Georgia Dream Home Buyer Program
The Georgia Dream program was created to make homeownership possible for eligible low and moderate income Georgians by providing affordable financing options, down payment assistance, and homebuyer education.
georgia dream home buyer program
The Georgia Department of Community Affairs (DCA) acts as the secondary market for lenders who want to provide an affordable mortgage product to low and moderate income Georgians. Potential home buyers apply with participating lenders for Georgia Dream loans. The loans are secured or guaranteed by FHA, VA, USDA-RD or conventional uninsured loans. Once the lender has completed the process and gives credit approval, the information is forwarded to DCA for compliance review and funding approval. Georgia Dream rates are available from your participating lender.
An eligible applicant is a first time home buyer, or a home buyer who has not owned a home in the past 3 years, or a home buyer who purchases a home in a targeted area (See What is a targeted area?). Applicant must have a minimum middle credit score of 640, must meet income and purchase price limits and must have limited liquid assets. Refer to the brochure or contact a participating lender at for current program guidelines.
An eligible applicant does not have to be a first time home buyer if they purchase in a targeted area. To check if you are in a targeted area, see page 5 of the Georgia Dream brochure for a map of Targeted Counties. Check with a participating lender for a list of targeted census tracts. An eligible applicant purchasing in a targeted area may not own any other real estate, and may not be on title of any other real estate at the time of closing on the Georgia Dream loan.
If you can demonstrate that the home was rented or used by someone else, and that you lived in another residence, then you may qualify for the Georgia Dream program. However, you cannot own other real estate when you close your Georgia Dream loan. The previous home would have to be sold, or your name would have to be removed from the title.
b. Take a home buyer education class. Georgia Dream requries all applicants to attend Housing Counseling classes, workshops, or one-on-one counseling that is provided by HUD-approved Housing Counseling Agencies. Applicants must contact and attend a class with one of the Housing Counseling agencies on DCA's website or HUD's website or applicants may complete the online class at The charge for these classes can range from $50 to $100.
Online and individual pre-purchase housing counseling assistance is available through the "Ready, Set, Go" program to assist home buyers who are not eligible for Georgia Dream (if the middle credit score is below 640). After an interactive online course a home buyer will receive personalized housing counseling from a participating "Ready, Set, Go" Housing Counseling Agency at The cost for "Ready, Set, Go" is $50.
Two ratios are used to qualify applicants for a mortgage loan. The housing ratio is the percentage of your potential new monthly mortgage payment, including monthly cost estimates for property tax and homeowners insurance as compared to your gross monthly income. The total debt ratio includes your prospective new monthly mortgage payment plus your existing debt payments compared to your gross monthly income. Your lender can calculate these for you and discuss if your ratios meet the Georgia Dream program ratio requirements.
Yes. 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. When funds are paid back we use the money to help the next generation of applicants start the process. The Georgia Department of Community Affairs may offer other down payment assistance programs that could have different requirements regarding repayment of the down payment assistance. Information regarding other programs will be on the Georgia Dream website.
The Georgia Dream Homeownership Program makes purchasing a home possible for eligible residents. Georgia Dream provides affordable financing options, down payment and closing cost assistance, and homebuyer education. Active military members, public protectors, educators, healthcare providers, and residents with family members living with a disability qualify for special down payment loan options.
FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!
Purchase or refinance your home with an FHA loan. You can get one with a down payment as low as 3.5%. Browse through our frequent homebuyer questions to learn the ins and outs of this government backed loan program.
As a Georgia first-time home buyer, you have lots of great resources available to you. The Peach State offers some assistance in the form of home buyer education courses and counseling. And, better yet, you could be in line for cash assistance to help cover your down payment and closing cost needs.
Via the Georgia Dream program, eligible home buyers may be in line for an affordable mortgage as well as down payment and closing cost assistance. Expanded assistance packages are available for first responders, educators, nurses, and home buyers living with a family member with a disability.
If you use the Georgia Dream home loan program, you might be eligible for down payment assistance toward your closing costs and/or prepaid items (property taxes and homeowners insurance due at closing).
Atlanta first-time home buyers have a lot to like about this DPA grant. HOME Atlanta 4.0 offers eligible borrowers a whopping 3.5% grant (never needs repaying) toward your down payment and closing costs on an FHA or VA mortgage.
Eligible homebuyers can receive $10,000 toward the down payment and/or closing costs. The amount is fully forgiven after living in the home for 5 years. This incentive can also be used with a home renovation mortgage loan.
Homebuyers can receive a 30-year fixed rate FHA, VA, or conventional mortgage, as well as assistance for down payment and/or closing costs. The loan is fully forgiven after living in the home for 5 years.
The Georgia Dream program was established by the Georgia Department of Community Affairs (DCA). Through the help of nominal financing options, homebuyer education, and down payment assistance, this program aims to help those with low-to-moderate income become homeowners. The DCA enables lenders to provide affordable mortgages to eligible borrowers.
To qualify for Georgia Dream, you must take a homebuyer education course. You have the option of going to a homebuyer education workshop, participate in individual counseling or go through an online course. You can find a list of approved homebuyer education options on the Georgia Dream website.
To qualify for down payment assistance in Georgia, you must either be a first-time homebuyer or buy a home in a targeted area, as defined by Georgia Dream. You must also fall below income limits set by the program, have liquid assets of no more than $20,000 and be able to qualify for a mortgage.
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.
Because down payments are often one of the hardest barriers to homeownership to overcome, Georgia offers a number of options for down payment assistance to first-time home buyers. Many of these can be combined with FHA or VA loans.
Georgia PEN offers $10,000 toward down payment assistance for home buyers who work as public protectors, educators, and health care providers, aswell as active military service members and the National Guard.
Atlanta Affordable Homeownership Program offers a forgivable grant, up to $14,000 for a down payment and closing costs, tobuyers who stay in their DeKalb or Fulton County homes for at least five years. Buyers can pair this grant with a conventional, FHA, or VA loan.
Georgia Dream Homeownership Program connects first-time home buyers with approved conventional, FHA, VA, or USDA lenders to provide 30-year, fixed-rate loans and is intended to help buyers with lower incomes or liquid assets.
Good Neighbor Next Door exclusively lists homes in revitalization areas. However, you only have seven days to view and submit an offer on an eligible single-family home. If there are multiple offers, the buyer is selected by lottery.
Georgia Choice, a subprogram of Georgia Dream, offers $10,000 in down payment assistance for persons with a disability or who live with a family member who is disabled. This loan is due when you sell your home or refinance your first mortgage.
Applying for a Georgia Dream Loan and completing the required home-buyer education is a good way to determine which option is best for you, but it largely depends on how much money you make, how much you want to spend, and what your qualifications are.
First-time buyer programs can make it easier for someone to buy a house. This usually involves down payment assistance, closing cost assistance, softer qualification requirements, and freehome-buyer education.
In Georgia, the process of purchasing a home is not so different from most other states, save for a few legal provisions. For example, the Peach State is one of those that require a closing attorney to facilitate the transaction. There are programs available that allow first time home buyers in Georgia to put down less than the 20% conventional down payment. Buying your first home is an exciting and fulfilling experience, especially if everything goes according to plan. One way of ensuring that everything goes according to plan, is by knowing what to expect as a first time home buyer. 041b061a72