ANDP NSP Grant
ANDP has NSP (neighborhood stabilization program) grants from $10,000 to $25,000 in the city of Atlanta and in the counties of Fulton, DeKalb, Douglas and Rockdale.
You must buy one of their inventory homes that have been renovated. These homes are move in ready. You can search for these homes at the bottom of this document.
You must meet maximum household income requirements. Your total household income based on family size must be less than the incomes listed on the following chart:
Family Size Maximum Income
1 $60,250
2 $68,850
3 $77.450
4 $86,050
5 $92,900
6 $99,800
7 $106,700
Q. What are the other eligibility qualifications?
A. In order to be eligible, the buyers must:
1. Be a U.S. citizen, qualified alien or a non-immigrant.
2. Meet income qualifications. See chart above.
3. Qualify for a mortgage for the purchase of the home and provide the required
documentation necessary to meet the NSP program requirements and obtain
mortgage loan approval from an approved lender.
4. Obtain a certificate of completion of an 8 hour homebuyer education course from
HUD approved housing counseling agency. There is a small fee for attending this class. Most classes are from 9 am to 5 pm. There are some Saturday classes.
5. Secure an executed real estate contract on the property to be purchased.
6. Purchase an NSP home as your primary residence.
The second mortgage is soft seconds. This means that the loan is fully forgiven after 10 years. There are no monthly payments and the interest rate is 0%. 10% of the loan is forgiven each year. If you sell your home after 1 year, you would need to pay back 90% of the grant.
The sales price of these homes is fixed and they have already been appraised.
These grants are for owner occupant only and the buyer must move in within 30 days of closing. You do not have to be a first time home buyer to qualify for these grants. The buyer must contribute 1% of sales price towards the purchase of the home. No gift money is allowed for this 1% contribution. The money you pay for the home inspection and the appraisal can count towards the 1% contribution. The buyer must be able to qualify for a loan.
Your debt to income ratio cannot be higher than 41%.
If something on the home is in need of repair, you can typically have your agent do an amendment to get the item repaired. Repairs typically cannot be more than $5,700 and will come from the grant money.
Most areas can get up to $4,000 in closing costs from the grant money. Each area has different rules.
This process typically takes about 60 days from contract to close, it could take longer.
The loan must be a fixed rate 30 year loan. The lender cannot charge more than 2 discount points. ANDP only funds the second loan, the first loan is funded by the lender.
My lender is very familiar with this type of grant and only approved lenders by ANDP can do this type of loan.
Location | Assistance Amount |
|
Atlanta
| Up to $20,000
More |
|
DeKalb County | 22% of purchase price up to $25,000;
includes $4,000 towards closing costs
More |
|
Douglas County | 20% of purchase price up to $25,000;
includes $4,000 towards closing costs.
More |
|
Fulton County | 120%AMI: 10% of purchase price up to $10k
80%AMI: 15% of purchase price up to $15k
50%AMI: 25% of purchase price up to $25k
Plus 5% toward closing costs
More |
|
Rockdale County | Up to $14,500, plus additional
5% of purchase price for closing cost
More | |
Search for ANPD homes below. There are some homes on FMLS in the ANDP grant program that are not listed on their website.
