The GA Dream Program is a government sponsored down payment assistance program for first time home buyers in the state of Georgia. A first time home buyer for this program is defined as a person that has not owned a home in the last 3 years and the purchase must be for their primary residence.
The GA Dream Program is used mostly used in conjunction with an FHA first mortgage and will provide either $5000 or $7500 (if the borrower is in the medical, education, or public services field) to be used toward the buyer's down payment and/or closing costs. There are some specific requirements in order to qualify, they are:
MUST be a first time home buyer
MUST meet the credit score requirement of at least a middle score of 620
MUST meet the income restrictions based on household size
MUST meet all the FHA underwriting requirements and home must meet HUD guidelines
These funds will be provided in the form of a silent second mortgage. This means that you will sign a note for the $5000 or $7500 at closing. This note is at 0% interest and no monthly repayment schedule. It will only be repaid if the borrower sells the property or refinances.
Don't let a down payment stand between you and your dream of owning your own home!
For more information on the GA Dream program, please visit the website www.dcaloans.com or give me a call.
For more information about FHA mortgages please visit the website www.hud.gov or give me a call.
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