Special Financing By The City Of Atlanta For Beltline Properties
Thursday, September 01, 2011
The Atlanta Development Authority on Thursday will start to offer 30-year, fixed-rate mortgages at 3.5 percent interest, and up to $50,000 in down payment assistance, to people who qualify for the program and are willing to move into the designated ” target area,” reports Atlanta Business Chronicle broadcast partner WXIA-TV.
Participants in the program must meet lender underwriting criteria and sell any existing property they own before closing on the new property. There is also a requirement that participants contribute at least $1,500 toward closing costs, WXIA reports.
The top price for qualifying homes for those requiring use of down payment assistance is $252,890. The maximum home price for participants not needing down payment assistance is $374,268. Target areas include neighborhoods along the Beltline.
“It is very exciting to be able to offer a below-market interest rate on our first mortgage product,” said ADA home-ownership manager Tracey Powell in a statement released on Wednesday. “We strive to create programs that aid home buyers in successfully sustaining their homes to create wealth for their families and generate home appreciation for Atlanta.
- Scott Askew, from The Atlanta Business Chronicle
Posted in: Intown Atlanta Real Estate News