Georgia Dream First Mortgage Loan Financing

  • 30 Year Fixed Rate Mortgage
  • Conventional, FHA, USDA-RD, or VA programs available
  • Up to 100% financing (Additional household income restrictions apply)

The GA Dream program is for credit eligible first time home buyers or buyers who have not owned a home in the past 3 years or for buyers purchasing in a targeted county.

To qualify, buyers in the Atlanta MSA* must have a total annual household income less than:  

  • 1 to 2 persons - $71,000
  • 3 or more persons - $82,000

And purchase a home with a sales price of no more than $250,000

************************

Buyers in the remainder of Georgia must have a total household income less than:

  • 1 to 2 persons - $61,000
  • 3 or more persons - $70,000

And purchase a home with a sales price of no more than $200,000

*Counties included in the Atlanta MSA are Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton Counties.

*******************************************************************************************************

Georgia Dream Second Mortgage Loan Financing

Down payment funds are provided as a Second Mortgage Loan for the purpose of principal reduction and the payment of pre-paid items and closing costs and is made in conjunction with a Georgia Dream First Mortgage Loan.

  • No Monthly Payments
  • No Interest
  • Loan must be repaid when home is sold or refinanced or no longer used as the borrowers personal residence as this loan is never forgiven.
  • Minimum of $500 borrower contribution to the purchase transaction
  • Borrower must complete a Home Buyer Education course provided by a DCA or by a HUD approved education counselor. Call (404) 591-2453 for a list of providers.
  • The income restrictions for the Second Mortgage program do vary from that of the First Mortgage program, so call (404) 591-2453 for more program details.

Georgia Dream Second Mortgage Loan Amounts vary from $5,000 to $20,000 for various categories:

  • Standard- All eligible home buyers - $5,000
  • PEN- Eligible home buyers who are employed by entities that provide public protection (including the military), healthcare or education - $7,500
  • Choice- Eligible home buyers whose household includes an individual living with a disability - $7,500 to $20,000
  • Honors- Eligible home buyers who are the surviving spouse of military serviceman or servicewoman or of a public protector - $10,000
  • Welcome Home - Eligible members of Georgia's Army and Air National Guard who purchase a home in the State of Georgia - $10,000
  • Signature Community - Eligible employees of local governments designated as Signature Communities - $7,500
  • EV - Energy efficient and/or visitable homes that are certified to meet the Energy Star, EasyLiving Home or EarthCraft House program requirements - $7,500

For more information on this program, please call (404) 591-2453.

 

 

It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

Georgia Dream Down Payment Assistance Program Overview/Updates

HomePath Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

Programs Include:

  • Conventional (Fannie Mae & Freddie Mac)
  • HomePath - #1 Volume Retail Lender
  • HomePath Renovation
  • FHA
  • FHA 203K Renovation Loans (Streamline or Consultant)
  • Georgia Dream Down Payment Assistance
  • Jumbo
  • USDA
  • VA
  • Conventional Condo Project Approvals
  • FHA DELRAP / HRAP Condo Project Approvals

*************************************************************************************

Rodney Mason is a Sr Loan Officer located in Atlanta, GA.  He is also 203K Renovation Loan and HomePath REO Property Specialist.  He can be reached at (404) 591-2453.

Providing financing for cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.


Providing financing for cities across Alabama including: Alabama Port, Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

 

               

NMLS #151088 - Licensed in AL & GA.  HomePath® is a registered trademark of Fannie Mae.

 
This post has been included in Georgia Real Estate News
Post is included in group: Atlanta Real Estate Q&A
Post is included in group: Coastal Georgia Real Estate, Events and Living
Post is included in group: Georgia Association of REALTORS®
Post is included in group: MetroAtlantaRealEstateProfessionals
Post is included in group: North Georgia Real Estate

1 Comments on Georgia Dream Homeownership Program

DEC
07
2008
328,616 Points 5 Featured Posts Outside Blog

Rodney:  I've bookmarked this one.  Since we talked about it in closing on Friday, I am very interested in keeping up with this option.
7:44am • #1

Login or register to leave a comment
 

Find GA real estate agents and Atlanta real estate on ActiveRain.