Pro, Authentic & Hallucination-Free:
ProHomeBuzz.com
ALL Georgia Dream DPA Loan Programs
What Should YOU
Expect Here?
SUMMARY
Of This PAGE
ALL Georgia Dream DPA Loan Programs - Up to $12,500 Down Payment Assistance towards your home purchase:
Standard buyers may get 5% or $10K max.
6% or $12,500 max for Protectors, Educators & Nurses (PEN) and CHOICE – for families with a member living with disability.
Peach Select Veterans Assistance offers a 5% interest rate.
Peach Plus helps buyers of higher income and home price: 3.5% or $10K max
(All % here refer to purchase price)
NO lottery! All Programs are available in all 159 Georgia counties.
There are plenty of participating mortgage lenders willing and eager to make a loan to you!
Each of the programs have a few (easy to comply) requirements in order to qualify – please read more on this post
Let’s Find Out More About These Programs And How You Can Tap Each Of Them
Georgia Dream has created five broad-reaching programs to address a diverse homebuying public and needs – so, kindly read through the programs and see which would fit your situation better.
I) Georgia Dream STANDARD program: serves the general public of homebuyers. If you fulfill the requirements – you are in!
All Georgia residents may qualify for this program independently of the profession or line work the may do.
The Georgia Dream STANDARD Program is explained in rich details of what you might need to qualify below, in this post.
No lottery! Residents of ALL 159 GA counties may qualify for Georgia Dream STANDARD program.
II) Georgia Dream CHOICE Program – is designed to assist families with a member living with disability.
The Georgia Dream CHOICE Program is explained in rich details of what you might need to qualify below, in this post.
No lottery! Eligible Residents of ALL 159 GA counties may qualify for Georgia Dream CHOICE program.
III) Protectors, Educators and Nurses (PEN) – as the name indicates, serves those professionals under this large umbrella of professionals.
Please read below in this post, about the broad encompassing list of professions and occupations served under the PEN program.
NOTE: Previously, PEN Program used to include active servicemen and women of ALL branches of the US Armed Forces.
Now they are served under the Peach Select Veteran Assistance
One of the latest Georgia Dream Programs, PEACH SELECT VETERANS ASSISTANCE, does incorporate active servicemen there. Please see detailed article below.
It is my humble opinion that it is a great move, because of that program’s super wicked low rates will save you a ton of money! Please see more details below in this post.
The PEN program is explained in rich details of what you might need to qualify below, in this post.
No lottery! Residents of ALL 159 GA counties may qualify for Georgia Dream PEN program.
IV) Georgia Dream Peach Select Veterans Assistance: this is a recently minted stand-alone program to serve Georgia Veterans AND active servicemen AND servicewomen of ALL branches of the Armed Forces
It offers a 30-years fix mortgage now set at 5% - a deal unheard-of these days rates hovering at 7.22%! (As of April/2024)
Please NOTE: Peach Select Veterans Assistance is a ZERO down payment mortgage, accordingly, there is no DPA as such… consequently, there is no 2nd mortgage on the house either.
The Georgia Dream PEACH SELECT VETERANS ASSISTANCE program is explained in rich details of what you might need to qualify below, in this post.
No lottery! Eligible Residents of ALL 159 GA counties may qualify for Georgia Dream Peach Select Veterans Assistance program.
A Community Of Likeminded
Home Life Style Dreamers
-
We are growing this site by-the-day: Come visit as often as you can!
-
Meanwhile, feel free to send us a message, should you have a home buzz to share OR a "?" to ask! See you around!
Please take a minute to write us a review: short, sweet, and to the point.
YOUR Opinion Does Matter!
V) Georgia Dream Peach Plus Program recently created (as of April 15, 2024) – it addresses the previous gap which was created by home price increase to benefit a broader number of homebuyers that previously were cut off.
The PEACH PLUS program is explained in rich details of what you might need to qualify below, in this post.
No lottery! Eligible Residents of ALL 159 GA counties may qualify for Georgia Dream Peach Plus program.
How Do Georgia Dream Down Payment Assistance (DPA) Programs Work?
1) Silent 2nd Mortgage: There is NOT a payment of interest OR principal on the 2nd mortgage, as long as the homebuyer lives in the house as his/her primary residence
2) The homebuyer has to pay the DPA back when they refinance, sells the home or no longer occupies it as their primary residence
3) Meanwhile the homeowner does NOT pay interest OR any part of the principal even over 30 years after buying the home
NOTE: Georgia Dream Peach Select Veterans Assistance has no DPA attached to it. Therefore, there is no 2nd mortgage either. The assistance for Vets is a wicked low mortgage rate!
4) Market mortgage lenders will qualify the homebuyer and then GA Dream takes care of the funding from their funds AND acts as its servicing as well.
5) Which is to say, homebuyers will make payments directly to Georgia Dream mortgage service arm – called State Home Mortgage
6) Process should take an average 60 days to complete – from application to closing
It is a bit longer than other folks not using the program, but still a wicked fast time frame!
Eligibility And Requirements
Eligible Applicants: Let’s take look on who are the Eligible Applicants for Georgia Dream Loans Programs.
Georgia Dream loans* are available to:
1) First-Time Home Buyers, which to make it clear: ‘never had a home to their names.’
2.1) Homebuyers who have not owned a home** in the past three years,
2.2) Also, homebuyers who have not had interest or ownership in a primary residence in the last three years. NOT even as co-signer
OR
3) Those who intend to purchase a home in certain targeted areas – Receive an exemption of the 3 years requirement
Please see below a definition of a ‘targeted area’ as well as a map of all Georgia’s targeted areas
Homebuyers under Peach Plus as well as Peach Select Veterans Assistance have the ‘1st time buyer’ rule waived. It is okay for those applicants to have had a house to their name in less than 3 years.
Requirements
Applicants also have to meet the following requisites:
1) Have a household income up to the maximum allowed in each MSA (Metro Statistic Area) where you intend to buy a home.
The MSAs have recently been reduced to only three to cover the whole state. There is an ample explanation about MSAs below in this post as well as the Max House Purchase Price & Max Income per family to qualify to Georgia Dream.
2) Georgia Dream does require a mid FICO score of 640 to ALL of its programs – Including for Peach Select Veterans Assistance.
3) Your liquid assets should be max $20,000 or 20% of the sales price (whichever is greater).
Example: If you are going to buy a $250,000, then it is Ok to have assets up to $50,000
NOTE: Here’s a verbatim quote from Georgia Dream official website of what they consider ‘liquid asset’ and what is not:
“Gifts of substantial amounts are considered liquid assets. Stocks and other readily salable securities are considered liquid assets, unless they are restricted by IRA, 401(k) or other similar requirements. IRAs, 401(k) plans and other similarly qualified retirement accounts are NOT considered to be liquid assets.”
4) Applicants must take a Homebuyer Education Class. It is required to ALL applications – except for the newly created Peach Plus – those are waived
Expect to pay $50.00 to $100.00 for the class
5) You must meet other mortgage loan market credit requirements: Like DTI (Debt-to-Income Ratio), fix credit issues (if any) in your report; proof of income to make the mortgage payments; they might require to see fund reserve equivalent to 2- or 3-months house payments (Ask you’re your lender up front how much you will need)
6) Georgia Dream does require a mid FICO score of 640.
7) Homebuyer must contribute $1,000 of their own funds at closing
Documents You’ll Need
The process to qualify for a mortgage through the Georgia Dream program does require certain documentation.
Your preferred lender will collect the documents and instruct you how to fill out all the required forms and paperwork in a seamless course of actions!
Promptly provide any documents your lender will request so the process can flow in a timely fashion ...and YOU can have the key for your new house in 60 days!!!
Required documents include:
1) Most recent 3 consecutive years IRS transcripts
2) Most recent signed complete personal tax returns
3) A copy of lender’s Delegated Underwriter’s Transmittal signed 92900LT form with comments stating his/her review of the application
4) Credit report
5) Fraud report
6) A signed Application Affidavit form (required by Georgia Dream)
7) Signed letter of explanation addressing all prior addresses and no prior homeownership or a copy of the no-record results to the IRS request for the prior 3 years 1098 transcripts
Your preferred lender will collect those documents and instruct you how to fill out all the required forms and paperwork.
Promptly provide any documents your lender will request so the process can low timely ...You can have the key for your new house in 60 days!!!
All Georgia Dream Loan Programs
Here Are The Georgia Dream Loan Programs Available:
Please Notice These Programs are available statewide. Your county and/or city may have additional resources that you can tap.
Some DPA programs CAN be combined.
Max home price and max homebuyer income allowed varies by different areas of the state.
Always talk with your mortgage lender and with your REALTOR…
I need to point out – not all lender or not all agents are willing to be involved with DPA programs. Simply go to the ones who do!
Georgia Dream Programs Are Available In All Throughout Georgia
All Georgia Dream Program reaches all 159 Georgia counties and makes the home dream a beautiful reality to low-to-median-income homebuyers all across the state
Georgia Dream STANDARD Program
Who is the STANDARD Program for?
All eligible homebuyers may qualify!
WHO WILL QUALIFY Georgia Dream STANDARD: Anyone buying a home within the state of Georgia who meets the “eligibility and requirements” above.
It’s designed to be easily accessible to the widest number of home dreamers as possible.
This is perhaps the broadest reaching Georgia Dream Program: It extends down payment assistance (DPA) to qualified Georgia homebuyers without limitation of specific professions.
Georgia Dream STANDARD Program offers 5% (five percent) of the property purchase price or a maximum $10,000 whichever is the lesser amount.
Here’s how to get YOUR Georgia Dream “STANDARD”
Be in the know that there are other programs which do NOT have this requirement and you may qualify for that as well: CHOICE Program, PEN Program, Peach Select Veterans and PEACH PLUS Program
Your lender and your REALTOR are your best friends!
They are better able to sort it through and help you!
I) Apply for a mortgage loan via a participating lender in the robust network of home mortgage lenders and ask them to pre-qualify you for a Georgia Dream STANDARD mortgage loan.
NOTE: DCA/Georgia Dream does NOT accept application directly. ALL lenders participating in the Georgia Dream will gladly help you!
II) Home must be for your primary residence!
III) You must be a ‘1st time home buyer (never had a house on your name)
a. OR did NOT have your name on a house, (not even as a cop-signer)
b. This rule is waived if you intend to buy a home in one of the many ‘targeted areas’ all across the state. Please see definition and map below in this post
IV) All Georgia Dream programs require a mid-credit score of 640 or higher. Lenders will check for you.
V) You also must meet mortgage loan market requirements: Like meet a certain debt-to-income ratio (DTI); fix credit issues (if any) in your credit report; proof of income to make sure you will be able to the future mortgage payments; typically, lenders require funds equivalent to 2-3 months of the projected house payments.
Again, your preferred lender look it all up for you.
VI) Your liquid assets cannot exceed $20,000 OR the equivalent of 20% of house purchase price (whichever is greater.)
VII) You must contribute at least $1,00 from your funds, at closing
VIII) There is one ‘little stone in your shoe:’ There is a “max income per family” and “max price of the home you can price.”
a. Your lender will be well aware of it will advise you
b. If the price of the home is the issue, maybe you could search a home of lesser value; if the price difference is not all that great, maybe as the seller lower it so you can stay within the limit;
c. If the issue is your income that goes over the stablished limit – now there is the option of ‘bumping up’ to Peach Plus
d. Please see charter below for intel on Max House Price X Max Family Income
Each Georgia Dream Program comes with a set of details which makes it different from all others – the STANDARD Program is no exception
I have dedicated a full page to cover exclusively all details how Standard can help you – please click here
How to Get Your Georgia Dream CHOICE Loan Program
How can I get the Georgia Dream CHOICE program?
Georgia Dream CHOICE Program is designed to assist families with a member living with disability
CHOICE Program offers 6% (six percent) of the property purchase price or $12,500 a maximum, whichever is the lesser amount.
There are other programs which do NOT have this requirement and you may qualify for that as well:
Standard Program: (all folks living in Georgia may qualify), PEN program, Peach Select Veterans Assistance, Peach Plus Program
Your lender or your REALTOR may be better able to sort it through
I) Apply for a mortgage loan via a participating lender in the robust network of home mortgage lenders and ask them to pre-qualify you for a Georgia Dream CHOICE program as you happen to have a member of the family living with disability.
NOTE: ALL lenders participating in the Georgia Dream will gladly help you!
II) Home must be for your primary residence! Home must be for your primary residence!
III) You must be a ‘1st time home buyer (never had a house on your name)
a. OR did NOT have your name on a house, (not even as a co-signer)
b. This rule is waived if you intend to buy a home in one of the many ‘targeted areas’ all across the state. Please see definition and map elsewhere in this post
IV) All Georgia Dream programs require a mid-credit score of 640 or higher. Lenders will check.
V) You also must meet mortgage loan market requirements: Like debt-to-income ratio (DTI); fix credit issues (if any) in your credit report; proof of income to make sure you will be able to the future mortgage payments; typically, lender require funds equivalent to 2-3 months of the projected house payments
VI) Your liquid assets cannot exceed $20,000 OR the equivalent of 20% of house purchase price (whichever is greater)
VII) You must contribute at least $1,00 from your funds, at closing
VIII) There is one ‘little stone in your shoe:’ There is a “max income per family” and “max price of the home you can buy.”
a. Your lender will be well aware of it will advise you
b. If the price of the home is the issue, maybe you could search a home of lesser value; if the price difference is not all that great, maybe as the seller lower it so you can stay within the limit;
c. If the issue is your income that goes over the stablished limit – now there is the option of ‘bumping up’ to Peach Plus
d. Please see charter below for intel on Max House Price X Max Family Income
Each Georgia Dream Program comes with a set of details which makes it different from all others – CHOICE is no exception
I have dedicated a full page to cover exclusively all details how CHOICE can help you – please click here
Georgia Dream Loan DPA Program Protectors, Educators & Nurses (PEN)
Who is eligible for the Georgia Dream Program?
PEN Program is specially designed to incentivize homeownership amongst those folks who are in the front lines serving the general public: public protector, educator, healthcare provider — as well as all those who work for these industries
PEN Program offers 6% (six percent) of the property purchase price or $12,500 a maximum, whichever is the lesser amount.
WHO WILL QUALIFY FOR GEORGIA DREAM PEN PROGRAM?
Protectors: ALL EMPLOYEES of police departments;
Sheriff’s departments
Correctional facilities
And other law enforcement Agencies such as highway patrol, and TSA, and it includes probation officers
ALL EMPLOYEES of fire departments, EMS services and volunteer fire fighters
Educators: ALL EMPLOYEES of local, city or county school boards recognized or accredited associations including Head Start, Pre-K, Colleges and Private Schools Also state certified teachers of day care providers
Health Care Workers: ALL EMPLOYEES of state licensed health care facilities including, but not limited to the following:
Hospitals
Doctors and Dentists offices
Health Departments
Nursing Homes
Chiropractors Offices
Health Departments
Contact a Georgia Dream participating lender to pre-qualify and begin your mortgage process!
There are plenty of lenders eager to help!
Here is additional info that might apply to your qualification:
It is important for you to keep close contact with your lender.
I am already on record in this very page that Georgia Dream requirements are subject to change; and the mortgage market more so!
Here’s how to get YOUR Georgia Dream PEN
There are other programs which do NOT have this requirement and you may qualify for that as well: Standard Program, CHOICE Program (One member of your family must be living with disability), PEACH SELECT VETERANS Program and PEACH PLUS Program – Which has expanded the opportunity to assist higher income earner looking to buy homes in higher price range
Your lender or your REALTOR are your best friends!
They are better able to sort it through and help you!
I) Apply for a mortgage loan via a participating lender in the robust network of home mortgage lenders and ask them to pre-qualify you for a Georgia Dream PEN program as you happen to work in one of the professions envisioned in the program.
NOTE: DCA/Georgia Dream does NOT accept application directly. ALL lenders participating in the Georgia Dream will gladly help you!
II) Home must be for your primary residence!
III) You must be a ‘1st time home buyer (never had a house on your name)
a. OR did NOT have your name on a house, (not even as a cop-signer)
B. This rule is waived if you intend to buy a home in one of the many ‘targeted areas’ all across the state. Please see definition and map below in this post
IV) All Georgia Dream programs require a mid-credit score of 640 or higher. Lenders will check for you.
V) You also must meet mortgage loan market requirements: Like meet a certain debt-to-income ratio (DTI); fix credit issues (if any) in your credit report; proof of income to make sure you will be able to the future mortgage payments; typically, lenders require funds equivalent to 2-3 months of the projected house payments
VI) Your liquid assets cannot exceed $20,000 OR the equivalent of 20% of house purchase price (whichever is greater.)
VII) You must contribute at least $1,00 from your funds, at closing
VIII) There is one ‘little stone in your shoe:’ There is a “max income per family” and “max price of the home you can buy.”
a. Your lender will be well aware of it will advise you
b. If the price of the home is the issue, maybe you could search a home of lesser value; if the price difference is not all that great, maybe as the seller lower it so you can stay within the limit;
c. If the issue is your income that goes over the stablished limit – now there is the option of ‘bumping up’ to Peach Plus
d. Please see charter below for intel on Max House Price X Max Family Income
Each Georgia Dream Program comes with a set of details which makes it different from all others – PEN is no exception
I have dedicated a full page to cover exclusively all details how PEN can help you – please click here
Georgia Dream Peach Select Veterans Assistance
How To Get Your Georgia Dream Peach Select Veterans Assistance Loan Program
Who can get the Georgia Dream PEACH SELECT VETERANS program?
Veterans are always eligible to buy their homes with ZERO down payment via VA GUARANTY program.
Georgia Dream PEACH SELECT VETERAN honors veterans and active servicemen and women as well as survival spouses of both vets and active GIs who have fallen while on duty AND Georgia Dream has created a very special program dedicated to assist in buying a home no matter where you want to live in Georgia
Technically, there is no down payment assistance (DPA) consequently there will be NO 2nd Mortgage!
And Peach Select Veterans Program offers the lowest interest rate around for our Veteran! Currently is 5% in a moment that the market rates are hovering 7.22%.
2.22% less than the going mortgage rate is a tremendous cost savings! …in a $300,000 price house it is $555.00 per month. In a 30-year fix rate equals to a whopping $199,800!
Here’s how to get YOUR Georgia Dream PEACH SELECT VETERANS ASSISTANCE Program
I) ALL eligible veterans may qualify Peach Select Veterans Assistance – have your DOD214 handy it will help a lot to move your application quickly!
Be in the know that other programs do exist. Those programs designed to assist those non-veteran folks and you may qualify for one of those, in the unlikely event that Peach Select Veterans fall through for you:
STANDARD Program - (all folks living in Georgia may qualify), PEN Program, CHOICE Program – (a member of the family must be living with disability) PEACH PLUS Program.
However, Peach Select Veterans – offers the lowest interest rate anywhere I’ve seen… and that is hard for any other program to beat!
The only scenario that comes to my mind is that you might to be making “serious” money and you exceed the income limit set by the program!
Now, that is not a bad problem to have! 😊
But you still will not be out – possibility that you can be ‘bumped-up’ to Peach Plus and still get some assistance!
Your lender or your REALTOR may be able to sort it through
II) Home must be for your primary residence!
III) Apply for a mortgage loan via a participating lender in the robust network of home mortgage lenders working with Georgia Dream and ask them to pre-qualify you for a Georgia Dream PEACH SELECT VETERANS ASSISTANCE Program as you happen to be a member of the Veteran family.
NOTE: ALL lenders participating in the Georgia Dream Program will gladly help you!
IV) ‘1st time home buyer (never had a house on your name) is waived in this program.
V) All Georgia Dream programs require a mid-credit score of 640 or higher. Lenders will check and see where you are.
VI) You also must meet mortgage loan market requirements: Like debt-to-income ratio (DTI); fix credit issues (if any) in your credit report; proof of income to make sure you will be able to the future mortgage payments; typically, lender require funds equivalent to 2-3 months of the projected house payments
VII) Your liquid assets cannot exceed $20,000 OR the equivalent of 20% of house purchase price (whichever is greater.)
VIII) You must contribute at least $500 from your funds, at closing.
Yes, I stand correct! Georgia Dream requires that the Vet homebuyer put $500.00 or their own money at closing.
However, all going well, you stand to receive the lowest percentage rate around 5% (as of May 2024).
Currently (May ’24), rates can be as high as 7.22%!!!
In mere two or three months savings on the percentage rate saving you will have saved than those $500! …Besides: Those initial $500 bucks goes towards you your ‘Principal!’ So it is money that you paid into the house!
X) Please NOTE: Peach Select Veteran is assumed a ZERO down payment mortgage loan!
Accordingly – there is NO down payment assistance (DPA) …and, therefore: NO 2nd Mortgage!
XI) There is one ‘little stone in your shoe:’ There is a “max income per family” and “max price of the home you can buy.”
a. Your lender will be well aware of it will advise you
b. If the price of the home is the issue, maybe you could search a home of lesser value; if the price difference is not all that great, maybe as the seller lower it so you can stay within the limit;
c. If the issue is your income that goes over the stablished limit – now there is the option of ‘bumping up’ to Peach Plus BUT I don’t think it will be a better program for veterans at all!
d. Please see charter below for intel on Max House Price X Max Family Income
Each Georgia Dream Program comes with a set of details which makes it different from all others – PEACH SELECT VETERANS ASSISTANCE is no exception
I have dedicated a full page to cover exclusively all details how PEACH SELECT VETERAN can help you – please click here
Georgia Dream Max Income Per Family And Max Home Price Per MSA
NOTICE: This Chart Applies To Four Programs: STANDARD, CHOICE, PEN & PEACH SELECT VETERANS ASSISTANCE
Peach Plus – has its own home max price and income. Please see at the end of that article, below
Maximum Home Sales Price And Maximum Household Income Per MSA (Metro Statistic Area)
Please Notice: These Values tend to change from time-to-time – so check with your REALTOR or your mortgage loan office.
Actually, between January, 2023 to April 2024 I noticed these important changes:
a) Overall the house prices went up by $50,000 and amount of max income allowed went up by $20,000;
b) The most important change however, is that Georgia Dream has “streamlined” the MSAs – we now have only 3 areas! Which makes the process much easier to visualize and help the folks in need!
Let’s take a look here:
AREA/COUNTY:
Atlanta - Sandy Springs, Roswell - GA HUD Metro
HOME SALES PRICE: $400,000
MAX HOUSEHOLD INCOME:
1-2 persons: $107,796
3+ persons: $123,966
Area /counties covered:
Barrow County, Bartow County,
Carroll County, Cherokee County,
Clayton County, Cobb County,
Coweta County, Dawson County,
DeKalb County, Douglas County,
Fayette County, Forsyth County,
Fulton County, Gwinnett County,
Heard County, Henry County,
Jasper County, Newton County,
Paulding County, Pickens County,
Pike County, Rockdale County,
Spalding County, Walton County
AREA/COUNTY
Athens, GA MSA
HOME SALES PRICE: $350,000
MAX HOUSEHOLD INCOME:
1-2 persons: $90,000
3+ persons: $104,190
Area/ County Covered:
Clarke County, Madison County,
Oconee County, Oglethorpe County,
Morgan County
AREA/COUNTY
All Other Georgia Counties
HOME SALES PRICE: $335,000
MAX HOUSEHOLD INCOME:
1-2 persons: $90,600
3+ persons: $104,190
Georgia Dream Peach Plus Loan Program
Who Can Qualify For The Georgia Dream PEACH PLUS Loan Program?
Georgia Dream Peach Plus was designed to assist homebuyers in the higher income bracket who are looking to buy homes at higher prices.
Peach Plus program was announced on April 15, 2024!
Peach Plus DPA Loan Program came much more flexible and does increase both income limits and the purchase price of the home.
The brand-new Georgia Dream Peach Plus Loan Program is specifically tailored to assist borrowers who qualify for Federal Housing Administration (FHA) loans but may not meet the criteria for the standard Georgia Dream loan program… which would not cover many homes in the current higher prices market OR the otherwise qualified higher earning homebuyers.
That all said, here are the main points Pleach Plus brings to the market:
I) 30-year fixed FHA loan at competitive market rates
II) Home must be for your primary residence!
III) Home prices up to $500,000 – the highest allowed in any of the programs
IV) This program increased income limits:
Up to $161,694 for families of 1 & 2 persons
$185,949 for a family of 3+ persons
Georgia Dream Peach Plus Program has a few new and unique guidance/requirements which apply to this program only – besides the others which remain the same.
Let’s exam how to get YOUR Georgia Dream PEACH PLUS DPA LOAN PROGRAM
Peach Plus Program offers:
Under Standard down payment assistance: Providing 3.5% down from of the property purchase price or $10,000 maximum.
Down payment assistance for
Under Educators & Nurses and CHOICE: Offering 4% of the purchase price or $12,500 maximum.
I) Apply directly AND be approved by a participating lender
Please notice: Georgia Dream has a decentralized application system: YOU have to apply via a participating lender => Georgia Dream does NOT receive mortgage loan applications directly
II) Here’s a very important change which applies to Peach Plus Program: The 1st time buyer requirement has been waived! Anyone who owned a house before will qualify, regardless how long recent ownership has been!
Peach Plus Program does NOT require that applicates to be 1st time buyers nor excludes those who had a home to their names in the past 3 years.
III) Mid credit score of 640 or higher
IV) Liquid assets not to exceed $20,000 OR 20% of the home price (whichever is greater)
V) Georgia Dream Program still requires that the homebuyer contribute with at least $1,000 from their own funds at closing - no change here.
VI) There is one ‘little stone in your shoe:’ There is a “max income per family” and “max price of the home you can price.”
a. Your lender will be well aware of it will advise you
b. In Peach Plus you are already on the top of both income and home price allowed!
c. So, you do not have where to ‘bump up to!” You will have to have a very good coordination with your lender and your REALTOR, to make it work!
Each Georgia Dream Program comes with a set of details which makes it different from all others – Peach Plus is no exception.
Actually, Peach Plus program presents exciting new opportunities for people cut off by all previous programs.
I have dedicated a full page to cover exclusively all details how Peach Plus can help you – please click here
The New Max Home Price AND New Max Household Income Georgia Dream Peach Plus Program
Georgia Dream Peach Plus Program opens doors for families previously excluded by limited affordability options.
The new max home price now can be up to $500,000 – depending on the purchasing area and the county property is located.
Accordingly, the max income also went up rather substantially:
Up to $161,694 for families of 1 & persons;
and $185,949 for a family of 3+persons
NOTE: This values apply for Pleach Plus ONLY! All other four programs’ values are state on chart above
Additional Intel For Peach Plus
Each Georgia Dream Program comes with a set of details which makes it different from all others – Peach Plus is no exception.
Actually, Peach Plus program presents exciting new opportunities for people cut off by all previous programs.
I have dedicated a full page to cover exclusively all details how Peach Plus can help you – please click here
Map Of Georgia Dream Targeted Areas
What is a targeted area?
It can be an entire county or a census tract in which at least seventy percent (70%) of the families have a Household Annual Income that is eighty percent (80%) or less of the state-wide median family income, or an area designated by the State as an area of chronic economic distress and approved by the HUD Secretary.
On the map below, areas in green are all targeted areas.
The address of the home is what determines if it is ‘targeted area’ or not.
Your local REALTOR or your mortgage loan officer are your best guides to help you to determine of whether or not the house you intend to buy is in a ‘targeted area.’
It is very appropriated to talk with them to clarify.
In any case this is only important if you had a property in your name in the past three years: If you are going to purchase a property in any of the green shaded counties - the ‘three year ownership rule’ is waived
Is there anything you still need
to know about any or ALL Georgia Dream DPA Loan Programs?
My dog, Yolo, hard at work
Please click on the photo and let me know
Because my dog, YOLO,
would love to fetch it for you!
Looking for a new home?
Maybe I cannot find YOU
The ‘house of the future’
(As Yet)
But I certainly can find
YOUR FUTURE HOUSE!!!
Click on the photo to
contact me
