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Homestretch Down Payment Assistance Program

Georgia

Available Assistance

With the Gwinnett County government’s Homestretch Down Payment Assistance Program, first-time homebuyers may receive up to $7,500. The assistance is provided via a 5-year, zero-interest loan with deferred payments. Beginning on the first anniversary of the security deed, the principal will be reduced 20 percent each year.

Eligibility Requirements

In order to qualify for the Homestretch Down Payment Assistance Program, all applicants must meet certain requirements. The program is available to first-time homebuyers whose annual household income falls under 80 percent of the area median (limits shown below). They must have a credit score of at least 640, and their debt-to-income ratio may not exceed 43 percent. Applicants are also responsible for completing an 8-hour homebuyer pre-purchase class from a HUD-approved counseling agency.

Property Guidelines

Any property being purchased under the Homestretch Program must serve as the applicant’s primary residence and must be located within Gwinnett County. Eligible property types include single-family detached homes or townhomes that fall within the program’s maximum purchase price limits ($165,000 for an existing home, or $228,000 for a new construction). Following the eligibility determination, the Community Development office authorizes a Uniform Property Conditions Standards inspection, which the Homestretch Program pays for. If the home does not pass inspection, the seller or homebuyer has the option to pay for repairs.

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