Augusta’s Initiative to Support Homebuyers
The Augusta Homeownership Assistance Program is a dedicated initiative designed to provide first-time homebuyers with the support they need to purchase a home in Augusta-Richmond County. If you’re aspiring to become a homeowner in this vibrant community, this program might be your ticket to achieving that dream.
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What Assistance Is Available?
One of the key features of Augusta’s Homeownership Assistance Program is down payment assistance. Eligible applicants can access this support in the form of deferred-payment, low-interest loans. The Housing and Community Development (HCD) department extends a helping hand by providing the necessary down payment or covering closing costs, with a maximum assistance limit of $5,000.
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The unique aspect of this assistance is that the loan amount is forgiven under a specific condition: if the borrower continues to reside in the house for a minimum of five years after the purchase. This forgiveness feature can significantly ease the financial burden of first-time homebuyers, making homeownership more attainable.
Who Is Eligible?
Augusta’s Homeownership Assistance Program is primarily geared toward first-time homebuyers. This category includes individuals who haven’t owned a home in the past three years, as well as displaced homemakers and single parents. To qualify, applicants must meet specific income criteria, with their annual household income falling at or below 80% of the area median income.
Income Limits
To provide clarity on income eligibility, Augusta has established income limits based on household size. Here are the limits for different household sizes:
- 1-person household: $35,200
- 2-person household: $40,200
- 3-person household: $45,250
- 4-person household: $50,250
- 5-person household: $54,300
- 6-person household: $58,300
- 7-person household: $62,350
- 8-person household: $66,350
Maximum Purchase Price Limit
In addition to income limits, Augusta’s program also sets maximum purchase price limits to ensure that assistance is directed toward affordable homes. These limits vary depending on whether you’re buying an existing home or a new one. Here are the purchase price limits for both:
Existing Homes
- 1-unit: $152,000
- 2-unit: $195,000
- 3-unit: $236,000
- 4-unit: $292,000
- Unadjusted median value: $160,000
New Homes
- 1-unit: $227,000
- 2-unit: $291,000
- 3-unit: $352,000
- 4-unit: $436,000
- Unadjusted median value: $239,000
These limits are designed to ensure that the program benefits those who truly need assistance while promoting responsible homeownership within the Augusta-Richmond County area.
In conclusion, Augusta’s Homeownership Assistance Program is a valuable resource for first-time homebuyers looking to make Augusta-Richmond County their home. With down payment assistance and forgiving loan terms, this initiative aims to turn homeownership dreams into a reality. If you meet the eligibility criteria, you could be one step closer to owning your own home in this vibrant community. Don’t miss the opportunity to explore the possibilities offered by this program and take the first steps toward becoming a homeowner in Augusta.
