Get ready for the keys.
Ten short lessons, about five minutes each. Learn how buying works, see where you stand, and move at your own pace.
Six steps you can take before you apply.
Check them off as you go. Each step links to the lesson or tool that helps.
Learn the process, one piece at a time.
Open any lesson. Mark it complete when you're done, and your progress stays on this device.
01Understanding home affordability
Income, debts and the full monthly cost
Affordability is more than the price tag. Lenders look at what you earn, what you owe, and what owning will cost each month: principal and interest, property taxes, homeowners insurance, and any HOA dues or mortgage insurance.
- Housing ratio
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- Total debt ratio
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02Credit education
Reports, scores and published minimums
Your credit history affects which mortgages and programs you can use, and at what rate. Start by checking your reports for errors. You're entitled to free reports.
Published minimum scores
- Georgia Dream: 640 (per DCA)
- Invest Atlanta HomeNOW and Beltline: 620
- Bridging the Gap: 580
- Atlanta Housing DPA and Fulton County HOP: set by your lender
Good habits
- Pay every bill on time
- Keep card balances low
- Avoid new debt right before applying
- Be wary of anyone charging upfront to "repair" credit
03Down payments
What you bring, and where help can come from
The down payment is the part of the price you pay upfront. Different loan types have different minimums, so ask your lender. Many assistance programs still ask for a small contribution of your own.
- 3%
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- 3.5%
- —
- 5%
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- 10%
- —
- 20%
- —
Published personal contributions
- Invest Atlanta and Atlanta Housing DPA: at least $1,500
- Fulton County HOP and Bridging the Gap: at least $500
04Closing costs
The fees and prepaid items at closing
Closing costs are separate from the down payment. Your Loan Estimate lists them early, and your Closing Disclosure confirms them at least three business days before closing.
What's usually included
- Lender and origination fees
- Appraisal and credit report fees
- Title insurance and closing attorney fees
- Prepaid property taxes and homeowners insurance
- Initial escrow deposits
Programs that can help with closing costs
- Invest Atlanta (City of Atlanta)
- Fulton County HOP (Fulton, outside Atlanta)
- Bridging the Gap (eligible voucher participants)
05Mortgage basics
The words you'll hear, explained
Principal and interest
Principal is the amount you borrow. Interest is what the lender charges you to borrow it.
APR
The annual percentage rate includes the interest rate plus certain fees, so it's useful for comparing loans.
PITI and escrow
Principal, interest, taxes and insurance make up your monthly payment. Taxes and insurance are often collected into an escrow account and paid for you.
Fixed vs. adjustable rate
A fixed rate stays the same for the life of the loan. An adjustable rate can change after an initial period. Georgia Dream, Invest Atlanta and Atlanta Housing programs pair with fixed-rate first mortgages.
Conventional, FHA and VA loans
Common loan types with different down payment, credit and mortgage insurance rules. Many local programs accept all three. Ask your lender which fits.
Prequalification vs. preapproval
Prequalification is an early estimate. Preapproval means a lender has reviewed your documents and credit. Neither is a final loan approval.
Loan Estimate
A standard three-page form lenders must give you after you apply. Compare Loan Estimates from more than one lender.
06Homebuyer education
Often required, always useful
A homebuyer education course covers budgeting, mortgages, inspections and closing. Classes are offered online or in person through HUD-approved housing counseling agencies.
Who requires it (as published)
- Georgia Dream: homebuyer education is a program requirement
- Invest Atlanta: an education class plus a mandatory 90-minute Q&A session
- Atlanta Housing DPA and Bridging the Gap: an eight-hour class from a HUD-approved provider
- Fulton County HOP: HUD-approved counseling plus an eight-hour class. Certificates are valid for one year.
07Working with a participating lender
Exploring a program isn't qualifying for it
Assistance programs work through participating lenders. The lender reviews your income, credit, assets and the property, then confirms what you're eligible for. GetSetKeys doesn't make that decision.
Questions to ask
- Which assistance programs do you participate in?
- Which loan types fit my situation?
- What will my Loan Estimate show?
- Can these programs be combined in my case?
Documents lenders commonly ask for
- Recent pay stubs and W-2s
- Federal tax returns
- Bank statements
- Your homebuyer education certificate
08Understanding the purchase process
From offer to closing, in order
- Get preapproved. Know your budget and confirm program options with a lender.
- Shop for homes. Stay within your budget and any program's price and location limits.
- Make an offer. Your contract sets the price, contingencies and closing date.
- Inspect and appraise. An inspection checks the home's condition. The appraisal checks its value for the lender.
- Final approval. The lender (and any assistance program) completes its review.
- Close. Sign documents, pay closing funds, and get your keys.
09Preparing for inspections and closing
A checklist for the final stretch
Before closing
- Schedule a home inspection
- Shop for and buy homeowners insurance
- Review the appraisal
- Send every document your lender and program request
- Compare your Closing Disclosure with your Loan Estimate
Program-specific
- Existing homes must pass inspection for Invest Atlanta programs
- Fulton County HOP requires inspection standards, or a Certificate of Occupancy for new construction
- Some programs require a participating closing attorney
10Maintaining a home after purchase
Owning well, for the long run
Owning a home means planning for upkeep, repairs, insurance and taxes. Many assistance programs also have occupancy rules: Fulton County HOP has a 5-year affordability period, and Bridging the Gap has 10 years, during which the home must stay your primary residence.
Good habits
- Set aside money each month for repairs
- Review insurance and property tax notices every year
- Keep your program documents and occupancy dates
- If payments become hard, call a HUD-approved counselor early
Rent today. Prepare for tomorrow.
You need a stable place to live now, and your next move can still build toward ownership. Tell us what matters right now and we'll put together a short preparation list.
Renting doesn't build ownership equity by itself. GetSetKeys won't call any property "rent-to-own" unless the arrangement is verified and its terms are explained.