Home Ownership
Purpose of the Program
The purpose of the Homeownership Assistance Program is to assist first-time home buyers in purchasing a home within Augusta-Richmond County.Down payment assistance is available to eligible applicants in the form of a deferred-payment loan and low-interest loans in which Housing and Community Development (HCD) will provide up to the required down payment or closing cost (not to exceed $5,000).
For more information, please view the Program Manual.
Criteria
Applicants must:- Have a satisfactory income
- Be employed
- Have a satisfactory credit history
- Meet certain federal income guidelines
- Agree to participate in a pre-purchase counseling program
Application Procedure
- Applicant contacts a realtor and selects a home for purchase
- Applicant schedules an appointment with one of the participating local lending institutions to complete an application for a loan
- Once a sales contract has been signed, the lender sends all relevant information to HCD
- HCD reviews the application and inspects the property
- If application is approved, owner is notified and a voluntary sales certification is sent to the seller
- Upon receipt of voluntary sales certification, the closing is scheduled with the closing attorney