Georgia Dream Homeownership Program:
The Georgia Dream Homeownership Program is available to qualified borrowers statewide
who meet certain income guidelines and who are purchasing homes within certain purchase
price limits. In addition, borrowers must have modest assets and meet the flexible credit
underwriting criteria for the loan program they have selected.
•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.
•The down payment loan may only be used in conjunction with a Georgia Dream First Mortgage Loan.
•Georgia Dream sets the interest and closing fees for the first mortgage
•No monthly payments for the down payment assistance
•Loan must be repaid when home is sold or refinanced or no longer used as the borrowers personal residence
Georgia Dream Loan Options:
1. STANDARD- gives eligible buyers $5000 in down payment assistance
2. PEN- gives eligible home buyers who are employed by entities that provide public protection (including the military), health care, or
education $7,500 in down payment assistance
3. CHOICE- gives eligible home buyers whose household includes an individual living with a disability $7,500 in down payment assistance
•You must be a first time home buyer or not have owned a home in the past three years, or purchase a home in a targeted area.
•If you purchase a home 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 listed 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
•At closing, your liquid assets must be no more than the greater of $20,000 or 20% of the sales price.
Georgia Dream has two interest rates. These rates are based on whether you use the down payment assistance or not. If you use Georgia Dream for just a mortgage than your interest rate will be .25% lower.
•Georgia Dream First Mortgage Only
•Georgia Dream First Mortgage - Combined with any Georgia Dream Down Payment Loan
•You will have to put at least $1000 into your home purchase. This can be earnest money or the cost of your appraisal.
•You will need to complete a Homebuyer Education course. You can take it online at MGIChome.com
There are a number of home buying programs available through the federal government, state, county, city and nonprofit organizations. All programs have different criteria and requirements. We can help our clients find the right program.
Below is a list of just a few programs available.
FHA Loan Program
3.5% Down Payment
620 minimum credit score
Less than perfect credit okay
30 year fixed loan
FHA $100 Down Program
Down Payment is $100
Must be HUD Owned Home or FHA Foreclosure
640 minimum credit score
Single family, 1-4 unit properties, HUD approved condominiums, and PUDS eligible
No appraisal may be required
30 year fixed rate loan
FHA Rate Buydown Program
3.50% Down Payment
640 minimum credit score
30 year fixed loan with temporary 1% decrease in rate in first year-Current rate is 2.25%/APR 3.58%
PMI Buster Program
NO PMI or private mortgage insurance
720 minimum credit score
Streamline 203k Renovation Loan
Repairs which range from $5,000-$30,000+ may be included in loan amount. Great program to fix up foreclosures.
Visit 203K Loan for more details on Streamline 203k program
Dream Makers Program
Grant program which matches your contribution three-to-one up to maximum up $5,000
Military personnel (Active Duty, Reserve, National Guard, Veteran) are eligible for this program
FHA, VA, USDA programs available
There are maximum income limitations
Good Neighbor Next Door
Get home at 50% discount from HUD-Check out homes now!
Law enforcement, police officers, teachers, firefighters, and emergency technicians are eligible for this program
Conventional, FHA, VA programs available
(ADA) Atlanta Development Authority Programs
The Atlanta Development Authority has several down payment assistance programs for qualified borrowers who want to live in the city of Atlanta. There is no first time home buyer requirement for borrowers moving into the Targeted Area (80% of the City), but current residence must be sold prior to closing on the new property. Some programs may be combined to maximize down-payment assistance.
Home Atlanta 4.0
Neighborhood Lift (NL)
Atlanta Affordable Homeownership Program (AAHOP)
Vine City Trust Fund Homeownership Assistance Program (HOAP)
Fulton County Homeownership Program (HOP)
This is a deferred Payment second Program that requires no payment for up to 6 years as long as the borrower lives in the house as the
primary resident. Borrower may be eligible for up to $10,000 towards closing cost on a home with a max sales price up to $225,625. Eligible for Fulton County Homes (outside Atlanta, Sandy Springs and Johns Creek city limits)
(CDPA) Clayton County Down Payment Assistance Program
Clayton County, administers the CDPA through funding from the US Department of HUD, with those funds the county offers $5,000 towards down payment and/or closing costs to income eligible and credit qualified families who purchase a short sale or foreclosed single family home within the county, excluding the city of Morrow, GA.
Gwinnett County Home-Stretch
Qualifying individuals and families purchasing homes in Gwinnett County may be eligible for the Gwinnett County Homestretch Down Payment Assistance Program. This program is funded by the HUD HOME Investment Partnership Program, administered for Gwinnett County by the Gwinnett County Community Development Program.
Dekalb County First Time Homebuyer Program
•Eligible applicants with credit scores of 620 or above can receive $8,000 toward their down payment and closing cost.
•Eligible applicants with credit scores of less than 620 can receive $5,000 to assist with down payment and closing cost.
•Applicants who improve their FICO credit scores to 620 or higher within a 12 month period, can receive an additional $3,000 toward down
payment and closing cost. The total amount cannot exceed $8,000.
As mentioned above these are not all of the programs available to homebuyers. When you hire us as your buyer's agent, we will assist you with finding the right programs. To hire us, click here.