24 Urban Condos fatirom ust $7 5K _ # I 4] ) AUCTION Sunday, June 21 Embassy Suites at Centennial Olympic Park PREVIEW May 27 - June 20 425 Chapel St., Atlanta, GA 3031 ANA FOA ANALAtlanta Affordable Homeownership Ce Program Structure ‘The “Atlanta Affordable Homeownership Program (AAHOP)" provides $10,000 mortgage assistance in form of a 0% interest rate soft second mortgage and covers up to 50% of the settlement costs, Ist Mortgage secured by ADA's participating lenders must be Conv, FHA, or VA, 30-year fixed rate loan. Ist Mortgage interest rate can not ‘exceed the maximum monthly rate posted on ADA’s website. Who Qualifies? AAHOP is our only program that requires you to be a first time buyer or not have owned a home that was their prineipal residence within the past three years, ‘Maximum 2009 Income Li its: {$40,150 for 1 person houschold ‘$45,900 for 2 person household ‘$51,600 for 3 person household {$57,350 for 4 person household $61,950 for 5 person household Borrower Must: # Secure an executed real estate contract on the property to be purchased Have a sound credit history Provide copies of federal tax retum transcripts for the past three years Attend ADA approved homebuyers seminar «Have existing property inspected prior to closing + Contribute $1,500 of own funds toward closing Eligible Properties “The property must be located inthe city limits of Adanta ‘+ Maximum purchase priee limit on new and existing is $252,890 + Single family detached homes, townhomes, and condominiums + Property must be owner occupied Loan Conditions & Repayment AAHOP loan is deferred for five years; repayment is due in full upon sale, transfer, refinancing, or when hhome is no longer owner occupied ‘+ Loan proceeds may not be used 10 payoff other loans, advances, or consumer debts. Program Layering & Fees + Qualified borrowers using “Atlanta Affordable Homeownership Program (AAHOP)" may pool funds from other downpayment assistance programs, as long as the borrower qualifies under each of the program guidelines, + There is no fee charged to borrower ‘Atlanta Development Authority How Do | Get Started? 1. Attend ADA approved Homebuyers seminar, 2, Contact one of ADA’S participating lender to get pre-qualified and secure Ist Mortgage loan. 3. Find a home wit limits of Atlanta. 4. Have your lender complete loan package and forward it to ADA. the city For more information, please contact Atlanta Development Authority at 404-614-8280 or visit our website at www.atlantada.com under the “Affordable Housing” section For more information visit www.atlantada.com or contact Tracey Powell, ADA Mortgage Officer at 404.614.8280Opportunity byON Tey ue Se Elis) Program(OD ‘ia Program Structure + Attend ADA approved homebuyers “The “Opportunity Downpayment seminar Assistance Program (ODAP)" © Have existing property inspected provides homebuyers with prior to closing, downpayment assistance of 10% of © Contribute $1,500 of own funds the sales price at 0% interest rate as towards closing a soft second mortgage. Ist Mortgage secured by ADA’S Eligible Properties participating lenders must be Conv, “The property must be located in the FHA, or VA, 30-year fixed rate loan. city limits of Adanta + Maximum purchase price limit ean Ist Mortgage interest rate can not not exceed $252,890 exceed the maximum monthly rate '* Single family detached homes, posted on ADA’s website townhomes, and condominiums + Property must be owner occupied Who Qualifies? ‘There is no first time homebuyer requirement forborovers moving Loan Goneitions & Repayment into the incorporated city limits of ‘The 10% deferred loan requires no Atlanta but, current residence must payments and is forgiven if be sold prior to closing on the new borrower occupies the property for home. at least 10 years + Loan proceeds may not be used t0 Maximum 2009 Income Limits: payoff other loans, advances, or ‘consumer debts $71,200 for 1-2 persons households $81,880 for 3 or more person Household Program Layering & Fees ‘Qualified borrowers using Borrower Must: “Opportunity Downpayment © Secure an executed real estate Assistance Program (ODAP)” may ‘contract on the property to be ‘pool funds from other downpayment purchased assistance programs, as long as bor- Have a sound credit history rower qualifies under each program Provide copies of federal tax guidelines. retum transeripts for the past + 1,000 program administration fee three years is charged to borrower at closing. ‘Allanta Development Authority How Do | Get Started? 1. Attend ADA approved Homebuyers seminar 2. Contact one of ADA’s participating lender to get pre-qualified and secure Ist Mortgage loan. Find a home within the city limits of Atlanta 4. Have your lender complete loan package and forward itto ADA, For more information, please contact Atlanta Development Authority at 404-614-8280 or visit our website at www.atlantada.com under the “Affordable Housing” section For more information vist www.atlantada.com or contact Tracey Powell, ADA Mortgage Officer at 404.614.8280