What is the Gwinnett Homestretch Downpayment Assistance Program?
The Homestretch Down Payment Assistance Program provides down-payment assistance to homebuyers who qualify based on their income.
The buyer must have the ability to purchase a home, but they are hindered by a lack of money needed for a down payment.
What is offered?
The program offers assistance up to $7,500 as a five-year deferred payment loan with 0% interest to qualified homebuyers. These buyers must occupy the home as their principal residence for a period of at least five years.
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Eligibility
Property must be either a single-family detached home or townhome
Property must be located within Fulton County
Property must pass an inspection
Must earn below 80% of Area Median
Must be a first-time homebuyer
Must remain in the home for at least 6 years
Must have at least one credit score above 640
Debt-to-Income Ratio cannot exceed 43%
Benefits
Up to $10,500
Maximums
The purchase price of the property may not exceed $238,000 for an existing home OR $243,000 for new construction.
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