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Georgia Dream DPA PEACH PLUS $10K To $12,5K, Buyer Max Income $185,949 And House Price Up To $500K
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Georgia Dream DPA PEACH PLUS $10K To $12,5K, Buyer Max Income $207,758 And House Price Up To $525K.
This is a newly created program which extends down payment assistance (DPA) for higher income earners up to $161,694 = family of 1 & 2 persons; $185,949 = family of 3+ persons;
house prices up to $500,000, previously not served.
Down payment assistance of $10K to $12,500.
See details in this post as it does depend the county you intend to buy your house.
Georgia Dream Peach Plus DPA Loan Program
Georgia Dream Peach Plus DPA Loan Program
Who is the Peach Plus DPA Georgia Dream Program designed for?
Georgia Dream Peach Plus was designed to assist homebuyers in the higher income bracket who are looking to buy homes at higher prices, which previously were excluded of all programs
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.
Georgia Dream Peach Plus allows the homebuyer to earn an income up to:
$180,659 (Family of 1 or 2)
and $207,758 (Family of 3+) (*)
to buy a house up to $525,000(*) AND still qualify for a down payment assistance of $10,000
(*) Atlanta - Sandy Springs - Roswell, GA HUD Metro MSA
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 traditional Georgia Dream loan program… which would not cover many homes in the current higher prices market OR the otherwise qualified higher earning homebuyer
Brand New Program For New Audience
The brand-new Peach Plus DPA Loan Program does increase both income limits and the purchase price of the home, DCA said Georgia Dream Peach Plus aims to turn aspirations into reality for numerous Georgia families who may have been excluded from traditional homeownership programs.
Access to financing through a robust network of lender who are eager to work with you and Georgia Dream Programs: The program offers a 30-year fixed FHA loan at competitive market rates for home purchase up to $500,000: “With a focus on increasing both income limits and the purchase price of the home, Georgia Dream Peach Plus aims to turn aspirations into reality for numerous Georgia families who may have been excluded from traditional homeownership programs” (Direct quote from DCA/Georgia Dream press release; announcing the creation of PEACH PLUS Program on April 15, 2024)
Georgia Dream Peach Plus Differentiators
Georgia Dream Peach Plus Differentiators
The Peach Plus Program differentiators are that
I) It decreased the percentage of the purchase price they offer:
a. STANDARD Program: 3.5% down from 5%
The max $10,000 dollar amount remains the same for SANDARD Program
b. PEN Program 4% down from 6%
c. CHOICE Program 4% down from 6%
The max $12,500 dollar amount remains the same for both programs
II) Peach Plus Program The new max home price now can be up to $500,00 – depending on the purchasing area and the county property is located. (Please see charter below)
Higher purchase price allowance: By raising the maximum purchase price of homes, Georgia Dream Peach Plus Program opens doors for families previously excluded by limited affordability options.
Accordingly, the max income also went up rather substantially:
III) The Peach Plus program raises income limits to accommodate a broader range of homebuyers (of higher earnings bracket), ensuring more families can access affordable housing options (but higher price stand point).
Peach Plus Program increased income limits:
Up to $161,694 for families of 1 & 2 persons;
and $185,949 for a family of 3+ persons
IV) Peach Plus – waives “1st Time Homebuyers Rules.” So it is perfectly alright for a Peach Plus homebuyer to have had a house to his name in less than 3 years prior to apply to this program.
Down payment assistance: Eligible borrowers still can benefit from down payment assistance, ensuring affordability and easing the financial burden of homeownership - albeit they cut the percentage of the homebuyer could me eligible to get a tiny bit to 4%.
However, the max dollar amount did NOT decrease.
The rule is 4% or $12,500 maximum.
Given that the program is designed to assist homebuyer in the higher home price, in today’s market the 4% will always be higher then $12,500.
So the percentage of 6% decrease to 4% is a moot point.
Georgia Dream Peach Plus Requirements
Requirements: To qualify for the Peach Plus DPA Loan program, borrowers must meet specific criteria, including:
I) The home will be your primary residence
II) Minimum credit score of 640, no exception here – all Georgia Dream programs require 640 and up! But no worries, your lender will check it up for you.
III) Comply with debt-to-income (DTI) requirements (lender will verify)
IV) Household income not exceeding 150% average median income (for the area where home is located),
V) And completion of HUD-approved homebuyer education.
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Documents You’ll Need To Get Your Peach Plus DPA
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!!!
Here’s how to get YOUR Georgia Dream “PEACH PLUS DPA LOAN PROGRAM”
Here’s how to get YOUR Georgia Dream “PEACH PLUS DPA LOAN PROGRAM”
I) Apply directly AND be approved by a participating lender
II) 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
III) Here’s a very important change which applies only to Peach Plus Program thus far: The 1st time buyer requirement has been waived! Anyone who owned a house before will qualify, regardless how long recent it has been!
IV) Peach Plus Program is the only which does NOT require that applicants to be 1st time buyers nor excludes those who had a home to their names in the past 3 years.
V) Mid credit score of 640 or higher is required
VI) Liquid assets not to exceed $20,000 OR 20% of the home price (whichever is greater)
NOTE: 401Ks and other pension funds are NOT considered liquid asset
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.”
VIII) Georgia Dream Program requires that the homebuyer contribute with at least $1,000 from their own funds at closing. NOTE: This is YOUR part of the down payment, therefore that money is already YOURS!
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.
Thus far, at the time of the writing of this post - 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 the Pleach Plus program: $12,500 max
The amount of the “Silent 2nd mortgage” does generate a lien and it is due at sale or refinance
Do NOT forget about this! Georgia Dream will not! Much specially, if you ever think about refinancing. That amount will come due and you may receive less cash than you might think!
Is there anything you still need
to know about Georgia Dream DPA PEACH PLUS $10K To $12,5K, Buyer Max Income $207,758 And House Price Up To $525K?
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