Georgia Dream First Mortgage Loan Financing
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30 Year Fixed Rate Mortgage
- Conventional, FHA, USDA-RD, or VA programs available
- Up to 100% financing (Additional household income restrictions apply)
The GA Dream program is for credit eligible first time home buyers or buyers who have not owned a home in the past 3 years or for buyers purchasing in a targeted county.
To qualify, buyers in the Atlanta MSA* must have a total annual household income less than:
- 1 to 2 persons - $71,000
- 3 or more persons - $82,000
And purchase a home with a sales price of no more than $250,000
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Buyers in the remainder of Georgia must have a total household income less than:
- 1 to 2 persons - $61,000
- 3 or more persons - $70,000
And purchase a home with a sales price of no more than $200,000
*Counties included in the Atlanta MSA are 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.
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Georgia Dream Second Mortgage Loan Financing
Down payment funds are provided as a Second Mortgage Loan for the purpose of principal reduction and the payment of pre-paid items and closing costs and is made in conjunction with a Georgia Dream First Mortgage Loan.
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No Monthly Payments
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No Interest
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Loan must be repaid when home is sold or refinanced or no longer used as the borrowers personal residence as this loan is never forgiven.
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Minimum of $500 borrower contribution to the purchase transaction
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Borrower must complete a Home Buyer Education course provided by a DCA or by a HUD approved education counselor. Call (404) 591-2453 for a list of providers.
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The income restrictions for the Second Mortgage program do vary from that of the First Mortgage program, so call (404) 591-2453 for more program details.
Georgia Dream Second Mortgage Loan Amounts vary from $5,000 to $20,000 for various categories:
- Standard- All eligible home buyers - $5,000
- PEN- Eligible home buyers who are employed by entities that provide public protection (including the military), healthcare or education - $7,500
- Choice- Eligible home buyers whose household includes an individual living with a disability - $7,500 to $20,000
- Honors- Eligible home buyers who are the surviving spouse of military serviceman or servicewoman or of a public protector - $10,000
- Welcome Home - Eligible members of Georgia's Army and Air National Guard who purchase a home in the State of Georgia - $10,000
- Signature Community - Eligible employees of local governments designated as Signature Communities - $7,500
- EV - Energy efficient and/or visitable homes that are certified to meet the Energy Star, EasyLiving Home or EarthCraft House program requirements - $7,500
For more information on this program, please call (404) 591-2453.
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