Downpayment Assistance Program- Know anything about InvestAtl?

[Ashley Sanchez]

Hi there!! So initially I was considering 'house hacking' a MFR but seems that within the perimeter of Atlanta the pickens are slim. Just recently heard of invest atlanta program where they provide assistance towards the purchase of a home.. want to know your thoughts? 😩😩Any advice is welcomed..

[Marcus Cannady]

@Ashley Sanchez how stringent they are depends on the loan program you opt to use from them. They have a program that allows you to do a FHA loan and will give you a 5% grant towards closing costs. they're out the deal as soon as you close as the grant will immediately be forgiven. This would work if you're concerned with the lien. That's their, "HOME Atlanta 4.0" program.

Here's the full listing of their offerings http://www.investatlanta.com/intown-living/homebuy...

To @Shawn Ackerman's recommendation, there's also NACA. However, NACA is VERY concerned with you staying in the home as an owner occupied. They can tack on a lien if you try to turn it in to an investment property. The upside with NACA is you don't have to buy in Atlanta only. It's a national program, so you can buy anywhere. They're also going to give you a 100% loan and cover closing cost. You can buy a home and only have to pay for ancillary expenses - inspection/ appraisal/ etc. They also offer a renovation loan component. This program is definitely NOT for an investor, however....surely there are ways to hack this. I would consider NACA for a MFH.

As far as clarity around owner occupied, my experience is that neither program is going to tell you how to workaround their stipulations. There are rumors on how to workaround this, however it's hearsay, and at the end of the day you have to weigh the cost/ benefit of trying to get around it. Ultimately, they want you to remain in the home, and if you buy another home and move to live in it full time you're somewhat exposed to their rules.

Hope that helps a bit.