HOMESTRETCH of Gwinnett County

(a Down Payment Assistance program)

The Homestretch Down-payment Assistance Program offers down payment assistance in the amount of $7,500 through a 0% interest loan to qualifying first-time home-buyers.  See Qualifiers.

You can purchase an existing Home up to $178,875.00 (built after 1978), OR New Construction up to $235,500.00 in Gwinnett County. (Property value limits are subject to change).

The 5-year deferred payment (no monthly payments required) Homestretch funds must be used for:

  • Down-payment
  • Title Insurance Purchasing
  • Closing Cost Assistance, and/or
  • Prepaid Items.

DPA Lenders

 

 

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Let's see if you meet the Initial Qualifers?

These are shared requirements by BOTH programs.

Are you a First Time Home Buyer or,
not owned a home in 3 years?

Do you have a Credit Score of at least 640?

You'll also need a Debt to Income (DTI) ratio of LESS than 43%.
Ask your Lender what your DTI is.

Can you put down 1% of the Purchase Price?

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Have you been Pre-Approved for the mortgage?

yes-buttonno-dash-buttonIf not, Talk to
Linda Stratton with BrandMortgage

She is very familiar with DPA loans.


Does your HOUSEHOLD Income Exceed these limits?

Yes, my Household Income is More.

Household income cannot exceed these ...

You made it this far - Great!

Now let's see the Differences in the Programs ...


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Welcome Home
Program

Receive $14,975 in DPA

For use on ONLY previously acquired and renovated homes offered directly by Lawrenceville Housing Corp.

Loan Must be either FHA or VA

Funds are used in this order:

  1. Lender required Down Payment
  2. Closing Costs
  3. Other fees (HOA fees, Intangible taxes, Pre-paid items)
  4. Any additional Funds left over (if any) go toward Principal Reduction.

NO Cash Out at Closing

DPA Funds are Underwritten FIRST prior to awarding Signed & Bound Contract.

Pre-Application

HomeStretch
Program

Receive $7500 in DPA

May use on Existing home purchase of up to $161,500.00, OR
New Construction home purchase of up to $199,500.00.

Can be FHA, VA, Conventional, Approved Short Sale or HUD home that DOESN'T require a Repair escrow.

Funds are used in this order:

  1. Lender required Down Payment
  2. Closing Costs
  3. Other fees (HOA fees, Intangible taxes, Pre-paid items)
  4. Any additional Funds left over (if any) go toward Principal Reduction.

NO Cash Out at Closing

Application for Program submitted WITH your Binding Contract.

Pre-Application

Welcome Home & HomeStretch Program Details



Making an offer

AGENTS - This is for you! 

This isn't your Average Offer ...