Experience with any georgia downpayment assistance program? (Atlanta: short sale, mortgage)

[sug86]

Hi! I am looking for info on down payment assistance programs in the metro Atlanta area? I looked into the GA dream program and completed the class, and wanted to know if anyone had experience with the program? i wanted to work with my bank (Chase), for the preappproval but they dont use the GA dream program. Does anyone have suggestions on lenders?

[BLESSED DIVA33]

GA dream has a listing of lenders they work with on their website. Maybe you could start there.

[sug86]

Originally Posted by BLESSED DIVA33

GA dream has a listing of lenders they work with on their website. Maybe you could start there.

Thanks! I checked it out, but the list is overwhelmingly long Some of the banks I have heard of (suntrust, wells fargo,, etc) but I havent heard of anyone who had experience with the programs. I look everywhere for reviews on the assistance, but to no avail. I am not quite sure how to screen the lenders about the program. What things should I be aware of when using the assistance?

[Calitransplant27]

I am also thinking about using ga dream. I am working with First Community Mortgage, I just found them on the list. Have not closed yet but I've been very happy with the service I received so far. A few things my lender warned me against when it comes to ga dream- takes longer to close because it goes through two underwriters, there is a big fee for the program, and it is a loan that never goes away until you pay it off. There are several programs in metro ATL depending on your income and where you plan to buy. I would just call a few of the lenders and get a feel for what you qualify for.

[LovelySummer]

NACA - no downpayment, no closing costs. Look them up online.

[OneTrickNet]

I actually used that program when I bought my first place 3 years ago. Be prepared for a lot of last minute paperwork requests and disorganization. They will give you the feeling that everything is going fine and then the week (or even day before) your closing you'll start getting calls saying, "Oh, we couldn't complete anything yet because we didn't receive..." or, "Do you have [insert obscure record here]? Yeah, we'll need that to continue."

I had to reschedule my closing because of their lack of any sense of urgency or organization. My coworker just used them to buy a place and had her closing rescheduled 3 different times because of their requests, so it sounds like they still have issues.

All in all, though, if you can deal with that then it's not really a bad deal. I just wouldn't go that route if you want: 1) a smooth purchase and/or; 2) to sell your house in 1-2 years -- you have to pay back the money you receive if you sell your house so it only makes sense if you're going to stay put for a bit.

[sug86]

Originally Posted by Calitransplant27

I am also thinking about using ga dream. I am working with First Community Mortgage, I just found them on the list. Have not closed yet but I've been very happy with the service I received so far. A few things my lender warned me against when it comes to ga dream- takes longer to close because it goes through two underwriters, there is a big fee for the program, and it is a loan that never goes away until you pay it off. There are several programs in metro ATL depending on your income and where you plan to buy. I would just call a few of the lenders and get a feel for what you qualify for.

Yes! i heard it can take up to two months to close I have a little flexibility with time, but mostly for the seller's sake, I would want a "standard' closing (unless its a short sale...). I am definitely going to get more info directly from the bank, because when I call GA Dream they seem clueless

[sug86]

Originally Posted by LovelySummer

NACA - no downpayment, no closing costs. Look them up online.

thanks! I had looked into NACA earlier last year, but I thought they worked helped mainly with repairing your credit? I've read terrible reviews about their service , and how they pass around the customers file and it takes forever to get responses. IDK, but I will surely check it out and get more info

[sug86]

Originally Posted by OneTrickNet

I actually used that program when I bought my first place 3 years ago. Be prepared for a lot of last minute paperwork requests and disorganization. They will give you the feeling that everything is going fine and then the week (or even day before) your closing you'll start getting calls saying, "Oh, we couldn't complete anything yet because we didn't receive..." or, "Do you have [insert obscure record here]? Yeah, we'll need that to continue."

I had to reschedule my closing because of their lack of any sense of urgency or organization. My coworker just used them to buy a place and had her closing rescheduled 3 different times because of their requests, so it sounds like they still have issues.

All in all, though, if you can deal with that then it's not really a bad deal. I just wouldn't go that route if you want: 1) a smooth purchase and/or; 2) to sell your house in 1-2 years -- you have to pay back the money you receive if you sell your house so it only makes sense if you're going to stay put for a bit.

O my goodness! thats bad business smh. I am mainly interested , because I figure if I can take advantage of "free" assistance, then I should go ahead and do it. But I am glad to hear firsthand what it might entail. I think the fact that they are so seemingly careless about deadlines, could surely affect a deal with a potential house if a seller has had prior experience with the program. That sucks Aside from them pushing back your closing, did they cover most of your closing funds? At what point do you know that they are going to come though on your behalf? Do you feel like its worth it to have the assistance to save your funds? or is it better to just have it all on your own?

[LovelySummer]

No, NACA was started about 30 years ago and the whole point is to combat the old predatory lending practices in housing that preyed on the poor. Anyone can use NACA. - their main business is home loans. Now they also do re-fis and help with seeing if ppl qualify for the mortgage fixes recently passed. I used them for home loan about 4-5 years ago. Very smooth. Decarur office. Ask for Curtis. He did more home. Loans than any rep in the country when I went. He is extremely well-organized and my entire process from bringing paperwork to NACA processing and approval (with a no down pymt no closing costs loan - from BOA) took about 2 weeks.again, bring all ur paperwork the first time u go for ur appointment, he'll pull ur credit right there at his desk, and u will be good to go if u have good credit and a good debt-to-income ratio. If not, he will lay out a plan of what needs to be cleaned up on ur credit report or what needs to be paid off to get the approval. It's actually very easy. [quote=sug86;27862989]thanks! I had looked into NACA earlier last year, but I thought they worked help. Again, I'd ask to be assigned to Curtis and then bring all my paperwork with me uppfront. Ppl with ed mainly with repairing your credit? I've read terrible reviews about their service , and how they pass around the customers file and it takes forever to get responses. IDK, but I will surely check it out and get more info[/QUO