Gwinnett County Down Payment Assistance and First-Time Homebuyer Programs

Gwinnett County stands out as one of the state’s most populous and diverse counties. With a rich history from the early 19th century, Gwinnett County combines urban amenities with suburban comforts. Its relatively affordable housing market and average cost of living make it one of America’s fastest-growing counties.

Are you looking to buy a home in Gwinnett County? On this page, we’ll break down home buyer programs that will help you become a home buyer.

Down payment assistance programs in Gwinnett County

Down payment assistance and first time home buyer programs aim to help home buyers make a larger down payment, cover closing costs, or a combination of both. There are several types of home buyer benefits, including grants, forgivable loans, and interest rate reductions and tax credits.

A grant is similar to a scholarship for college. You apply, and if you qualify for the program (i.e. meet all the criteria and the entity still has the money), you can receive funds toward your down payment or for another upfront cost related to your home purchase. 

A down payment loan (or second mortgage loan) is a loan you acquire in order to have the funds for a down payment. Many loan types require a minimum down payment between 3% and 20%. If you don’t have this money saved (many first-time home buyers don’t) then a down payment loan is an option to help you qualify. Some loans are even forgivable if you meet certain requirements like staying in the home for a few years.

Less commonly, some programs come with lower interest rates and tax credits (e.g., mortgage credit certificates) to help lower your monthly payments.

Gwinnett County Down Payment Assistance Program

The Gwinnett County Government developed the Homestretch Down Payment Assistance Program to help individuals achieve their dreams of homeownership within the County. This program helps applicants reduce out-of-pocket costs associated with down payment and home ownership. The program is provided via a 5-year, zero-interest loan with deferred payment.

Assistance type: Deferred payment loan

Sponsor: Gwinnett County Government

Assistance amount: $7,500 in down payment assistance

Purchase price limit: $165,000 for an existing home and $228,000 for a new construction

Eligibility requirements

• The program is available to first-time homebuyers whose annual household income falls under 80 percent of the area median.
• Eligible applicants must have a credit score of at least 640, and the debt-to-income ratio must not exceed 43 percent.
• Applicants are also responsible for completing an 8-hour homebuyer pre-purchase class from a HUD-approved counseling agency.

Statewide down payment assistance programs available in Gwinnett County

Georgia Down Payment Assistance

Georgia offers several down payment assistance programs and first-time homebuyer assistance statewide. Top options include the DPA AFR Advantage Grant Financing Program, Intown Mortgage Assistance Program, USDA, and the Power Purchase Program Reduced Mortgage Insurance. Each program has unique requirements for down payment or closing cost assistance.

Assistance type: Loans, Grants, Awards

Sponsor: The State of Georgia

Eligibility requirements

• These programs are for principal residents only; residents must live in the home for a specified timeframe.
• In most cases, the household income limits for applicants must not exceed program income limits.
• The property must be located within the city limits of Atlanta.

Georgia Dream Homeownership Program

The Georgia Dream Homeownership Program, led by the state’s Department of Community Affairs, helps residents finance their new homes. Qualifying homebuyers can receive up to $5,000 in downpayment assistance. Additionally, they may qualify for $7,500 through the Down Payment Assistance for Protector, Educator and Health Care Workers (PEN), and Down Payment Assistance for Families with Disabilities (CHOICE) programs.

Assistance type: First Mortgage Loans

Sponsor: Georgia Department of Community Affairs

Assistance amount: $5,000 in down payment assistance and $7,500 through specific programs.

Purchase price limit: $250,000

Minimum borrower contribution: $1,000

Eligibility requirements

• Applicants must consider properties in the targeted area and have not owned a home in the past three years.
• Applicants must complete either a homebuyer workshop, individual housing counseling sessions, or an online homebuyer education course via E-Home America.
• The household income limit cannot exceed $69,000 for one or two persons and $79,500 for three or more persons.

Disclaimer: This article is for informational purposes only and should not be considered as legal or financial advice. Please consult an attorney, mortgage lender, or CPA for guidance on your specific situation.