ga dream: GA Dream Debt to Income Ratio Limitations
- 08/06/11 10:59 AM
For buyers using the GA Dream Down Payment Assistance program, there are a variety of underwriting guidelines that the borrower must meet. Two of those are credit score and debt to income ratio (DTI). Like every mortgage loan program, GA Dream has a minimum credit score for each borrower. They also have a maximum debt to income ratio based on the borrower's credit score. For all Georgia Dream Loans, the Borrower must meet the following requirements: Middle FICO Score of 640 or more has a maximum 40/45 DTI Middle FICO Score of 620-639 has a maximum 35/35 DTI
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ga dream: GA Dream Hazard Insurance for Coastal Areas of Georgia
- 08/06/11 10:33 AM
GA Dream Hazard Insurance for Coastal Areas of Georgia All Georgia Dream Loans must contain a home owner’s deductible clause less than or equal to $1,000. For properties located in coastal areas of Georgia, there is a new/additional Hazard Insurance guideline: Wind and Hail Coverage in Coastal Areas: All home owner’s insurance policies must afford protection against loss or damage from wind and hail as a result of tropical cyclones or named hurricanes. The maximum deductible for this coverage may be no greater than 5% of the total dwelling coverage.
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ga dream: Georgia Dream Down Payment Assistance Program Overview/Updates
- 09/27/10 01:03 PM
Georgia Dream First Mortgage Loan Financing 30 Year Fixed Rate Mortgage Conventional, FHA, USDA-RD, or VA programs available Up to 100% financing (Additional household income restrictions apply) Georgia Dream Second Mortgage Loan Financing Down payment funds are provided as a Second Mortgage Loan for the purpose of principal reduction and the payment of pre-paid items and closing costs and is made in conjunction with a Georgia Dream First Mortgage Loan. No Monthly Payments No Interest Loan must be repaid when home is sold or refinanced or no longer used as the borrowers personal residence as this loan is never forgiven. … (2 comments)
Georgia Dream First Mortgage Loan Financing 30 Year Fixed Rate Mortgage Conventional, FHA, USDA-RD, or VA programs available Up to 100% financing (Additional household income restrictions apply) The GA Dream program is for credit eligible first time home buyers or buyers who have not owned a home in the past 3 years or for buyers purchasing in a targeted county. To … (0 comments)
ga dream: Georgia Dream Changes
- 02/13/10 04:17 AM
On February 11, 2010, The Department of Community Affairs announced several changes to some Georgia Dream programs. Georgia Dream Rewards (Name changed from Georgia Dream Plus) Increased income limitations: Atlanta MSA1 or 2 persons $71,0003 or more persons $82,000 Purchase price up to $250,000 Statewide1 or 2 persons $61,0003 or more persons $70,000 Purchase price up to $200,000 Sales Price/Down Payment Assistance Amount Changes$5,000 if sales price is $150,000 or less$7,500 if sales price is greater than $150,000 Credit score requirement remains at 660+. Buyers may retain cash assets up to the greater of $20,000 or 20% of the purchase price. … (0 comments)
ga dream: Atlanta Home Buying Seminar
- 02/10/09 02:11 PM
Thinking about buying a home, but just not sure it's the right time? Come to our FREE Home Buying Seminar to find out more details on why now more than ever is a great time to purchase a home! First time home buyers face so many questions. Is now the right time to buy a home? How much home can I afford? How much home would I even qualify for in today's market? Exactly WHAT is involved in the home buying process? Learn about all of this and more. Join our Home Buyer's Seminar on the 1st and 3rd Thursday of … (3 comments)
For buyers using the GA Dream Down Payment Assistance program, there are a variety of underwriting guidelines that the borrower must meet. Two of those are credit score and debt to income ratio (DTI). Like every mortgage loan program, GA Dream has a minimum credit score for each borrower. They also have a maximum debt to income ratio based on the borrower's credit score.
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