The GA Department of Community Affairs has announced some changes to its Georgia Dream down payment assistance program guidelines. The changes are effective on March 1, 2011. Some of the highlights are listed below.
Household Income Limitations
For homes purchased in the Atlanta MSA:
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
Your total household income based on the number of people living in the home can be no more than:
One to Two persons $71,000
Three or more persons $82,000
You may qualify to purchase a home with a sales price of up to $250,000.
If you purchase a home in any county in Georgia not listed in the Atlanta MSA above:
Your total household income based on the number of persons living in the home can be no more than:
One to Two persons $61,000
Three or more persons $70,000
You may qualify to purchase a home with a sales price of up to $200,000.
Credit Score / Debt to Income Ratio Limitations
Middle Credit Score 640+ - Maximum 40.00%/45.00% DTI
Middle Credit Scores 620-639 - Maximum 35.00%/35.00% DTI
Minimum Borrower Contribution
The minimum buyer contribution is now $1,000 for all of its down payment assistance programs.
For more information of the Georgia Dream Down Payment Assistance Program, please call (404) 591-2453.