General: | Provides down payment and closing cost assistance to help qualified City of Savannah employees under the level of department head purchase their first home. Employees must be in good standing and without recent disciplinary actions at time of purchase. 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 in the Savannah city limits. This assistance can be used in combination with DreamMaker assistance if the buyer is eligible. |
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 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: | Up to $15,000, 0% interest, forgivable loan that is not repaid if the buyer continues to work for the city and continues to be the owner-occupant of the house for five years from the date of the loan. Forgiven amount is reported as income on annual W2. |
Buyer Income: | Buyer must be below department head level. |
Application Deadlines: | Ongoing, year-round, providing funds remain available. |
Contact: | Call (912) 651-6926 or email employeedownpayment@savannahga.gov |