GWINNETT COUNTY

HOMESTRETCH I DOWNPAYMENT ASSISTANCE PROGRAM

2012 Homestretch Eligibility Guidelines

Downpayment Assistance Is Available In Gwinnett County!

Qualifying individuals and families purchasing homes in Gwinnett County may be eligible for the Gwinnett County HOMEStretch I Downpayment Assistance Program.  This program is funded by the HUD HOME Investment Partnership Program [HOME] administered for Gwinnett County by the Gwinnett County Community Development Program.

HOW CAN THE HOMESTRETCH I DOWNPAYMENT ASSISTANCE PROGRAM ASSIST YOU?

The HOMEStretch I Downpayment Assistance Program offers $7,500, 0% interest loans to qualifying first-time homebuyers who purchase affordable homes in Gwinnett County.  The 5-year deferred payment [no monthly payments are required] HOMEStretch I Loan funds may be used for Downpayment and/or Closing Cost Assistance, and/or Prepaid Items.  No scheduled payments are required on the HOMEStretch loans during the 5-year loan period.  If the homebuyer occupies the home purchased with HOMEStretch loan funds as their principal residence for at least 5 years following the date of the home purchase, the loan is satisfied and no repayment to Gwinnett County is required. 

WHO IS ELIGIBLE?

Eligible recipients are:

  • First-time homebuyers, including homebuyers who have not owned a home in three years:
    • Who have total household income that does not exceed the HUD maximum income limits listed on this page.
    • Who are credit worthy and can qualify for a fixed-rate 30 year mortgage.
  • Who complete an 8-hour pre-purchase counseling class provided by any HUD approved Housing Counseling Agency and receive a Certificate of Completion [see also Page 4 of this package].
  • Investors may not apply for the Homestretch I Downpayment Assistance Program

Household Size

Maximum Income Limits Homestretch I Downpayment Assistance

[Effective 2/9/12]

1

$38,850

2

$44,400

3

$49,950

4

$55,450

5

$59,900

6

$64,350

7

$68,800

8

$73,200 

 

WHAT ARE ELIGIBLE TYPES OF PROPERTIES?

Eligible types of properties are: (1) single family detached homes, (2) townhomes, and (3) condominiums constructed after 1977 in Gwinnett County.  The house must pass inspection by the County prior to the purchase.

WHAT IS THE MAXIMUM PURCHASE PRICE?

The purchase price of a home receiving HOMEStretch I Downpayment Assistance cannot exceed $200,000.  However, the amount that each applicant can afford to spend on a home purchase will vary based on household income, mortgage interest rates, and other variables at the time of purchase.

HOW DO I APPLY?

The application process involves (1) being placed on a pre-application waiting list and the submission of pre-application documents; and, (2) submission of a formal application that is taken, by appointment, at the Gwinnett County Community Development Program office.

Many of the people who are contacting Gwinnett County to begin the Homestretch process already have a contract and are wanting to close within a few weeks.

This presents a challenge to getting a contract closed on time! 

Closing should be no sooner than 30 days after their appointment.

When possible please get approved before you have a contract!

This will put a lot less stress on everyone involved.

For more about the HomeStretch pre-application process and to speak with a lender about FHA or other loan types to get pre-approved for a mortgage please contact the following;

Becky Settles