Down payment assistance funds are provided as a five-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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Homestretch Down Payment Assistance Program

Financial Assistance for Homebuyers in Georgia

With the Gwinnett County government’s Homestretch Down Payment Assistance Program, first-time homebuyers are eligible to receive $7,500 in down payment assistance on a home located in the county that is up to $161,500.00 for previously constructed homes, and $199,500.00 for new construction homes.

These funds are provided as a five-year deferred payment loan with zero interest, which means that 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. Beginning on the first anniversary date of the security deed, the principal will be reduced 20% each year. Individuals that have not owned property in three years qualify as first time homebuyers.

Qualified homebuyers must submit a pre-application package that includes all of the following:
  • Pre-Application Package Checklist
  • 3 Bureau Credit Score Report with at least one credit score of 640 or higher
  • 8 Hour Homebuyer Pre-Purchase Class certificate from a HUD approved Counseling Agency
  • Pre-Approval Letter from the Mortgage Lender
  • Executed Purchase & Sale Agreement on an eligible property
If the applicant has been deemed eligible based on household size and income, and has presented at least one current credit score of 640 or higher, the Community Development office will perform in-house underwriting by obtaining a 10-03 (First Mortgage Loan Application) from the lender. The homebuyer must have less than 43 percent debt-to-income ratio.

Following the eligibility determination, the Community Development office will authorize a UPCS program inspection. The Homestretch program pays for one inspection. The homebuyer is responsible for ensuring that utilities in the home are turned on and made ready for the home inspection. The home must pass the program inspection to receive Homestretch funding. If the home does not pass inspection, the seller or homebuyer have the option to pay for repairs. Any inspections following initial program inspection will NOT be paid for by the Homestretch program.

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 five-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.