Buyer FAQs: Am I Eligible For The Georgia Dream Homeownership Program?
One of the FAQs I frequently hear from potential first-time Houston County GA home buyers is, "Am I eligible for the Georgia Dream Homeownership Program?". The Georgia Dream Homeownership Program helps low-to-moderate income families and individuals purchase a house by providing mortgage financing and down payment assistance. All participants receive homebuyer counseling and a 30-year fixed rate, low-interest rate mortgage loan (Conventional, FHA, USDA-RD, or VA).
- First-time homebuyer OR not owning a home in the last 3 years
- Annual household income below $59,500 (1 to 2 persons in household) OR $68,500 (3+ people in household)
- Home sales price must be less than $200,000
- Liquid assets must be less than $20,000 OR 20% of the home sales price (greater of the 2)
- Meet mortgage loan credit requirements
Down Payment Assistance Guidelines (First Mortgage Loan)
- Use the loan in conjunction with their Georgia Dream First Mortgage Loan
- Contribute at least $1,000 to the home purchase
- Types of down payments available:
- Standard -$5,000 - For all eligible buyers
- Pen - $7,500 - Those employed in education, health care, military, or public protection
- Choice - $7,500 - Household with a disabled person
Like all government programs, funding can be fluid so those who believe they qualify should contact a lender as soon as possible to determine if The Georgia Dream Homeownership Program is right for and available to them.
Learning about available real estate programs is just one of the many reasons to employ the services of a well qualified Houston County Real Estate Professional!
As always, Houston County real estate information is brought to you as a courtesy by Anita Clark, your Houston County Real Estate Consultant. When you’re ready to buy in Warner Robins or Houston County GA, call me at (478) 960-8055.