Standard Georgia Dream Mortgage Program Guide

Guide to the Standard Georgia Dream Mortgage Program

The Standard Georgia Dream Mortgage Program is designed to assist first-time homebuyers in Georgia by offering affordable mortgage options with down payment assistance. This program provides a fixed-rate mortgage, along with financial support to make homeownership more attainable for eligible buyers. For 2025, the program continues to offer favorable loan terms to help first-time buyers in Georgia secure their homes. Below is a comprehensive guide to the program, eligibility requirements, and how to apply.

1. Program Overview:

• Purpose: The Standard Georgia Dream Mortgage Program aims to provide first-time homebuyers with affordable mortgage financing. The program offers a 30-year fixed-rate mortgage, combined with down payment assistance to help make homeownership more achievable.
• Loan Terms: The program offers a 30-year fixed-rate mortgage, allowing homebuyers to lock in a stable interest rate throughout the life of the loan. This ensures predictable monthly payments and affordability over time.
• Down Payment Assistance: The program provides up to $7,500 in down payment assistance for eligible buyers. This assistance is designed to cover the upfront costs associated with purchasing a home, reducing the financial burden on first-time buyers.

2. Eligibility Requirements for 2025:

To qualify for the Standard Georgia Dream Mortgage Program, applicants must meet the following criteria:

• First-Time Homebuyer: The program is designed for first-time homebuyers, defined as individuals who have not owned a home in the past three years. Some exceptions may apply, such as for veterans or buyers purchasing in certain designated areas.
• Income Limits: Your household income must fall within the program’s limits, which are based on the area median income (AMI) for your county or city. These limits are updated annually to reflect the current housing market.
• Credit Score: A minimum credit score of 640 is typically required for the program. Some lenders may have additional requirements or flexibility depending on other factors such as debt-to-income ratios.
• Property Requirements: The home must be located in Georgia and serve as the applicant’s primary residence. The property must also meet the program’s price limits, ensuring affordability for first-time homebuyers.
• Homebuyer Education: Applicants must complete a homebuyer education course. This course provides essential information about the homebuying process, budgeting for homeownership, and understanding mortgage responsibilities.

3. How to Apply:

The application process for the Standard Georgia Dream Mortgage Program is easy to follow. Here are the steps to get started:

• Assigned Loan Officer: Once you begin your application, a dedicated loan officer will be assigned to assist you through the process. Your loan officer will verify your eligibility, guide you in gathering necessary documents, and help answer any questions you may have.
• Required Documentation: Be prepared to submit documentation such as proof of income, tax returns, credit reports, and a certificate of completion for the homebuyer education course.
• Submit Your Application: Once you have collected all required documents, submit your completed application to your loan officer. They will process your application and inform you of your approval status and next steps.

4. Homebuyer Education Course:

• Mandatory Requirement: Completion of a homebuyer education course is a requirement for all applicants. This ensures that you are well-prepared for the responsibilities of homeownership and have the knowledge needed to manage your mortgage effectively.
• Course Availability: The course is available both online and in-person, allowing you to choose the format that best suits your schedule. Upon completion, you will receive a certificate that is necessary for your application.

5. Down Payment Assistance:

• Assistance Amount: The Standard Georgia Dream Mortgage Program offers up to $7,500 in down payment assistance for eligible buyers. This assistance is intended to help cover the upfront costs associated with purchasing a home, such as the down payment and closing costs.
• Assistance Terms: The down payment assistance is provided as a grant, which means it does not need to be repaid as long as the program’s requirements are met. Typically, the grant is forgiven after a certain period of time, provided the buyer continues to reside in the home.

6. Finalizing the Loan:

• Approval Process: Once your application is approved, your loan officer will guide you through the final steps, including reviewing and signing the loan documents, and preparing for the closing process.
• Closing Costs: While the program covers down payment assistance, you may still be responsible for some closing costs. Your loan officer will provide a detailed breakdown of all costs involved and clarify which expenses are covered by the program and which are not.

Our experienced loan officers are here to help you every step of the way. They will ensure that you fully understand the terms of the Standard Georgia Dream Mortgage Program and provide the support you need to successfully complete your application. With their guidance, you can move confidently toward homeownership and take advantage of the program’s benefits.