East Point holds employee homeownership workshop; city program offers $5,000 down-payment aid

City of East Point employees attended a homeownership workshop where city staff and outside lenders outlined the costs of buying and selling homes, available down-payment assistance and counseling services.

Alyssa Wilkins of the Office of Equity, Inclusion and Empowerment opened the event and described an employee down-payment assistance (DPA) program administered through the city’s Business/Industrial Development Authority. Wilkins said the program provides $5,000 per household for purchases that must be located in East Point and that roughly $40,000 in program funds remained; she said a lien is typically placed on assisted properties for about three years.

“...it does have to be in Eastpointe,” Wilkins said during the presentation; organizers provided flyers and a contact (Regina Carter) for employees interested in applying. (Transcript used the form “Eastpointe”; the city name is presented in this article as City of East Point, the jurisdiction referenced by presenters.)

Irvin Hawkins of Delta Community Credit Union led a wide-ranging session on the economics of homebuying and selling. Hawkins emphasized understanding the total cost of homeownership beyond advertised principal and interest, including taxes, private mortgage insurance (PMI), appraisal and inspection fees, and closing costs. He urged prospective buyers to budget, track true monthly carrying costs and to aim for a comfortable cushion rather than stretching to maximum borrowing.

“Understanding the process alone can save you. Not understanding the process can cost you,” Hawkins said, summarizing his approach. He also reviewed credit reporting (tri-merge credit reports and VantageScore 4), promoted a free partner counseling service called Balance for credit-review help, and explained recent changes to agent-compensation practices that allow buyer-agent fees to be negotiated.

Terry Madden, national director of community lending for Silverton Mortgage, introduced Silverton’s Homeownership Center and described a “Homestretch” preparatory process that combines counseling, income classes and lender preapproval so applicants arrive at the mortgage application stage ready for underwriting. As an example, Madden said a preapproval might show a $300,000 borrowing limit and that Silverton would then seek available DPA sources to augment purchasing power.

Madden explained that DPA sources differ: some are repayable or impose liens (federal-home-loan-bank funds were described as typically carrying a three-year lien) while others are not. He cited Georgia Dream as an example program and said it can have program-specific interest rates (Madden said 5.875% generally and 4.875% for veterans). He also described strategies to “stack” multiple local, state and lender programs to increase total assistance.

Silverton and the city’s counseling staff stressed documentation and underwriting details: two years of consistent work history is commonly required, verifiable bank records should trace the origin of down-payment funds, and certain tax-filing choices (for example, Schedule C deductions that reduce reported net income) can affect qualifying income. Madden cited a target credit-score example of about 648 as one helpful benchmark for improving loan options.

Autumn King of Hallmark Management described a nearby historic-rehabilitation project of the Waggy Works property that has been redeveloped under a Section 42 low-income housing tax credit (LIHTC) approach. King said the project will deliver about 89 renovated apartment homes with community gathering spaces and some commercial units; she added that many early applicants are city employees. King said one-bedroom starting rents would be capped under the Section 42 program and that initial occupancy will be subject to income limits (she cited 50–70% of area median income tiers, with some adjustments allowed after the first year).

Organizers closed by thanking attendees, noting quarterly trainings will continue and directing employees to follow up with Silverton, Hallmark and city staff for counseling, applications and additional program details.

What’s next: employees who want to explore assistance can contact Regina Carter (city staff) or Silverton Mortgage’s Homeownership Center for preapproval and counseling. The city plans to continue these workshops to promote staff participation in available homeownership programs.