Introducing the new

                          GA  RHS

Rate Reduction Grant

The GA RHS Rate Reduction Grant is a Deferred Loan Program, just like the Columbus "City Money Grant", which means the funds will be a GIFT provided that the recipient remains the owner of the property for seven years.    At the end of the seventh year the loan is forgiven and the security deed is released of the lien.  Meanwhile, there is no interest, no fees, and no payments. After 7 years it becomes a pure gift. However, if the recipient sells the property within the seven-year period, then the balance will have to be re-paid. 

You do NOT have to be a first-time homebuyer.  You do NOT have to occupy the home the entire 7-years. Investors and landlords are not eligible, but if you buy the house to live in, you can later rent it out if you wish. You do NOT have to be low-income. There are NO income limitations.  All they ask is that you keep the home for at least seven years, and make your other mortgage payments on time.

How does this compare with the Columbus "City Grant" money?

 
GA RHS Grant
City Grant
Must live in the home YES, but can rent later YES, always
Must own home for how long 7 years 5 years
Must be considered low income NO YES
Must be First Time homebuyer NO YES
City must inspect the home NO YES
City may reject the grant NO YES
May use with "fixer-upper" homes YES NO
Special training class required NO YES
May use WITH City Grant YES N/A
May use in Muscogee County YES YES
May use with Harris County homes YES NO
May use with ALABAMA homes YES NO

The GA RHS Rate Reduction Grant will cut your interest rate 2% for the first year, PLUS 1% for the second year.   On a $85,000 home this saves you $106.; PER MONTH, and on a $170,000 home your payment will be
 $213.00 PER MONTH LESS !  This is NOT an adjustable-rate loan. The rate is FIXED, but much less.

This Program is underwritten by the GA RHS Program, and is only available through authorized local RHS Administrators.  The Rate Reduction Grant may be used in conjunction with the GA RHS Fixup Money Program, and the GA RHS Down Payment Assistance Program, and the GA RHS 1-year Warranty Program.

If you have any questions, please call
Jim Talley    (706)  568-1185
Columbus'  only RHS Administrator

To register for the
GA RHS Rate Reduction Grant, Just Click Here