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The Georgia Dream

May 26, 2023 (0) comment

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Georgia is where many are flocking to. The big cities in other states are overrated and overpriced! The reasons many are moving to Georgia is because of affordability, political variability, great vibes, wonderful schools, the great outdoors, job opportunities, sports and easy access to the whole world. The median home price in Georgia is $148,100 which is more than $110,000 cheaper than the national medium home price. Georgia is one of the best places to live, with 100,000 new residents moving there every year. People love the laid-back culture, good food and clean air. Georgia has an abundance of safe cities to live in. If you want to raise a family in a safe suburb, then living in Georgia may be a great option for you.

The home prices are very affordable, there is plenty of land and great opportunity for vacation homes or investment properties such as Airbnb. But, have you heard about the Georgia Dream?

Georgia Dream is a down payment assistance program for homebuyers looking to purchase their primary home in the state of Georgia. This program was created to make homeownership possible for eligible low and moderate-income Georgians by providing affordable financing options, down payment assistance, closing cost assistance and homebuyer education. The down payment assistance is a 0% interest loan with no monthly payment.  A second mortgage lien is placed on your property.  It is due when you sell, refinance or no longer occupy the home as your primary residence. 

Down Payment Loan Options:

$10,000: STANDARD — All eligible homebuyers may qualify!

$12,500: Protectors, Educators, Nurses & Active Military

$12,500: CHOICE — Is a member of your family living with a disability?

You might be asking, “How do I know if I would qualify?”. To qualify for the Georgia Dream Homeownership Program, you must:

  • Be a first-time homebuyer, have not owned a home in the past three years, or be purchasing a home in certain areas of Georgia.
  • Not have a household income that exceeds the maximum household income (visit the Georgia Department of Community Affairs website for income limits).
  • Have liquid assets of no more than $20,000 or 20% of the sales price (whichever is greater).
  • Meet mortgage loan credit requirements.
  • Credit score minimum 640
  • Homebuyer Education course must be completed
  • Be purchasing a home with a sales price that does not exceed the limit (varies by county).

If you find that you meet these qualifications above, you’ll then go to the next step and begin gathering your documentation to get pre-approved (with me I hope). Below is a list of what documents are needed to begin the pre-approval process:

  • Complete loan application here:
  • Most recent 30 days Paystubs
  • Most Recent 3 Years W2’s/1099’s
  • Most recent 3 consecutive years IRS transcripts. You can locate these on IRS.Gov website.
  • Most recent signed complete personal tax returns
  • A minimum of $1,000 to put toward your home purchase.

Loans are 30-year fixed interest rate mortgages. Participating lenders give credit approval for FHA, USDA-RD, VA or conventional eligible mortgage loans.

If you have considered purchasing a home in Georgia, I can assist you with the home financing to fund that purchase for your family. Schedule a free consultation today here:

Presenting Customized Mortgage Solutions with Competitive Rates. I have been in the mortgage industry for over 17 years. Through my career I have perfected all aspects of the process including but not limited to processing, underwriting, and closing of residential loans. I am a performance-driven person. My team and I pride ourselves on transparency and communication throughout the process to all parties involved. We close on time and create raving fans one loan at a time through consistent A Class Customer Service and stress free experiences. Let me create a raving fan of you. Call me today and work with a true professional and my team of professionals dedicated on making the home buying experience an exciting and pleasurable one for everyone.

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