Understanding the Georgia Dream Homeownership Program
The Georgia Dream Homeownership Program provides an affordable way for low-to-moderate income Georgia individuals and families to purchase a home.
The program provides a 30-year fixed, low-interest rate mortgage loan.
Also available with the Georgia Dream Homeownership Program are down payment and closing cost assistance to eligible buyers.
For residents of Georgia, owning their own home is often a dream that seems unachievable. However, a statewide program known as the Georgia Dream Homeownership Program is designed at making that dream a reality. This program offers affordable mortgages for eligible home buyers.
Who is Eligible for The Georgia Dream Homeownership Program?
Not every homebuyer will be eligible for this program. There are a few specific criteria so potential homebuyers must meet one or more of the following characteristics:
- Must be a first-time home buyer with a household income less than the maximum- $64K or $76K depending on the area for 1-2 person households.
- Home buyers who have not owned a home in the past three years and have liquid assets of more than $20K or 20% of the sales price of the purchased home.
- Purchase a house in a certain area and meet mortgage loan credit requirements.
Georgia Dream Down Payment Assistance
One of the biggest obstacles to owning a home is being able to afford a downpayment. This program also offers assistance to homebuyers who qualify. Keep in mind that a borrower must be able to contribute at least $1,000 to the downpayment in order to qualify.
There are three basic down payment loan options available.
- All standard home buyers may qualify for up to $5,000 in assistance.
- Home buyers who are employed as public protectors, educators, health care providers, or active military may qualify for up to $7,500 in down payment assistance through the PEN program.
- Finally, for households with a disabled member living there, they may also qualify for up to $7,500 in down payment assistance through the CHOICE program.
Getting Approved for GDHP
In order to get pre-qualified for the GDHP and begin the home searching and buying process, potential home buyers will need to contact the Georgia Dream Homeownership Program through their website, phone number, or visit a participating lender.
In addition to meeting the qualifications mentioned above, the program is also designed to provide education assistance when it comes to purchasing a house. Any borrower who wants to receive a Georgia Dream loan will have to attend and complete either an education workshop or an individual counseling session or the online education course offered through E-Home America. These programs are available throughout the year and can be taken at a home buyer’s convenience and tailored to meet their schedule. Finding these programs is easy though the Georgia Dream Program website.
Another important piece of information for potential program participants to know is that the program is available to all eligible first-time home buyers in Georgia regardless of where they purchase a property. However, for home buyers who purchase a home in a targeted county, home buyers who are not first-time can also qualify. These counties can change periodically. Make sure to check with the Dream program or a participating lender for an updated list of any targeted areas.
Making the Right Choice
When it comes to deciding on a home loan, many homeowners look into local programs which offer this or similar assistance. This program is a great one designed to lower the bar for home ownership. Keep in mind that it is only available to Georgia residents so anyone who wants to apply must legally reside in the state.
The benefit of this program is that it is available to low and middle-income buyers who need assistance with their home purchase. It also provides home buying education to help buyers make informed choices and limit their risk of purchasing a home that’s not within their budget.
In addition to providing this basic information, the course also teaches individuals how they can raise their credit score which will benefit them in the future. The final benefit of this program is that it rewards individuals who may have taken lower paying jobs but serve the community such as police and military members. These progressions may limit a person’s home buying ability.
The downsides to this program is that it does require moderately good credit in order to qualify. Individuals who have less than a 640 credit score will likely not qualify for the program.
The strict eligibility requirements may also make qualifying for this program challenging. For example, liquid assets lower than 20% of the home’s price may make it more difficult for some households to qualify for a loan or challenging to understand what type of home they can purchase.
Is The Georgia Dream Program Right For Me?
The good news about this program is that it can be combined with downpayment assistance programs so it’s not an exclusive program. That does not mean that it will be a great choice for ever home buyer though. Anyone who has a higher income than the one listed here or has significant assets will likely not meet the qualifications, although there may be other home buying programs to offer some aid.
This program is designed for individuals and families who are ready to purchase a home and can move forward with the process. The overall process is fairly fast when started and can be done in a matter of weeks if meeting the requirements. this means that for anyone who is not yet ready to purchase a home, consider looking through the requirements but don’t actually go through all the required steps as they may need to be repeated if not purchasing in the next year.
It is also a great asset for people who have been responsible with their finances but simply don’t have the savings in order to put down the required down payment. A contribution of at least $1,000 is required so don’t apply unless this requirement can be met.
Finally, one of the best ways to determine if this program is right for you is to meet with a lender who offers the programs and discuss finances. A lender who has gone through this process before can provide more guided and individual information in this area.
Overall, the Georgia Dream Homeownership Program offers the opportunity to purchase a home to many buyers today. Consider this program if getting ready to purchase in Georgia.
For more details about this program and others available to qualified buyers, contact me at your earliest convenience so we can get you into the right program for your needs. ~ Anita ~