Created by the Gwinnett County Government, the Homestretch Down Payment Assistance Program offers up to $7,500 to qualified borrowers. This is a deferred-payment loan with 0% interest and a five-year term. The principal of this loan is reduced 20% every year.
In order to qualify, a borrower must be a first-time homebuyer, have a minimum credit score of 640, and have a maximum debt-to-income ratio of 43%. Borrowers must also complete 8 hours of approved homebuyer education.
Eligible properties must be located in Gwinnet County and be the borrower’s primary residence. They must also be a single-family detached house or townhouse.
Purchase price limits for 2020 are as follows:
Existing home: $165,000
New construction: $228,000
The house must undergo an inspection. If it does not pass, either the seller or the buyer can offer to pay for the repairs.
As of 2020, the total annual household income limits are:
1 person household: $39,050
2 person household: $44,600
3 person household: $50,200
4 person household: $55,750
5 person household: $60,250
6 person household: $64,700
7 person household: $69,150
8 person household: $73,600
Other programs in Georgia: