BIBB COUNTY SCHOOL DISTRICT DOWN PAYMENT ASSISTANCE

Down Payment Assistance (DPA) provides down payment and closing cost assistance to help qualified Bibb-County School District employees purchase their home. Buyers must qualify for bank or mortgage company financing with interest rates, fees and other terms that meet program requirements. The property must be located in Macon-Bibb County.

ELIGIBLE BUYERS

  • Must be a full-time BCSD Employee

  • 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

  • DPA provides a $10,000 forgivable loan.

  • 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.