AtlantaHousingAuthority

Housing Choice provides rental assistance to low-income families in the private rental market. AHA forms a partnership with families and landlords to provide housing opportunities throughout metro Atlanta. Through Housing Choice, thousands of families have secured quality housing in the neighborhoods of their choice.

HOUSING CHOICEHomeownership

Atlanta Housing Authority Homeownership offers financial assistance and homeownership education and counseling to low- to moderate - income first-time homebuyers*.

*A person who has not owned a home in the past three years.

AHA Homeownership checklist:

  • Are you a first-time homebuyer?
  • Do you have a minimum income of approximately $40,000 a year?
  • Have you been employed for more than two years?
  • Do you have a checking or savings account?
  • Do you have a minimum of $1,000 of your own funds to put toward a down payment?

If you answered yes to most of these questions, then you may be eligible to participate in AHA Homeownership.

There are three simple steps to preparing for homeownership:

  1. Set realistic goals. Take a look at your monthly income and expenses and decide how much you can really afford to put aside. If saving for a home causes you to fall behind, it will defeat the purpose.
  2. Avoid unnecessary purchases. The less you spend the sooner you will become a homeowner. Keep that goal in mind when you shop.
  3. Pay yourself first. When you pay your monthly bills, the first check you write should be to your savings account.

Make sure you are moving in the right direction. Homeownership. It is up to you!

MORTGAGE PAYMENT CALCULATOR .

MORTGAGE CALCULATOR
Mortgage Data:
House Price:
Down Payment:
Annual Interest Rate: %
Term: Years
Results:
Mortgage Principle:
Total Payments:
Monthly Payment:

CHECK YOUR CREDIT REPORT AND SCORE

Before you start shopping for a home, you must determine the type of home you need. To do that, you must figure out how much you can afford to pay each month.

According to the HUD Home Buying Guide, there is a simple formula to come up with this number. The FHA has found that most people can afford to budget 29% of their gross monthly income to housing expenses, depending on total debt. Buyers with no debt can budget as much as 41% of monthly income to housing.

Annual Gross Income

Monthly Gross Income

29% of Gross Income

$40,000

$3,333

$967

$45,000

$3,750

$1,088

$50,000

$4,167

$1,208

$55,000

$4,583

$1,329

$60,000

$5,000

$1,450

$65,000

$5,417

$1,571

Whether your credit is perfect or not, there are some things you should know before you meet with your AHA Homeownership representative:

The three main credit reporting agencies are Equifax, Experian, and TransUnion. You can order a copy of your credit report (a fee may apply) via telephone here:

  • Equifax (800) 685-1111
  • Experian (800) 682-7654
  • TransUnion (800) 916-8800

Or online here: annualcreditreport.com

FOR MORE INFORMATION
404-685-4346

CONTACT

© Atlanta Housing Authority 2010

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