The Georgia Dream Homeownership Program

Many homebuyers face the same issue when it comes time to purchase a home. You’re pulling money from under the mattress and digging out that shoe box for cash, just to be able to come up with the down payment. 

Of course you can save every dime from your check for a few months to save up for your down payment or you could ask a friend or family member for a gift, but these options still cause for a financial audit which doesn’t technically make your situation easier, just a tad bit more convenient. 

The Georgia Dream Homeownership Program offers a new option to potential homeowners that could open the door to homeownership for more buyers. 

What is the Georgia Dream Homeownership Program?

This program offers affordable mortgages and down payment assistance to eligible and qualified home buyers. This could save you time and money in your home buying process, if you are qualified.

 So now, who is actually qualified for the program?

Who could qualify for the Georgia Dream Homeownership Program?

• First time home buyers

• Buyers who have not purchased a home in 3 years

• Buyers who buy in certain areas

• Applicants with a household income of up to the maximum requirement

• Applicants with liquid assets of up to $20,000 or 20% of the sales price (whichever is greater)

• Applicants who meet mortgage and loan credit requirements

Qualifications

Home buyer counseling is required for all Georgia Dream Loans. Required counseling form a list a HUD-approved agencies can be found at www.hud.gov or you can find a list of DCA-certified housing counseling agencies at www.GADream.com 

Required counseling:

• Borrowers must attend and complete a homebuyer education workshop or,

• Attend and complete an individual housing counseling sessions or,

• Attend and complete an online homebuyer education course through E-home America

 (Borrowers must contribute a minimum of $1000 to the purchase.)

Maximum Household Income Required (Subject to change)

I personally cater to the Metro Atlanta area, so here are the requirements for Atlanta-Sandy Springs-Roswell, GA areas 

• County: (including Barrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Newton, Paulding, Pickens, Pike, Rockdale, Spaulding or Walton County.

• Purchase price not to exceed: $350,000

• Household income not to exceed: 

-  1-2 persons: $86,500

-  3+ persons: $99,500

You can find the list of maximum household income and home sales price at www.GA Dream Brochure 

There’s nothing like buying a brand new home with minimum cash down and a great mortgage. Buying a home can be extremely expensive and stressful if you don’t hire the right agent with the right resources for the job. Connect with me to get started in your journey to homeownership today! Start by clicking the link below! 

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