Down Payment Assistance
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Homestretch Down Payment Assistance Program
About the Program
The Homestretch Down Payment Assistance Program provides down payment assistance to income-eligible, first-time homebuyers who have the capacity to purchase a home but lack the money needed for a down payment. We offer down payment assistance up to $7,500 as a five-year deferred payment loan with 0% interest. The loan does not need to be repaid as long as the funded homebuyer occupies their home as their principal residence for a period of at least five years.
Eligibility Requirements
In order to qualify for this program, applicants must meet the following criteria:
- Must earn below 80% of Area Median
- Must be a first-time homebuyer (or have not owned a home for three years or more)
- Must have at least one credit score above 640
- Debt-to-Income Ratio cannot exceed 43%
View current income eligibility limits for this program. Additionally, the Homestretch Down Payment Assistance Program contains the following property eligibility requirements:
- Property must be either a single-family detached home or townhome
- Property must be located within Gwinnett County
- Property must pass a Uniform Property Conditions Standards Inspection
- Property may not cost more than $257,000.00 for an existing home or $305,000.00 for new construction. [Effective 2/27/2023]
Once an applicant is determined to be eligible for this program, it will take 30 days for a check to be drafted for the down-payment funding.
For more information or questions, call 678.518.6008, email Homestretch@GwinnettCounty.com, or visit our office located at 446 West Crogan Street, Suite 420 in Lawrenceville.
