Down payment assistance funds are provided as a 5-year deferred payment loan with zero interest. As long as the homeowner remains the primary resident through the maturity date of the security deed, the lien is canceled and no payments are required. 

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December 14, 2018
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Homestretch Down Payment Assistance Program

Financial Assistance for Homebuyers in Georgia

In an effort to help individuals achieve their dreams of homeownership, the Gwinnett County Government started the Homestretch Down Payment Assistance Program, which helps to reduce out-of-pocket costs for qualifying applicants.

Available Assistance:
With the Gwinnett County government’s Homestretch Down Payment Assistance Program, first-time homebuyers may receive up to $7,500. The assistance is provided via a 5-year, zero-interest loan with deferred payments. Beginning on the first anniversary of the security deed, the principal will be reduced 20 percent each year.

Eligibility Requirements:
In order to qualify for the Homestretch Down Payment Assistance Program, all applicants must meet certain requirements. The program is available to first-time homebuyers whose annual household income falls under 80 percent of the area median (limits shown below). They must have a credit score of at least 640, and their debt-to-income ratio may not exceed 43 percent. Applicants are also responsible for completing an 8-hour homebuyer pre-purchase class from a HUD-approved counseling agency.

Property Guidelines:
Any property being purchased under the Homestretch Program must serve as the applicant’s primary residence and must be located within Gwinnett County. Eligible property types include single-family detached homes or townhomes that fall within the program’s maximum purchase price limits ($165,000 for an existing home, or $228,000 for a new construction). Following the eligibility determination, the Community Development office authorizes a Uniform Property Conditions Standards inspection, which the Homestretch Program pays for. If the home does not pass inspection, the seller or homebuyer has the option to pay for repairs. 

Income Limits:
1 person household: $39,050
2 person household: $44,600
3 person household: $50,200
4 person household: $55,750
5 person household: $60,250
6 person household: $64,700
7 person household: $69,150
8 person household: $73,600

*Household income is defined as all income received by household members (18 years or older) who will be living in the home, even if they are not on the mortgage.

(Note: These figures were accurate at the time of publication and may no longer be current - visit the program website for updated information.)

Down Payment Grants in Georgia

The Department of Community Affairs in Georgia helps residents in particular counties finance their new homes through the Georgia Dream Homeownership Program. The program helps homebuyers afford decent housing by providing them with down payment assistance.

Down payment assistance funds are provided as a 5-year deferred payment loan with zero interest. As long as the homeowner remains the primary resident through the maturity date of the security deed, the lien is canceled and no payments are required. 

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