The down payment is the biggest hurdle for many first-time buyers, and it is often smaller than people expect. Several kinds of help exist, from state programs to lender products to gifts from family. Rules, funding and income limits change, so treat this page as a map and confirm the details with an approved lender.

Where assistance can come from

• State programs, such as Georgia Dream, offered through the Georgia Department of Community Affairs
• Local city or county programs, which may have their own eligibility rules
• Lender programs, including low down payment loans and grants offered by some lenders
• Employer programs, which some employers and credit unions offer to employees or members
• Gift funds, where a family member gives you money toward the purchase, subject to documentation rules
• Seller concessions, where the seller agrees to pay part of your closing costs, within limits your loan allows

What these programs usually ask for

• A minimum credit score, which varies by program and lender
• Income and sometimes purchase price limits
• Completing a homebuyer education course in many programs
• Living in the home as your primary residence
• Working with a participating lender

Some assistance is a grant you never repay. Some is a second loan, which may be forgiven over time or repaid when you sell or refinance. Ask exactly which type it is before you commit.

Do the math on the whole picture

A smaller down payment can mean a larger loan, mortgage insurance and a higher monthly payment. Ask your lender to show you the total cost under each option, not just the cash needed at closing.

How we help

We point you toward lenders and housing counselors who work with these programs, and we help you shop for homes that fit the program rules. We are not lenders and cannot promise that you qualify. Talk to Nil about approved lenders. We work with buyers across Atlanta, Brookhaven, Decatur, Duluth, Ellenwood, Griffin, Hampton, Lawrenceville, Lilburn, Locust Grove, McDonough, Norcross, Snellville, Stockbridge, Stone Mountain and Tucker.

Nil Patel is a licensed Georgia real estate salesperson with Keller Williams Realty Atlanta Partners. This page is general information, not legal, tax or financial advice, and nothing here is a commitment to lend. Talk to a lender and a real estate attorney about your own situation.