What is the Georgia Dream Homeownership Program?
The Georgia Dream Homeownership Program provides affordable 30-year fixed-rate mortgages and down payment assistance to eligible first-time homebuyers, facilitating the path to homeownership.
Who qualifies as a first-time homebuyer under this program?
A first-time homebuyer is defined as an individual who has not owned a home in the past three years or is purchasing a home in specific targeted areas within Georgia.
What down payment assistance options are available?
Effective February 8, 2024, the program offers: Standard: 5% of the property purchase price, up to $10,000. Protectors, Educators & Nurses (PEN): 6% of the property purchase price, up to $12,500. Choice: 6% of the property purchase price, up to $12,500 for families with a member living with a disability. :contentReference[oaicite:0]{index=0}
Are there income and purchase price limits?
Yes, income and purchase price limits vary by county and household size. For instance, in the Atlanta-Sandy Springs-Roswell area, the maximum home sales price is $425,000, with income limits of $120,439 for 1-2 person households and $138,505 for households of three or more.
What are the credit requirements for the program?
Applicants must meet the mortgage loan credit requirements set by participating lenders, which may vary depending on the type of loan (FHA, VA, USDA-RD, or conventional).
Is homebuyer education required?
Yes, all Georgia Dream borrowers must complete a homebuyer education workshop, individual housing counseling session, or an online homebuyer education course through an approved provider.
Can the program be used for homes anywhere in Georgia?
Yes, the program is available statewide, but specific income and purchase price limits apply based on the property's location.
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Get Started NowAre there asset limits for applicants?
Yes, applicants must have liquid assets of no more than $20,000 or 20% of the sales price, whichever is greater.
What types of properties are eligible?
Eligible properties include single-family homes, townhomes, and condominiums that will serve as the borrower's primary residence.
Is there a minimum contribution required from the buyer?
Yes, buyers are required to contribute a minimum of $1,000 toward the purchase of the home.
Can the down payment assistance be combined with other programs?
Yes, the Georgia Dream down payment assistance can be combined with other local or federal programs, subject to approval and program guidelines.
What is the interest rate for Georgia Dream loans?
Interest rates are determined by current market rates and are subject to change. It's advisable to consult with a participating lender for the most accurate and up-to-date rates.
Are there any fees associated with the program?
Standard loan fees, such as origination and processing fees, may apply. It's important to discuss all potential fees with your lender to understand the total cost of the loan.
Is mortgage insurance required?
Depending on the type of loan and down payment amount, mortgage insurance may be required. For example, conventional loans with less than a 20% down payment typically require private mortgage insurance (PMI).
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Yes, the program is available to first-time homebuyers, defined as individuals who have not owned a home in the past three years, or those purchasing in certain targeted areas.
How do I apply for the Georgia Dream Homeownership Program?
To apply, you must work with a Georgia Dream participating lender who will guide you through the application process, including verifying eligibility, assisting with necessary documentation, and explaining program requirements.
Is there a deadline to apply for the program?
There is no specific deadline to apply for the Georgia Dream Homeownership Program. However, program availability is subject to funding, so it's advisable to begin the application process as soon as you are ready to purchase a home.
Are non-occupant co-borrowers allowed?
No, all borrowers must occupy the property as their primary residence. Non-occupant co-borrowers and co-signers are not permitted under this program.
What happens if I refinance my home?
If you refinance your home, any associated down payment assistance loans may become due and payable. It's important to review the terms of your assistance programs and consult with your lender before refinancing.
Are there specific debt-to-income (DTI) ratio requirements?
While the Georgia Dream program does not specify exact DTI ratio requirements, individual lenders may have their own criteria. It's essential to consult with your lender to understand the specific DTI requirements applicable to your situation.