Wednesday, October 1, 2008

Down Payment Assistance Now Available for Northeast Georgia Home Buyers

PRNewswire/ -- The Community Foundation for Northeast Georgia, The IMPACT! Group, The Brand Banking Company and a network of local builders are partnering to provide down payment assistance for consumers who buy a home in Northeast Georgia.

Tough economic times and the recent turmoil in the mortgage market have made it harder to secure mortgage loans. For buyers without funds for a down payment, the dream of home ownership has become even more elusive.

"This is a 'win-win' proposition. The Northeast Georgia Down Payment Assistance Program will benefit consumers who want to buy a house in our local communities. It will also strengthen the overall economic climate -- which benefits every business and every resident," explains Judy Waters, executive director, Community Foundation for Northeast Georgia.

Today's announcement comes at a critical time. The nation's largest privately funded down payment assistance program, The Nehemiah Program, will be eliminated on October 1, 2008. The Northeast Georgia Down Payment Assistance program will fill that void for area home buyers.

The Northeast Georgia Down Payment Assistance Program is not restricted to first-time home buyers and does not require repayment. This is in contrast to the recently enacted Housing and Economic Recovery Act of 2008, which offers a $7,500 tax credit to qualified first-time buyers. Those funds are then paid back over a 15-year period.

"Brand Bank has been a vital part of building our community for more than 100 years, so we're pleased to be a part of this innovative program to foster home ownership," says Bartow Morgan, Jr., CEO, Brand Bank. "We will be making market-rate mortgage loans to qualified buyers who are eager to build their home and their future in Northeast Georgia."

The IMPACT! Group, a local nonprofit community development corporation, will help provide the down payment assistance along with education and credit counseling to homebuyers who want an objective advisor to help them through the process. "Our HomeOwnership Center provides home buyers with the tools they need to achieve sustainable homeownership. We are very excited to work with Brand Bank and the Community Foundation on this innovative program," says Marina Peed, executive director, The IMPACT! Group.

For more information about The Northeast Georgia Down Payment Assistance Program, call 770-963-3044 or log on to and click the program link for a list of eligible homes.

Georgia Front Page
Fayette Front Page

No comments: