Buying a Home with Georgia Dream Mortgage in Warner Robins GA

Georgia Dream Homeownership Program 

Purpose: Help Georgians achieve the dream of homeownership by providing affordable first mortgage financing and down payment assistance.  

Are you having trouble coming up with the 3.5% down payment required by FHA? Then the Georgia Dream Homeownership Program may work for you.

Georgia Dream Second Mortgage loan can be used for down payment and closing costs associated with a purchase of a home for first time homebuyers with a total household income of one to two person - less than $58,000, and three or more persons - less than $67,000. First time homebuyer requirement waived for targeted areas. A first time homebuyer is someone who has not owned home in the last 3 years.  

• 1^st Mortgage - Must qualify based on credit score and debt to income for specific loan type, such as VA, FHA, Conventional, or USDA-RD
  • Maximum Purchase Price: $200,000
  • Interest Rate as of 28 Mar 2008 is 6.75%
  • Owner Occupant Only
  • Mobile Homes are not included
• 2^nd Mortgage - $5,000 to $10,000
  • Must qualify for and get 1^st Georgia Dream Mortgage
  • No Interest
  • No Monthly Payments
  • No payment due until home is sold, refinanced or no longer used as the borrower's principal residence.
  • Income limits are based on County
  • 2^nd Mortgage loan amounts vary between applicants
    • Standard: $5,000 - All eligible homebuyers
    • PEN: $7,500 - Military, Health Care, Education
    • CHOICE: $7,500 - Eligible homebuyers whose household includes an individual living with a disability.
      • If income is less than $29,999 then $10,000 instead of $7,500
    • HONORS: Surviving spouse of a military serviceman or servicewoman or of a public protector: $10,000
    • WECOME HOME: Members of Georgia Army and Air National Guard who purchase a home in the State of Georgia.
    • SIGNATURE COMMUNITY: Eligible employees of local governments designated as Signature Communities: $7,500
    • EV: Energy efficient and/or visitable homes that certified to meet the Energy Star, Easy Living Home or EarthCraft House program requirements: $7,500
    • SINGLE FAMILY DEVELOPMENT: Affordable homes constructed under this special development program: $7,500 - $20,000