What is the Georgia Dream Home Buying Program?

Georgia Dream Home Buying Program

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What is Georgia Dream? This is a low-interesting financing loan, down payment assistance can be received, and home buyer education will be completed.

To get more in-depth: This loan type is a 30 year fixed rate first mortgage loans.

Who’s eligible: For credit eligible first time home buyers, buyers who have not owned a home in the past 3 years, those who purchase in a targeted area

Buyers must have a total annual household income less than: 1-2 persons: $59,500 | 3 or more persons: $68,500 – The sales price of the home has to be less than $200,000

Requirements for Down Payment Assistance: Borrowers must…1st use the loan in conjunction with a Georgia Dream First Mortgage Loan. 2nd Complete individual credit counseling as per the guidelines below and provide a certificate of completion. 3rd Contribute a minimum of $1000 to the purchase transaction.

Down Payment Loan Options:

Standard – All eligible home buyers qualify for $5,000

Pen – eligible home buyers who are employed in qualified public protection, military, health care or education qualify for $7,500

Choice – Eligible home buyers whose household includes an individual living with a disability qualify for $7,500

How do you apply?  Contact a Georgia Dream Participating Lender for pre-qualification and to begin the mortgage loan process. Lenders can be found by calling 1-800-359-4663 or visit us at www.GAdream.com

Once You Apply: Complete individual credit counseling to learn more about buying a home and to make sure the home you choose is within your budget

Who has to complete counseling?  Borrowers with low middle credit scores of 620-639 must complete individual credit counseling or attend a home buyer workshop provided by a DCA or HUD approved agency. DCA funded agencies are listed below. A list of HUD approved agencies is available at www.hud.gov/georgia

Borrowers with low middle credit scores of 640 or higher may choose to complete individual credit counseling, attend a home buyer education workshop or complete home buyer education online at www.ehomeamerica.org/dca

Source: http://www.dca.ga.gov/housing/Homeownership/programs/RUHomeBuyer.asp

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