First Time Home Buyer Information - Georgia Dream Homeownership Program Changes
This post is part of a series of posts about the changes in the Georgia Dream Homeownership Program.
Another change in the program relates to a concept known as 'layering'. Prior to the March 1, 2011, changes, buyers were allowed to use the Georgia Dream Homeownership Program in conjunction with other Georgia Down Payment Assistance (DPA) Programs. For example, a buyer could use Georgia Dream funds receiving $5000 and Dekalb County funds receiving an additional $5000 for a total of $10,000. Buyers were able to layer multiple programs in the state of Georgia as long as the buyers met the guidelines for each program. There are transactions where buyers received almost $50,000 in funds from the various programs.
NOTE: Georgia Dream Homeownership Program can be used with HUD's $100 Down Program provided the lender approves.
The Department of Community Affairs made the change for the following reasons:
- Home prices are low and borrowers are no longer priced out of the market
- The mood of the nation is less government assistance and more 'skin in the game' for borrowers
- Layering slows the underwriting process because of required approval by multiple agencies
For more information about the Department of Community Affairs and Georgia Dream, go www.dcaloans.com.
If you are not working with a real estate agent and would like more information about Down Payment Assistance Programs in Georgia, please give our office a call at 404 923 4210 or 404 246 3210 or contact us here.
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