The Georgia Dream program is a down payment assistance program available for Georgia Residents. The most suitable candidates for this program are those with less than perfect credit and lower savings for the down payment. The funds can be used for either the down payment or closing costs.
Like so many other financing programs, there are some restrictions and minimum requirements:
- Minimum credit score of 640
- At least $1000 of own funds in the transaction
- Must be a First Time Home Buyer
- Must not exceed household income restriction (this is amount can vary by county)
- Must successfully complete a Home Buyer's Training Class.
- Meet all FHA guidelines
- Housing and debt to income ratio are strictly enforced
There are three programs:
- Standard $5000
- PEN (must work in Public Service, Education or Medical) $7500
- Choice (For households with individuals living with a disability) $7500
For more information go to www.dcaloans.com.
The most common question asked is when do I have to pay this back? This down payment is recorded as a silent second mortgage at 0% interest with no payment due. As long as you continue to live in the property, you will not be making a payment on this second mortgage. The mortgage must be repaid if the property is sold, or refinanced within the first seven years.
This program has made home ownership a reality for many Georgia families. Are you ready to be a home owner in Georgia? Let's talk about your options.
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