Identifying the Right Down Payment Assistance Programs for YouBusiness by Mathew Leonard - November 22, 2018November 28, 20180 For sure you heard about the down payment assistance programs. Local or state housing authority can administer these programs. Additionally, a nonprofit organisation or lender can also manage it. Basically, these programs provide a set amount of money to eligible homebuyers. As a homebuyer, you can use this money to cover your down payment or your closing costs.Fortunately, in Georgia, there are many down payment assistance programs that you can consider. To start, here’s a good guide on assistance with down payments in Georgia:FHLB – First Time Buyer FHLB (Federal Home Loan Bank) – First Time Buyer is a grant, which is forgiven after five years. This program can be used anywhere in Georgia. The down payment assistance is up to $5,000.FHLB – Community Partners Product The FHLB – Community Partners Product provides up to $7,500 in down payment assistance. It is for current or retired law enforcement officers, firefighters, educators, health care workers, and other first responders.FHLB – Foreclosure Recovery Product The FHLB – Foreclosure Recovery Product provides up to $15,000 in down payment assistance. This program is available for first-time and non-first-time homebuyers.FHLB – Veterans and Returning Veterans Product The FHLB – Veterans and Returning Veterans Product provides up to $10,000 in funding by veterans or active duty members of the US military. Surviving spouses may also apply.FHLB – Veterans Rehabilitation Product GA Dream The FHLB – Veterans Rehabilitation Product GA Dream provides up to $15,000 for accessibility and energy-efficient improvements to a home owned by veterans, active duty members of the US military or their surviving spouses.GA Dream The GA Dream allows a buyer to have a higher income limit. The program provides $5,000 in down payment assistance.GA Dream PEN THE GA Dream PEN is for protectors (like policemen and foremen), educators and health care workers. It provides up to $7,500 in down payment assistance.GA Dream CHOICE The GA Dream CHOICE is for a household with disabled members. It provides up to $7,500 in down payment assistance.Gwinnett County HOMESTRETCH First-time buyers who purchase homes in Gwinnett County are provided with loans of $7,500 at 0% interest.Invest Atlanta Invest Atlanta has 4 down payment incentive programs to include: • HFA Preferred: homebuyers are provided with up to 5% of purchase price. • Home Atlanta 4.0: homebuyers are provided with up to 5% of purchase price. • Invest Atlanta – Atlanta Affordable Homeownership Program: homebuyers areprovided with up to $20,000 in down payment assistance. • Invest Atlanta – Vine City Renaissance Initiative: homebuyers are provided with up to$10,000 in down payment assistance.National Homebuyers Fund Homebuyers are provided with up to 5% of loan amount. The grant can be used as down payment or for closing costs. More importantly, repeat homeowners are qualified.Neighborhood Stabilization Program The program provides up to $25,000 in homebuyer assistance but it will depend on the county. It is also forgivable within five or ten years.USDA USDA Guaranteed Loan Program provides 100% financing, especially in rural development areas.WE DeKalb The WE DeKalb provides homebuyers (of 30-year fixed rate mortgage) with up to 5% of loan amount.