ANDP Homebuyer Assistance Program (AHAP)

AS OF FRIDAY, MAY 12, 2017 - We will no longer be accepting applications for the AHAP program as funds are nearly expended.

ANDP is pleased to offer, with support from the Bank of America Community Home Fund, the ANDP Homebuyer Assistance Program (AHAP) for low- and moderate-income households. For qualifying homebuyers, the program offers homebuyers assistance with their down payment and/or closing cost expenses. See the program options below.

AHAP program funds are not an eligible source for FHA borrowers’ minimum required investment of 3.5%. Borrowers who are not able to contribute FHA’s minimum required investment themselves or from a source allowed by HUD regulations should ask their lender about conventional or portfolio loan products. Buyers should also consider Fannie Mae’s HomeReady or Freddie Mac’s Home Possible products. Both products expressly allow use of funds like AHAP for use as the required down payment.

The program is open to any homebuyer who meets program qualifications, currently resides in, and buys a qualifying home in the following AHAP identified service area: City of Atlanta and Clayton, DeKalb, Douglas and Fulton counties.

The homebuyer assistance is in the form of a soft-second mortgage offered at zero percent interest with all payments deferred. The assistance helps lower the housing cost by providing a greater level of down payment and therefore reduces the mortgage amount. The assistance adds no expense to the monthly mortgage payment. See example on page 3 of the program guide. The assistance provided with the zero percent second will not be due until the home is sold, refinanced, transferred, ceases to be the buyer’s primary residence or 50 years, which ever comes first.

If you are new to the homebuying process, we encourage you to review this page to learn about important steps you'll need to take. Then return to this page, review the APAP program guide below and submit the application, which is the last page of the program guide.

AHAP PROGRAM GUIDE & APPLICATION

 

 
   

 

ANDP HOMEBUYER ASSISTANCE PROGRAM - SUMMARY OF PROGRAM OPTIONS
  Buyer Residency Requirement Qualifying Homes Amount of Assistance & Household Income Limits Assistance Forgiven
Over Time?
AHAP Option 1
(Guide)
Must currently reside in City of Atlanta or Clayton, DeKalb, Douglas or Fulton counties. Only qualifying ANDP homes as listed here.

Up to $30,000 for Buyers with HH Income
<80% AMI

Up to $20,000 for Buyers with HH Income
<
120% AMI*

No. Assistance is repaid upon resale, refinance, nonresidence or 50 years, which ever comes first.

AHAP Option 2
(Guide)
Must currently reside in City of Atlanta or Clayton, DeKalb, Douglas or Fulton counties. ANY home in the following Atlanta Neighborhoods: Pittsburgh, Ashview Heights, Atlanta University Center, Vine City or English Avenue.

Up to $30,000 for Buyers with HH Income <80% AMI

Up to $20,000 for Buyers with HH Income
<120% AMI*

No. Assistance is repaid upon resale, refinance, nonresidence or 50 years, which ever comes first.
AHAP Option 3
(Guide)
Must currently reside in City of Atlanta or Clayton, DeKalb, Douglas or Fulton counties. Any home in the City of Atlanta or Clayton, DeKalb, Douglas or Fulton counties. Up to $30,000 for Buyers with HH Income
<
80% AMI*
No. Assistance is repaid upon resale, refinance, nonresidence or 50 years, which ever comes first.

*Honorably discharged Veteran, Active Duty Military Personnel, Reserve Members, Guard Members and Gold Star Family Members participating in this program may earn up to 120% AMI and receive up to $30,000 in assistance.

For all aforementioned down payment assistance programs, buyers are required to contribute $1,000 toward the purchase of the home. Buyer pre-paids such as appraisals, inspections and Homebuyer Education Course fee may be applied toward this requirement. All buyers must complete a homebuyer education course from a HUD-approved agency. All homebuyers are also expected to make the purchased home their primary residence and they can own no other property at the time of closing. Homebuyers are NOT required to be "first-time" buyers.

Maximum Household Income Limits

Affordable housing programs are designed specifically to aid families who need assistance based upon their income and household size. Income limits are set relative to"area median income" levels as set by U.S. Department of Housing & Urban Development (HUD). Below you will find the income limits based upon category and number of persons in the household.

 

HUD MAXIMUM HOUSEHOLD INCOME LIMITS
Household Size 80% AMI 120% AMI
1 $39,050 $58,575
2 $44,600 $66,900
3 $50,200 $75,300
4 $55,750 $83,625
5 $60,250 $90,375
6 $64,700 $97,050
7 $69,150 $103,725
8 $73,600 $110,400

 
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