Our network

ATLANTA: Below-market interest rates offered for homes | News

Title (Max 100 Characters)

ATLANTA: Below-market interest rates offered for homes
News, Real Estate
ATLANTA: Below-market interest rates offered for homes

ATLANTA -- Starting Thursday, the Atlanta Development Authority will start to offer 30-year, fixed-rate mortgages at 3.5 percent interest, along with up to $50,000 in down payment assistance.

People applying for the program must meet lender underwriting criteria and must complete a homebuyer's seminar approved by the Atlanta Development Authority, and contribute at least $1,500 toward closing costs. Would-be homeowners participating in this plan will have to move into the designated "targeted area" and have to sell any existing property they own prior to closing on their new property.

The maximum price of the home for those using the down payment assistance program is $252,890; while those not needing down payment assistance have a maximum home price figure of $374,268 they must meet.

"It is very exciting to be able to offer a below-market interest rate on our first mortgage product," said ADA home-ownership manager Tracey Powell in a statement released on Wednesday. "We strive to create programs that aid home buyers in successfully sustaining their homes to create wealth for their families and generate home appreciation for Atlanta communities."

The ADA has provided assistance to more than 850 home buyers with an average income of $45,000, and representing more than $130 million in residential real estate sold within the city limits of Atlanta, since 2007.

For more information, please contact Hiwot Mekonnen with the Atlanta Development Authority at (404) 614-8317 or hmekonnen@atlantada.com.

News, Real Estate