Housing Authority of Cobb County, GA

Cobb County Down Payment Assistance Program
ADMINISTRATOR GUIDELINES   
PARTICIPATING LENDERS   
PROGRAM FUNDS
  • eHP System available 24/7
  • Reservation/Locks are available on business days between 10am-8pm Eastern Daylight
LOAN TIME LINE REQUIREMENTS
  • Reservation to UW Cert: 15 days  (cancelled if not certified)
  • Reservation to Loan Purchase: 70 days
ELIGIBLE AREAS
  • Cobb County
ELIGIBILITY CRITERIA
  • NO First-time Homebuyer Requirement
ELIGIBLE LOAN TYPES
  • FHA, VA
  • 203 (k) streamlined (with US Bank approval)
  • Freddie Mac HFA Advantage
AVAILABLE DOWN PAYMENT ASSISTANCE
  • Assistance is system calculated of the note amount  (see rates)
  • available for down payment or closing costs.
  • Cash back is not allowed.
LIMITS:

  • INCOME
  • ACQUISITION
  • LOAN AMOUNT
  • Household income = 1003 Credit Qualifying Income
  • See Guidelines
HOME BUYER EDUCATION
  • Required for Freddie Mac loans
FICO SCORE & CREDIT REQUIREMENT
  • See Guidelines 
CO-SIGNERS
  • Not permitted
LENDER PARTICIPATION
  • Approval by Agency & UB Bank
FORMS AND DOCUMENTATION
  • Log into system, under FORMS
THE MASTER SERVICER
  • Provides information and training concerning the mortgage loan file, acceptable loan products, delivery and funding, reviews/purchases the mortgage file
  • Servicer Lender Guides, Click here
  • If you need assistance with the Servicer Lender Guides or  to contact the US Bank Lender Help Desk, Click here.

 

Current Rate/Offerings – Reservation/locks – AVAILABLE from 10:00am-8:00pm EDT excluding weekends & holidays

 

Rate/Offerings FICO DPA Lock Rate
Government  
FHA, VA
 660
 0% n/a
1% n/a
2% n/a
Freddie Mac HFA Advantage  
Freddie Mac 80% AMI
 640 0% n/a
1% n/a
2% n/a
   
Freddie Mac Over 80% AMI 640 0% n/a
1% n/a
2% n/a

 

  • Term: 30 Year Fixed Rate
  • Assistance is automatically calculated on the Final Loan Amount (Grant)
  • Various levels as per above chart.
  • Lender up fronts. US Bank will reimburse at purchase