Most people looking to buy a home can pay the monthly mortgage payments, they just need help with the down payment. The Georgia Dream Homeownership Program provides first mortgage loans and down payment assistance. These loans are 30yr fixed loans. An eligible borrower must be a 1st time home buyer, or has not owned a home in the past three years, or must be purchasing a home in a targeted area. The borrower must meet income limits, purchase price limits, and have limited assets. All borrowers must invest at least $1,000 of their own money into purchasing their home. All borrowers must also meet the credit requirements (some lenders will accept a 620) for the lender as well as the debt -to- income ratio. The down payment funds do not have interest, there are no payments, and it does not have to be paid back until the house is sold or is no longer your primary residence.
If you can qualify for the Georgia Dream Program you can get $5,000 towards your down payment.
Ga Dream also provides additional programs for borrowers in certain occupations. PEN is a down payment assistance program for educators, protectors, military, and healthcare workers. They also have a program called CHOICE. CHOICE is a down payment program for families that have a disabled family member. Both of these programs offer $7,500 towards closing cost for eligible borrowers.
If you live in Barrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, or Walton counties, as of now, the total household income can be no more than $69,000 for 1-2 people and $79,500 for 3 people. The home sales price cannot exceed $250,000. If you are planning to buy a home in a county that wasn't listed, the total household income can be no more than $59,500 for 1-2 people and $68,500 for 3 people. The home sales price cannot exceed $200,000.
For any Ga Dream program your liquid assets must not be more than $20,000 or 20% of the sales price. All of the Ga Dream Programs require homebuyer education. All borrowers must complete one of the following: a homebuyer education workshop, individual housing counseling sessions, or complete the home buyer online course at www.ehomeamerica.org.
If you would like a list of home buying workshops that gives eligible homebuyer certificates for the Ga Dream Programs, please contact me. Also, if you would like to speak to a couple of lenders that are very well educated on the Ga Dream program, and can close the loan quickly, I can definitely send you their contact info. Please send me a message.