Comprehensive Assistance
Access to a wide array of down payment assistance options, including government programs and BankSouth Mortgage initiatives.
Welcome to ReadyAssist! At BankSouth Mortgage, we understand that one of the biggest hurdles to homeownership is the down payment. That’s why we’ve created ReadyAssist – a comprehensive suite of down payment assistance programs designed to help you achieve your dream of owning a home. Whether you’re a first-time home buyer or looking to move into a new home, ReadyAssist offers tailored solutions to meet your unique needs.
Why Choose ReadyAssist?
Our Programs
Chenoa Fund
- Assistance: Up to 3.5% of either the sales price or appraised value, whichever is less.
- Terms: Flexible Second Loan (No Repayment Required) or Repayable Second Loan.
- Note: Funds available on a first come, first served basis.
Community Lending Program
- Features: Lower rates or higher lender credits on conventional loans. Helps underserved customers by offering lower rates or higher lender credits on conventional loans in certain areas, increasing qualification chances and saving money with lower monthly payments or reduced closing costs.
- Eligibility: Primary residences only, minimum credit score of 640, down payment as little as 3%. Check property eligibility here.
Federal Home Loan Bank (FHLB) Programs
First-Time Homebuyer Program
- Assistance: Up to $12,500 for down payments and closing costs.
- Features: Income limit is 80% of Area Medium Income, owner-occupied properties, forgivable after 5 years, $1,000 minimum homebuyer contribution.
- Note: Funds available on a first come, first served basis.
AlwaysReady Heroes Program
- Assistance: Up to $15,000 for down payments and closing costs.
- Features: Exclusively for law enforcement officers, educators, healthcare workers, firefighters, first responders, veterans, and active-duty military or their surviving spouses. Income limit is 80% of Area Medium Income, $250 maximum cash back, forgivable after 5 years, $1,000 minimum homebuyer contribution.
- Note: Funds available on a first come, first served basis.
Workforce Housing Plus+
- Assistance: Up to $15,000 for down payments and closing costs.
- Eligibility: Household incomes between 80.01% and 120% of Area Medium Income, pre-purchase financial literacy counseling required, and a minimum personal contribution of $1,000.
- Note: Funds available on a first come, first served basis.
Georgia Housing Programs
Atlanta Housing (AH)
- Assistance: Up to $20,000 for first-time homebuyers, up to $25,000 for professionals or paraprofessionals in specific fields.
- Eligibility: Must not have owned a home within the last 3 years, primary residence, income and purchase price limits apply. View income and purchase price limits here.
Cobb County Down Payment Assistance
- Assistance: 2% to 4% of the note amount as a non-repayable grant.
- Eligibility: Homebuyer education required, income and loan limits apply. View income and loan limits here.
Fulton County Homeownership Program (HOP)
- Assistance: Financial assistance for down payments and closing costs to help first-time homebuyers in Fulton County, Georgia, achieve homeownership.
- Eligibility: Applicants must be first-time homebuyers who have not owned a home in the last 3 years, with a household income at or below 80% of the Adjusted HOME Income Limits for Fulton County. The property must be within Fulton County, Georgia, pass a government environmental review, and either receive a Certificate of Occupancy (for new homes) or pass a property standards inspection (for existing homes). The purchase price must not exceed $333,000, and applicants must complete a HUD-approved Homebuyer Education Program. View income limits here.
Georgia Dream
- Standard Assistance: Up to $10,000 or 3.5% of the property price, whichever is the lesser amount.
- Protectors, Educators, & Nurses (PEN) Assistance: Up to $12,500 or 4% of the property price, whichever is the lesser amount.
- CHOICE Assistance: Up to $12,500 or 4% of the property price, whichever is the lesser amount.
- Eligibility: First-time homebuyers, homebuyer education required, income and purchase price limits apply. View current home sales price and maximum household income limits here.
Peach Plus Program
- Standard Assistance: Up to $10,000 or 3.5% of the property price, whichever is the lesser amount.
- Protectors, Educators, & Nurses (PEN) Assistance: Up to $12,500 or 4% of the property price, whichever is the lesser amount.
- CHOICE Assistance: Up to $12,500 or 4% of the property price, whichever is the lesser amount.
- Eligibility: Increased income limits, higher purchase price allowance, no first-time homebuyer requirement. View current home sales price and maximum household income limits here.
Peach Select Veterans Assistance Program
- Assistance: Low interest rate first mortgage and no down payment required for eligible borrowers. Can be combined with other DPA programs not connected to Georgia Dream.
- Eligibility: Income and purchase price limits apply, must invest at least $500, no first-time homebuyer requirement. View current home sales price and maximum household income limits here.
South Carolina Housing Programs
South Carolina Housing Homebuyer Program
- Assistance: $8,000 forgivable down payment assistance with 0% interest rate, no monthly payment required.
- Eligibility: Must meet SC Housing’s sales price and income limits. View current income and home price limits here.
Housing Choice Voucher Homeownership Program
- Assistance: $8,500 forgivable down payment assistance with 0% interest rate paired with SC Housing’s Homebuyer Program, no monthly payment required.
- Eligibility: Must meet first-time homebuyer requirements and SC Housing’s sales price and income limits. View current income and home price limits here.
How It Works
Step 1: Contact Us
Reach out to our team to discuss your needs and eligibility.
Step 2: Explore Your Options
We’ll help you explore the different down payment assistance programs available.
Step 3: Get Started
Our mortgage experts will guide you through the application process, ensuring you have everything you need to move forward.
Step 4: Achieve Homeownership
With ReadyAssist, you’re one step closer to owning your dream home.
These programs are designed to promote homeownership in the Southeast, particularly in Georgia and South Carolina. For detailed information and eligibility criteria, please contact your BankSouth Mortgage Loan Officer.
Ready to Get Started?
Contact us today to learn more about ReadyAssist, apply for down payment assistance, and take the next step toward homeownership.
With ReadyAssist, BankSouth Mortgage is here to support you with down payment assistance programs tailored to make your homeownership dreams a reality. Begin your journey today and experience the BankSouth Mortgage difference.
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