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. Resale restrictions apply. The property must be located in the Savannah city limits.
New and existing houses in good condition that comply with program requirements. Existing houses built before 1978 may not have defective paint at time of inspection. Property cannot be occupied at time of application unless occupant is the buyer or unless the seller is the occupant.
Buyers must hire a Home Inspection Company to inspect the house and identify needed or recommended repairs. Most needed repairs must be completed by the seller prior to sale. Program staff must confirm that needed repairs have been completed prior to sale.
Typically, 30-year deferred payment 0% interest loan not to exceed $7,500 unless house has been developed as part of a Housing Savannah block or neighborhood redevelopment initiative.
Household income restrictions apply for some funding sources.