Unlocking Affordable Homeownership in Gwinnett County with the Welcome Home Program

By: Eboni Killian, Managing Broker

For many aspiring homeowners, finding the proper financial assistance can make all the difference in turning their dream of homeownership into a reality. Programs like the Gwinnett Housing Corporation’s Welcome Home Program provide vital support by bridging the gap between rising housing costs and what buyers can afford. This program is designed to help first-time buyers in Gwinnett County secure affordable, quality homes through financial assistance and homeownership counseling.

The Welcome Home Program

Let’s be real, in today’s market, interest rates, insurance rates and even HOA costs can price a buyer out of homeownership.  This is where the Welcome Home Program fills that gap!

The Welcome Home Program is a robust homeownership initiative offering fully rehabilitated and newly constructed affordable homes to low- to moderate-income homebuyers. Through a 1% interest soft loan, eligible first-time buyers can receive financial assistance of up to $60,000, depending on household income and need. These funds aim to bridge the gap between median wages and rising home prices, making homeownership attainable for more families in Gwinnett County.

One of the program’s most unique features is its affordability period and forgivable option. If the home remains owner-occupied for the 20-year affordability period, the loan is fully satisfied, with no repayment required. However, the loan must be repaid if the property is sold prior to that period or no longer serves as the buyer’s primary residence.

Who Can Benefit?

To qualify for the Welcome Home Program, applicants must meet the following criteria:

1. Be a first-time homebuyer (or have not owned a home in the past three years).
2. Have a gross household income that does not exceed 80% of the area median income (AMI).
3. Reside or work in Gwinnett County.
4. Have liquid assets of $25,000 or less.
5. Obtain pre-approval for a loan of at least $300,000 from a mortgage lender.
6. Complete an 8-hour HUD-approved homebuyer counseling class.
7. Ensure the purchase does not involve non-occupant co-borrowers or co-signers.

Currently, the program is available only for homes owned by the Gwinnett Housing Corporation (GHC), specifically in the Forkview Subdivision. Applications are accepted on a first-come, first-served basis, so timely submission is crucial.

Why Choose Sovereign Realty & Management?

Getting started with the Welcome Home Program is simple when you partner with Sovereign Realty & Management. Our experienced team will guide you through every step of the process, from understanding eligibility requirements to completing your application. We’ll help you gather all necessary documents, including your loan commitment letter, credit report score sheets, and certificate of completion from a HUD-approved First Time Buyer class. As official listing agents for GHC, we’ll ensure your application is accurate and complete so you can focus on finding your perfect home. Additionally, we can connect you with responsive approved lenders who are familiar with the program’s requirements to secure your mortgage. Let Sovereign Realty & Management take the stress out of the process and assist you in unlocking the door to your dream home in Gwinnett County.

We’re Here to Guide You

Navigating the application and homebuying process can feel overwhelming, but at Sovereign Realty & Management, we’re here to simplify it for you. From guiding you through the pre-application process to ensuring your eligibility for DPA programs, our team has the expertise and dedication to help you achieve your homeownership goals. It will require more documents, time and your dedication than a typical sale transaction, but it is time and energy well invested into yourself to achieve your dream home.

Visit www.sovereignrm.com to learn more about the Welcome Home Program and other down payment assistance opportunities. Let’s work together to make your dream of owning a home in Gwinnett County a reality.