MBCAHF DOWN PAYMENT ASSISTANCE
MBCAHF Down Payment Assistance (DPA) provides down payment, closing cost, and/or gap financing assistance to help qualified home buyers purchase homes developed with MBCAHF loans—eligible properties are listed below. Buyers must qualify for bank or mortgage company financing with terms that meet program requirements.
ELIGIBLE BUYERS
Have a household income at or below 120% Area Median Income
Provide requested documents timely
Will own and occupy home as primary residence
Have 620+ credit score
Contribute at least $1,000
Complete funder approved homebuyer class
Obtain loan from approved lender
Apply to Georgia Dream (if qualified)
TERMS
MBCAHF DPA typically ranges between $5,000 and $25,000.
MBCAHF DPA is a 5-year non-amortizing subordinate loan at 0% interest, forgiven over 5 years.
20% of the loan is forgiven each year for 5 years.
The unforgiven portion of MBCAHF DPA is repayable if the buyer relocates, sells, refinances or defaults within 5 years.
Funds will be released to the buyer’s attorney at closing.
AVAILABLE PROPERTIES
The properties listed below are subject to a 20-year affordability period, as outlined in a restrictive deed. During this period:
The property must be maintained as an owner-occupied, single-family residence.
If the property is offered for resale, it must be sold as an affordable housing unit.
If the property is offered for resale, the buyer must meet eligibility requirements, specifically having a household income at or below 120% of the area median income.
836 PLANT STREET
Under Construction
For more information contact:
Investment Group Development
(478) 390-5671
854 PLANT STREET
Under Construction
For more information contact:
Investment Group Development
(478) 390-5671