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Down Payment Assistance for Georgia Home Buyers

By
Mortgage and Lending with Bay Equity, LLC 770-634-4021 NMLS #206275 GA 25689

 

GA Dream,down payment assistance,

The GA Dream Homeownership Program is a down payment assistance program sponsored by The Deparment of Community Affairs.  It offers either $5000 or $7500 depending on the buyer's qualifications in the form of a silent second mortgage for first-time homebuyers.  This means that there will be a second mortgage however, it is at 0% interest with no repayment until the home is either sold or refinanced.

The funds from the GA Dream program can be used for a buyer's down payment or closing costs. 

The buyer must qualify based on income restrictions and must have at least $1000 of their own funds in the transaction.  

I recommend buyers expect to wait 45 to 60 days for a closing on these transactions due to the extra process of this program.

 

 
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Kathy Sheehan Senior Loan Officer

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770.634.4021

F:

404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comments (17)

Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

Kathy, These programs really help that first time buyer get in their own home. Good job getting the word out.

Jul 21, 2013 12:47 PM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Thanks Debbie!  It is a great program for those that qualify.

Jul 21, 2013 12:53 PM
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

This is good information for home buyers in your area. They should call you for help in getting a mortgage. You are the expert.

Jul 21, 2013 09:17 PM
Tracy Oliva
West USA Realty - Arizona - Fountain Hills, AZ
The Oliva Team Arizona Agents

Great Info for all in the market:  Keep up the good news and good luck with  your business,  E

Jul 21, 2013 09:56 PM
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

Kathy, a great program for buyers who meet the qualification criteria. Zero interest and not having to pay back the loan until the home is sold or refinanced is a good deal for the buyer.

Jul 21, 2013 10:06 PM
Harry F. D'Elia III
WEDO Real Estate and Beyond, LLC - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Buyers need to take advantage of every program they can to purchase a home.

Jul 22, 2013 12:11 AM
Team Honeycutt
Allen Tate - Concord, NC

The people who can take advantage of this program are so lucky.  This seems like a good program for those who qualify.

Betty

Jul 22, 2013 12:57 AM
Toni Weidman
Sailwinds Realty - Trinity, FL
20+ Years Selling Homes in New Port Richey, FL

That's a good deal, Kethy. Buyers should be checking with you to see if they qualify.

Jul 22, 2013 01:23 AM
Rebecca Howard
Coldwell Banker Residential Brokerage - Orland Park, IL
Recognized | Respected | Recommended

Good deal. Wonder if we have something like that in Illinois?

 

Jul 22, 2013 01:42 AM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

The program is definitely doing the right thing by the people! I like that! :)

Jul 22, 2013 04:20 AM
Chris Miller Nevada Land with Water Rights
Vegas Grand Realty and Property Management - Mesquite, NV
Land with Water Rights For Sale

Sounds like the leg up many young qualified families need to get started. Glad to hear Georgia has such a program. I hope it is not abused to get folks in over their heads.

Jul 22, 2013 07:03 AM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Gita, thank you.  That is a great compliment.

Ed and Tracey, your comment is appreciated.

Michael, it can be for those first time home buyers still struggling to get the down payment saved.

Harry, thanks!

Jul 22, 2013 10:47 AM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Betty, yes it is.

Toni, thank you.

Rebecca, I can check into that for you.

Laura, I like the program too.

Chris, the qualifying ratios are very conservative so that they don't get in too deep.

Jul 22, 2013 10:49 AM
Karen Johnson, Realtor, ABR
Addison Wolfe Real Estate - Doylestown, PA
"Bucks County PA Homes"

Hi Kathy, I agree with Debbie that you did a great job getting the word out and these programs help first-time buyers get their dream house.  Keep up the good work!

Jul 22, 2013 10:54 AM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Thank you so much for Karen.

Jul 22, 2013 10:58 AM
Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hi Kathy - excellent tips for first time Georgia home buyers.  You are proving to be the right source for Atlanta area homebuyers searching for the right mortgage or existing homeowners looking to refinance their current home loan.   

Jul 24, 2013 12:22 PM
Kathy Sheehan
Bay Equity, LLC 770-634-4021 - Atlanta, GA
Senior Loan Officer

Michael, thank you for that wonderful compliment, it is so very much appreciated.

Jul 24, 2013 12:29 PM