to moderate income families. Eligible families must reside in Alpharetta, Chattahoochee Hills, College Park, East Point, Fairburn, Hapeville, Milton, Mountain Park, Palmetto and Union City. Also the Riverdale section of Fulton County.
Eligible families can get up to 6% of the home’s sale price and cannot exceed $10,000.00 for down payment and closing cost assistance. If you purchase an existing home, the sale price can’t be more than $201,000 and a new home can’t have a sale price of more than $244,000
Other Key Facts
- 20% of the loan amount is forgiven annually after Year one if they remain in compliance with HOP guidelines
- Credit history and income must qualify the homebuyer with a first mortgage lender with appropriate debt to income ratios
- Homebuyer must complete 8 hours of pre-purchase housing counseling with approved HUD agency
- The purchaser must fall within the proper income guidelines to purchase a property with HUD assistance (Annual gross household income requirements must not exceed the limits established by HUD.
The following six (6) participating lenders have closed loans:
- American Eagle Mortgage
- Bank of Ozarks
- Diamond Residential Mortgage
- Homestar Financial
- RS Mortgage
- Southeast Mortgage
To learn more contact Christian@ Arthur.christian@fultoncountyga.gov or call 404-613-4176
