Mortgage Grant Program Down-Payment Assistance Now Available

See our mortgage grant program featured on WSB-TV with Clark Howard

We understand the challenges of becoming a first-time homeowner. From saving for a down-payment to budgeting your current and future expenses, we can relate to how much time and effort it takes on your part. That's why we have partnered with the Federal Home Loan Bank of Atlanta to offer $10,000 in down-payment assistance for qualified buyers. Not sure if you're a qualified buyer? Below are a few helpful tips on how to qualify and take advantage of this opportunity. 

1. Your income cannot exceed $39,850 per year (for 1 person)
   Your income cannot exceed $45,550 per year (for 2 people)
   Your income cannot exceed $51,250 per year (for 3 people)
   Your income cannot exceed $56,950 per year (for 4 people)
   Your income cannot exceed $61,500 per year (for 5 people) 
   
2. The buyer must contribute at least $1,000 in cash towards the down payment to receive assistance (for $5,000). To receive the full amount, you must contribute at least $2,000 in down payment assistance (for $10,000).
   
3. The buyer must complete a homeownership education program.
   
4. The grant is exempt over a 5-year period (20% per year) if the buyer retains the home as a primary residence. After 5 years, the grant is cleared in its entirety.
   
5. Up to $1 million in grant funding is made available for members of CDC FCU on April 1, 2010, and is on a first-come, first-served basis. 
   

Plus, if you are a first-time homebuyer in 2008 or 2009 you can receive an additional $8,000 tax credit from the U.S. Government through the American Recovery and Reinvestment Act of 2009*. The program has been extended into 2010 and will end on June 30, 2010 (binding contact must be signed by April 30, 2010 to close).

Still not sure if you are qualified, or to get started, call Susan Stromquist, Mortgage Loan Officer, directly at 678-553-5379, or click here. 

 *CDC FCU is not a tax-advisor. Please consult with your personal tax-advisor before the purchase of your home to see if you are qualified for this tax credit.