The Georgia Dream Homeownership Program helps buyers by providing funds to assist with the purchase of a single family home. Funds can be used for Down Payment, Pre Paids, Closing Costs, and Principal Reduction.
Georgia Dream are three loan options. The Standard Option is a $5000 loan. Maximum income for a family of three or more in the Atlanta MSA is $82,000 and $70,000 for the state of Georgia. The PEN Option is a $7500 loan. PEN receipients are Protectors (Police, Firemen, etc.), Educators (Teachers, School Administers), and Nurses (Healthcare workers). The income limits are the same. The CHOICE Option is also $7500, and is to assist households with individuals who are living with a disability achieve the dream of homeownership.
There are income limits, credit score requirements, required homebuyer education, and other guidelines asociated with the George Dream Homeownership Program that buyers need to be aware of. Please call our office at 404 923 4210 for more information.
The funds provided are actually a loan to the borrower which differs from the grant programs associated with many of the county and city of Atlanta homeownership programs. The grant programs typically are forgiven over a period of years whereas the Georgia Dream funds are always a part of the loan.
The Georgia Dream Homeownership Program is administered by the Department of Community Affairs. Funds are sourced through the Georgia Housing and Finance Authority using bonds. More information can be found here.
If you have more questions or want to know if you qualify for the Georgia Dream Homeownership Program, please give our office a call at 404 923 4210 or contact us at www.jordonwheeler.com. Thank you!
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