Are you thinking about buying a home for the first time? Do you wish that down payment and closing costs weren’t so expensive? If you are debating whether you can afford to actually own your own home, it may be time for you to find out where to find Georgia first time home buyer grants. There is money allocated by the state of Georgia to help first-time home owners who are within a particular income bracket with closing and down payment expenses.

The money provided is in the form of a state grant. The amount you may be eligible to receive can actually be in the thousands. Your first step in pursuing the possibilities is doing your research.

You can find information on how to apply for such a grant at the Georgia Department of Community Affairs. Your income level is one of the most important factors that determine whether you get the grant or not. If you meet income qualifications there is one state grant that you may be eligible for. This is the Georgia Dream Home ownership Program.

The aim of this program is to find a solution to the number of foreclosed properties in the state of Georgia. This means that although you may receive the grant money, your options of where you live may be restricted to particular areas throughout the state. Since this money is given to help the costs that are associated with closing and down payments on a home, it comes with some strings attached. Namely, limiting your choices and the neighborhoods you consider.

The money given is a grant, but it is given in a similar loan fashion. However, the recipient is not expected to make payments on the loan. Interest does not accrue on the loan either. The only way the lender gets repaid is if the property is sold. In this case, they receive their money back. If the property is not sold and stays in your possession than the loan is forgiven within a particular time frame.

In order to apply to this program, an interested candidate has to contact a Georgia Dream program lender. The lender will proceed with a pre-qualification for applicable candidates. The process than begins on securing a mortgage loan. The lender will proceed to evaluate an applicant’s credit history, in addition to your eligibility for the program.

Once approved for the program, the eligible candidate has to receive special training. This training requires multiple hours of in-person training for first-time home buyers. The counseling has to be given by an official HUD representative. The purpose of the training is to make sure the new home-buyer has the information needed on what to expect as a new home owner.

You can start the process on where to find a Georgia first time home buyer grants by locating a Georgia Dream lender near you. Once you have contacted this agency, they will be able to give you more instructions on how to proceed. Check out what other federal grant programs you may be eligible to benefit from as well. Make sure you sift through all of your resources carefully. Do not miss out on an opportunity simply because you did not do your homework.

Any GA first time home buyer gets the benefits of many homes from which to choose and depressed housing market prices. In addition, first time home buyer grants help to pay part of the required fees and costs.