Saving for a down payment is often cited as the number one barrier to homeownership. Many potential buyers in North Georgia are qualified for a mortgage based on their income but simply lack the large lump sum of cash required for closing.
Fortunately, if you are looking to buy in Cobb or Paulding County, you have access to several state and local initiatives designed to bridge this gap. These programs can provide thousands of dollars in grants or low-interest loans to get you to the closing table.
1. The Georgia Dream Homeownership Program
The Georgia Dream program is the foundation of down payment assistance (DPA) in the state. Available in both Cobb and Paulding counties, this program is designed for first-time home buyers, though the "first-time" requirement can be waived in certain targeted areas.
There are three main tiers of assistance available:
- Standard Assistance: Provides qualified borrowers with funds to be used for a down payment, closing costs, or prepaid items.
- PEN (Protectors, Educators, and Nurses): Offers higher assistance amounts specifically for public protectors, educators, healthcare providers, and active military.
- CHOICE: Designed for buyers whose household includes an individual living with a disability.
These funds typically come as a 0% interest second mortgage that requires no monthly payments and is repaid only when you sell the home, refinance, or pay off the first mortgage.
Learn more about qualifying for your first home in our Clear Path Guide
2. Cobb County Specific Programs
Cobb County offers its own layer of assistance through the CDBG (Community Development Block Grant) and HOME Investment Partnerships Program. These funds are generally targeted at low-to-moderate-income households moving into the county.
Key Cobb Initiatives:
- Cobb County Employee Homeownership Program: Specific grants may be available if you are a full-time employee of the Cobb County Government or the City of Marietta. These can sometimes be layered on top of state programs.
- Home Repair & Rehab Grants: While not for purchasing, buyers looking at "fixer-uppers" in Marietta or Cobb should be aware that grants sometimes exist to help bringing older homes up to code after purchase.
3. Paulding County & USDA Financing
Paulding County offers unique advantages because much of the area still qualifies for USDA Rural Development Loans. While not a "grant," USDA loans offer 100% financing, meaning zero down payment is required for eligible properties and buyers.
Additionally, the Northwest Georgia Regional Commission (NWGRC) occasionally facilitates Neighborhood Stabilization Programs (NSP) that offer down payment assistance for buyers purchasing foreclosed or abandoned homes in Paulding County.
Why You Need an Expert Agent
Navigating these programs is not simple. Many lenders do not participate in all grant programs because they involve extra paperwork and strict timelines. To successfully use these funds, you need a real estate agent who knows which lenders participate and how to structure your contract to meet the grant requirements.
At Maria Making Moves Realty, we specialize in helping first-time buyers leverage every available resource. We can connect you with preferred lenders who are experts in the Georgia Dream and local county programs.
Do not let a lack of cash keep you renting.
Contact Maria VanVurst today to discuss your eligibility
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