The Georgia Department of Community Affairs released the GA Dream Rewards (formerly "PLUS") down payment assistance program in mid-2009. The GA Dream Rewards (formerly "PLUS") Loan amount is $5,000 or $7,500, depending on the sales price, and it must be combined with a GA Dream Rewards First Mortgage.
Atlanta MSA
- 1 or 2 persons $71,000
- 3 or more persons $82,000
Purchase price up to $250,000
Statewide
- 1 or 2 persons $61,000
- 3 or more persons $70,000
Purchase price up to $200,000
Sales Price/Down Payment Assistance Amount
- $5,000 if sales price is $150,000 or less
- $7,500 if sales price is greater than $150,000
The borrower must contribute a minimum of $1,000 towards the purchase transaction. The $1,000 must be the borrower's own funds and cannot be a gift or grant. Cash paid to the applicant at closing must be no greater than the amount of borrower's funds used less the required $1000 contribution. Buyers may retain cash assets up to the greater of $20,000 or 20% of the purchase price.
There is a 660+ minimum credit score requirement for all borrowers. The borrower(s) cannot have owned a home in the last 36 months.
The GA Dream Rewards (formerly"PLUS") Loan offers down payment and closing cost assistance to borrowers whose incomes are greater than the maximum income allowed for existing federally funded programs, such as the current GA Dream 2nd mortgage program. This assistance comes in the form of a silent second mortgage loan, repaid when the home is sold, refinanced, or no longer used as the principal residence of the borrower.
Comments(4)