The community of Lakewood Park, located in Atlanta, is excited to announce that they are now offering three down payment assistance programs for home buyers searching for a new Atlanta home. All three of the assistance programs can be combined, which can help the buyer with securing up to $35,000 in down payment and closing costs.
The first program available to buyers is the Atlanta Affordable Homeownership Program, which provides up to $10,000 of mortgage assistance in the form of a zero percent interest rate soft second mortgage and covers up to 50 percent of the settlement costs. First mortgages secured by ADA’s participating lenders must be conventional, FHA, or VA 30-year fixed rate loans.
The second program is HOME Atlanta 4.0, the newest mortgage option provided by Invest Atlanta. HOME Atlanta 4.0 will provide:
- A 30-year fixed interest rate mortgage with a forgivable grant up to 5 percent
- Higher income and purchase price limits for eligible home buyers
- Refinances with a forgivable grant of up to 5 percent
- No first time home buyer requirement
The final program that can assist buyers is the Neighborhood Lift Program (NLP,) which provides up to $15,000 in funding to eligible home buyers for the purchase of a home. It is the only program offered by Invest Atlanta that can be used with a rehabilitation loan, also known as a 203k loan. Funding will be used to pay all or a portion of the closing costs and/or the down payment associated with purchasing a home. It is fully forgivable after you have lived in the home for five years.
Lakewood Park is an enclave of 16 single family homes that are priced from the $160,000s. Located off of Pryor Road near the intersection of the downtown connector and I-20, Lakewood Park is just minutes away from downtown Atlanta, Aaron’s Amphitheater, Villages of Carver YMCA and multiple retail, dining and recreation opportunities.
For more information on the buyer assistance programs that are available or the new Atlanta homes at Lakewood Park, visit www.WatersEdgeGroup.com.