How GADream works : No Money Down : GA Dream Program : Georgia Dream

Real Estate Agent with Maximum One Realty

Even that no down payment programs were removed from most if not all bank institutions there is still a way to do it here in Georgia. Its a government down payment assistance program that is available from your county officials. Unfortunately not all lenders are able/certified to offer it. Here is a quick look at what you need to be able to qualify:

Georgia Dream ProgramRight-click here to download pictures. To help protect your privacy, Outlook prevented automatic download of this picture from the Internet. ga dream
         Must be a first time buyer or have not owned a home in the past 3 years
         30 year fixed low interest rate mortgage     
         Purchase prices up to $250,000
         Total household income can not exceed $68,000
         Low closing costs
         $5,000 provided by the state to be used toward downpayment and/or closing costs
        580 minimum credit score
         Buyer must contribute $500 of their funds
         Buyer must complete Home Buyer Education


 For more details or to file an application call our office at 404-579-5889 or email us at



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I have completed the home buyers education class for this program, however upon the pre-approval my score was 563 which is just 17 points shy of the minimum score of 580 to qualify. I am trying to get some of the inquiries that have been on my report removed and some other items are set to be removed this month. Is there anyway that I could possibly still be able to get qualified for a home.

Sep 08, 2009 06:11 AM #1

If getting FHA or conventional loan you can work with your loan officer the get those items removed and still proceed with your closing. Your credit score has to reflect their minimum requirements by the time the loan application goes to the underwriters. With GA dream you in fact in a way be applying for two loans there for the requirementsmust be met with your application. If you need more assistance please feel free to contact me @

Sep 10, 2009 04:12 PM #2
D Jones

Those requirements listed below are not true. I am currently getting a down payment loan with Georgia Dream. Here is what they are really asking for :

Credit score = 630(minimum)

Closing costs = HIGHER then the average. Our loan was over $5k to close. Average is $3800.

Your debt to income ratio can not be  over 35 %. This means they compare your salary and your monthly debts(car payments, credit cards etc..) If it does go over 35% , then you will need a higher credit score.

You do have to take an 8 hour class but you have to pay for it. It used to be $15 and now its $25.

The buyer has to put $1000 earnest money toward the home purchase, not $500.

You have to pay for an appraisal. This costs $500 out of your pocket.

You have to have inspection done. That can cost $250+.

Any deposit made in your bank account over $10 has to have a paper trail. If you can't show where the money came from, there is a problem. If a family member sends you cash and you deposit the money, your family member has to fill out a "GIFT LETTER".

Your loan has to go through 2 underwriters. The bank and Georgia Dream underwriter. Georgia Dream underwriter takes 1 + weeks to approve.

If you get a Georgia Dream loan be prepared to close in 60 days instead of the 30 days with other loans.

I wanted to let people know the REAL requirements because it is A LOT more than a credit score.

May 24, 2011 11:52 AM #3
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