Pro, Authentic & Hallucination-Free:
ProHomeBuzz.com
Georgia Dream DPA CHOICE For Families With A Member With Disability
What Should YOU
Expect Here?
SUMMARY
Of This PAGE
Georgia Dream DPA CHOICE for families with a member with disability: DPA available up to $12,500.
Available in all 159 Georgia counties.
Find here all requirements to receive a down payment assistance (DPA) up to $12,500 to buy a home that will be a lot of comfort to your family.
Participating lenders give credit approval for FHA, USDA-RD, VA or conventional Loans are 30-year fixed rate
Who Is The Georgia Dream (DPA) CHOICE Program For?
CHOICE Means: CHOICE (Consumers Homeownership & Independence Choices for Everyone)
Georgia Dream CHOICE Program is designed to exclusively assist families with a member living with disability.
Then you may qualify for down payment assistance (DPA) of 6% (six percent) of the property purchase price or a maximum of $12,500 whichever is the lesser amount.
Be on the know that there are other programs which do NOT have this requirement and you might qualify for that as well:
Standard Program: all folks living in Georgia may qualify;
PEN program: Dedicated to assisted folks who work in education, public safety, health services;
Peach Select Veterans – as the name says, serves eligible veterans …AND, as of April 15, 2024: ALL active servicemen and servicewomen of ALL branches of the US Armed Forces
Peach Plus – until recently (as of April 15, 2024) many homebuyers were cut off from the Georgia Dream Program because of their higher earnings and/or because they wanted to buy a house on the higher price range. If that is your situation, now the Peach Plus is more accommodating AND it still comes with a generous down payment assistance (DPA)
Your lender or your REALTOR are your best friends!
They are better able to sort it through and help to select the program best suited for you!
No lottery! Eligible Residents of ALL 159 GA counties are served by this program.
Here’s how to get YOUR Georgia Dream “CHOICE”
Here’s how to get YOUR Georgia Dream “CHOICE”
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 applications directly
II) Here’s a very important pre-requisite:
a) You are a 1st time home buyer (never owned a home)
b) OR you had no home to your name in the past 3 years or longer (even as a co-signer)
c) OR your current home buying intentions is to buy in one of the many designated areas across the State of Georgia
III) Mid credit score of 640 or higher - nothing different for this program as ALL other Georgia Dream programs this requirement is the same. Worry not: Your lender will check it for ya!
IV) Liquid assets not to exceed $20,000 OR 20% of the home price (whichever is greater).
Example: Purchase price $300,000 X 20% = $60,000.
So, it is okay for you to have liquid assets up to $60,000
Sometime there are doubts about what is ‘liquid’ asset and what is not.
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.”
V) You apply directly with a participating lender NOT with the Georgia Dream folks.
VI) There is a robust network of participating lender who are willing and eager to serve you!
VII) Georgia Dream Program requires that the homebuyer contribute with at least $1,000 from their own funds at closing
VIII) Also worth noting is that Georgia Dream Loan Program takes the form of a “Silent 2nd Mortgage:” You do NOT make payments on the 2nd mortgage portion nor interest, or principal as long as you live in the home as your primary residency and do NOT sell the home or refinance it.
You may live in the home for 30 years… the 1st mortgage should be paid by then! However, the amount of the amount your received as the 2nd mortgage (DPA) is still there! It does NOT go away!
It is also important to understand that the amount you owe is the face value that you received at the day of the closing! Which is to say, in the case of this program it is $12,500 or 6% of the purchase price whichever is lesser... On the day of the home purchase (I hope I have been clear enough!)
IX) The amount of the “Silent 2nd mortgage” does generate a lien and it is due at sale or refinance
X) Also, worth noting that Georgia Dream Loan Program takes the form of a “Silent 2nd Mortgage:” You make NO payments on that portion nor interest, or principal as long as do NOT sell the home or refinance it.
XI) The amount of the “Silent 2nd mortgage” does generate a lien and it is due at sale or refinance
Documents You’ll Need
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!!!
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!
Required documents include:
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
Georgia Dream Max Income Per Family And Max Home Price Per MSA
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.
AREA/COUNTY: Max Home Sales Price
Vs Max Household Income
AREA/COUNTY:
Max Home Purchase Price
Vs
Max Household Income
Atlanta - Sandy Springs - Roswell, GA HUD Metro
Max Home Purchase Price: $400,000
Max Household Income:
1-2 Persons: $107,796
3+ Persons: $123,966
AREA/ COUNTY:
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
Athens, GA MSA
Athens, GA MSA
Max House Price: $350,000
Family Size Vs Max Income:
1-2 Persons: $95,505
3+ Persons: $109,831
AREA/ COUNTY:
Clarke County, Madison County,
Oconee County, Oglethorpe County,
Morgan County
All Other Georgia Counties
All Other Georgia Counties
Max house Price: $ 335,000
Family Size Vs Max Income:
1-2 Persons: $ 90,600
3+ Persons: $104,190
Map Of Georgia Dream Targeted Areas:
Map Of Georgia Dream Targeted Areas:
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.
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.”
In any case this is only important if you had a property in your name in the past three years.
Target Areas are shown in green
Is there anything you still need
to know about Georgia Dream DPA CHOICE For Families With A Member With Disability?
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
