Wednesday, May 12, 2004

DCA offers ‘CHOICE’ for homebuyers with disabilities

Commissioner Mike Beatty and the Georgia Department of Community Affairs announced DCA's latest incentive for homebuyers, the CHOICE Down Payment Assistance Program.

The Consumer Home Ownership for Independence, Choices, and Empowerment Program was created to help individuals with disabilities and their families overcome barriers to homeownership.

“This mortgage product will make it possible for even more people with disabilities to realize the dream of owning their own home. It is a direct result of our state’s commitment for more Georgians to be a part of the American Dream,” said Commissioner Beatty.

“Many people with physical challenges may not know they can own a home. One of our goals at the Department of Community Affairs is to help remove barriers and help make the dream of home ownership a reality for individuals with disabilities and their families,” said Beatty. “Homeownership provides stability, greater independence and control, and the ability to build wealth.”

The CHOICE Program provides homebuyers with either a $7,500, $15,000 or $20,000, zero-percent interest second mortgage loan with no payment due until the home is sold, refinanced, or no longer the borrower’s primary residence. The borrower’s income level determines the amount of the loan.ÊEligible borrowers are required to contribute their own funds in an amount of at least 1-percent of the sales price. Additionally, homebuyers also benefit by obtaining the Department of Community Affairs’ low interest rate first mortgage loan from a DCA participating lender. Income limits, sales price limits, and other eligibility requirements apply. Completing homebuyer one-on-one counseling also is a requirement for the CHOICE Program.

For more information about the CHOICE Program, the HomeBuyer Program. or homebuyer counseling, please contact the Department of Community Affairs’ Office of Homeownership at 1-800-359-4663, or visit www.dca.state.ga.us.