GEORGIA DREAM

• Who Qualifies

  • First time home buyer, or have not owned a home in the past 3-years, or purchasing a home in a targeted area.

• Income & Assets

  • Household income up to maximum limit noted below.

  • Have liquid assets of no more than $20,000 or 20% of the Sales Price, (whichever is greater).

• Benefits Available

  • Lower Interest Rate than other loan options.

  • No Interest 2nd Loan

  • No Monthly Payment: You repay when you payoff the loan, no longer use as your primary residence, sell it, or refinance.

  • Loan Amount Levels

    • STANDARD which include: All eligible homebuyers. 5% of the property purchase price or a maximum $10,000 whichever is the lesser amount.

    • Protectors, Educators & Nurses (PEN): Public protector, educator, healthcare provider, or work for these industries, or active military? 6% or the property purchase price or a maximum of $12,500 whichever is the lesser amount.

    • Choice includes: Member of your family have a disability. 6% of the property purchase price or a maximum of $12,500 whichever is the lesser amount.

  • Non-Occupant Co-Borrowers are allowed.

  • $1,000 minimum buyer contribution.

  • First time buyers only, (not owned a home in the past 3-years). Targeted Counties - don't have to be 1st time buyer, call for county list..

  • For existing homes, no new construction.

  • Primary residence only.

  • Eligible Properties: Single family dwelling (attached or detached), condominiums, townhomes, and modular homes.

  • Ineligible Properties: mobile, manufactured homes.

  • Total Debt Ratios:

    • Mid-score 700+ = AUS

    • Mid-score 640 to 699 < 45%

  • Home buyer education is required, online course.

  • 3-years tax returns are required.

  • Cannot be combined with other DPA funds.

  • Cannot have $20k or 20% of sales price in liquid funds. Gifts of substantial amounts are considered liquid assets. Stocks and other readily salable securities are considered liquid assets, unless they are restricted by IRA, 401(k) or other similar requirements. IRAs, 401(k) plans and other similarly qualified retirement accounts are not considered to be liquid assets.

GEORGIA DREAM PEACH PLUS

Program Overview The Georgia Dream Peach Plus Loan Program expands access to affordable homeownership opportunities across our state. By serving a wider range of borrowers, including those with non-conforming loans, this program helps make the dream of homeownership a reality for more Georgia families.

Often the biggest obstacle to homeownership is being able to afford the down payment. Georgia Dream Peach Plus can help qualified borrowers clear this hurdle. Down payment loans are available to homebuyers who purchase a home in certain areas who also meet a set of financial criteria.

The loans are secured or guaranteed by FHA loans. Once the lender has completed the process and gives credit approval, the information is forwarded to DCA for compliance review and funding approval. Rates are available from participating lenders. Borrowers must attend and complete either a homebuyer education workshop, individual housing counseling sessions, or an online homebuyer education course through E-Home America.

FINANCIAL CRITERIA

• Have a household income up to the maximum

• Have liquid assets of no more than $20,000 or 20% of the sales price (whichever is greater)

• Meet mortgage loan credit requirements

  DOWN PAYMENT ASSISTANCE

• Standard - All eligible homebuyers may qualify! 3.5% (three and a half percent) of the property purchase price or a maximum $10,000, whichever is the lesser amount.

• Protectors, Educators & Nurses (PEN) - Are you a public protector, educator, healthcare provider — or work for these industries — or active military? 4% (four percent) of the property purchase price or a maximum of $12,500, whichever is the lesser amount.

• CHOICE - Is a member of your family living with a disability? 4% (four percent) of the property purchase price or a maximum of $12,500, whichever is the lesser amount.