Home Purchase Support in DeKalb County

The WE DeKalb Program, created by the Decide DeKalb Development Authority, serves as an economic incentive to address the housing needs of potential homeowners in Atlanta, particularly those who may exceed income limits for traditional housing subsidies. It aims to make homeownership in DeKalb County more attainable, contributing to the county’s economic growth and talent retention efforts.

Program Overview WE DeKalb provides crucial assistance to qualified applicants who aspire to purchase or refinance homes in DeKalb County, Georgia. The program offers down payment assistance in the form of a non-repayable grant, ranging from 3% to 5% of the home’s value, depending on the chosen loan type. Importantly, this grant is not restricted to individuals employed within DeKalb County; it is available to any eligible borrower interested in becoming a homeowner in DeKalb County.

Eligibility Criteria To be considered eligible for the WE DeKalb Program, applicants must meet specific income and credit score requirements. The income limits for FHA and VA loans are capped at $111,580 for households of all sizes, while the maximum qualifying income for conventional Freddie Mac HFA Advantage loans is $63,360.

Moreover, credit scores play a significant role in determining eligibility, and different loan types have varying credit score requirements:

1. FHA and Freddie Mac Loans with a Minimum 680 FICO

• Maximum Debt-to-Income (DTI) Ratio: 50%

2. FHA, VA, and Freddie Mac Loans with a Minimum 640 FICO

• Maximum Debt-to-Income (DTI) Ratio: 45%

Meeting these criteria ensures that applicants have the financial stability and creditworthiness necessary to participate in the program effectively.

Benefits of WE DeKalb The WE DeKalb Program offers several advantages to potential homebuyers and the community as a whole:

1. Enhanced Affordability: By providing down payment assistance, the program reduces the financial barrier to homeownership, making it more accessible to individuals and families.
2. Economic Development: Increased homeownership contributes to community stability and economic growth, benefitting both residents and local businesses.
3. Talent Retention: Employers in Atlanta can use this program as a valuable tool to attract and retain top talent by offering an affordable homeownership option in DeKalb County.
4. Diverse Housing Opportunities: WE DeKalb supports homeownership for a broad range of individuals, regardless of their place of employment, fostering diversity within the county.

Application Process Applying for the WE DeKalb Program is a straightforward process:

1. Check Eligibility: Ensure that you meet the income and credit score requirements specified for your chosen loan type.
2. Select Your Loan: Choose between FHA, VA, or Freddie Mac HFA Advantage loans based on your eligibility and preferences.
3. Apply for Assistance: Submit your application for down payment assistance through the WE DeKalb Program.
4. Approval and Assistance: Once approved, you’ll receive the designated grant amount to assist with your down payment or closing costs, making homeownership more feasible.

In conclusion, the WE DeKalb Program stands as a valuable resource for potential homebuyers seeking affordable homeownership in DeKalb County, Georgia. By addressing financial barriers and promoting economic growth, this initiative not only benefits individuals and families but also contributes to the continued prosperity of the community.