General: | Provides down payment, closing cost, and/or gap financing assistance to help qualified home buyers purchase their first home. Buyers must qualify for bank or mortgage company financing with interest rates, fees, and other terms that meet program requirements. The property must be located within Savannah city limits. |
Occupancy Prior to Sale: | Property cannot be occupied at the time of application unless the occupant is the buyer or seller. |
Property Condition: | New and existing houses in good condition that comply with program requirements. Existing houses built before 1978 may not have defective paint at the time of inspection. If defective paint is observed, the house is not eligible for purchase. |
Private Inspection: | Required
|
City Inspection: | Required for all houses prior to the issuance of funding commitment letter. Required repairs must be completed by the seller and confirmed by City staff prior to the issuance of a commitment letter. |
Maximum Assistance - Loan: | Condition 1: Up to $50,000, 2% interest, 30-year deferred payment loan for housing developed in partnership with the City of Savannah. Condition 2: Up to $30,000, 2% interest, 30-year deferred payment loan for all other housing. |
Buyer Income: | Household income restrictions apply. |
Application Deadlines: | Ongoing, year-round, providing funds remain available. |
Contact: | Call (912) 651-6926 or email downpayment@savannahga.gov |