First Time Homebuyer Information About Georgia Dream Homeownership
Change in Income Limits
Previously there were multiple income limits for buyers seeking assistance from the Georgia Dream Homeownership Program for down payment and closing costs. The income limits were based on the number of people in the household and the amount of income earned in the household. There was an income limit for a one person household of $40,500, another for two people household, another for three people household and so forth.
With the changes in Georgia Dream Homeownership Program that took effect on March 1st, there are only two sets of income requirements. 1) For households of one to two persons, the income limit is now $71,000 and 2) for households of three or more persons, the income limit is $82,000. Wow! This new set of income limits is so much simpler to explain to buyers and to administer by the lenders.
Other important guidelines related to income limits are:
- Income is counted for anyone in the household 18 years of age or older earning income whether full time or part time
- The income of full time students 18 years of age or older is not counted
Another great benefit of the higher income limits is that Georgia Dream will capture more buyers with higher incomes. Many of these buyers were previously not eligibile to participate in the program because of the income limits.
For questions about Georgia Dream Homeownership Program or other down payment assistance programs, please call 404 923 4210 or 404 246 3210. Or you may contact us at email@example.com. Thank you!