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Georgia Dream PEACH SELECT VETERANS ASSISTANCE: How To Get YOUR Home Loan
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SUMMARY
Of This PAGE
Georgia Dream Peach Select Veterans Assistance: How To Get YOUR Home Loan At The Lowest Rate Around.
Useful list of documents necessary and requirements you need fulfill in order to receive your loan assistance with a super low 5% on a 30-year fix mortgage.
No Lottery! Available in all 159 Georgia counties.
Learn the max household income & max home purchase price in each county & where to apply
Honoring those men and women who so honorably served the country!
How To Get Your
Georgia Dream Peach Select Veterans Assistance Loan Program
How To Get Your Georgia Dream Peach Select Veterans Assistance Loan Program
Who Is The PEACH SELECT VETERANS ASSISTANCE Program Designed For?
I) ALL eligible veterans may qualify for Peach Select Veterans – have your DOD214 handy it will help a lot to move your application quickly!
II) *Georgia Dream Loans are 30-year fixed low interest rate mortgages. Participating lenders give credit approval for VA mortgage loans.
III) The house that you are buying will be your primary residence
IV) No Lottery! Georgia Dream Peach Select veterans can be used for purchase a home in all 159 counties across Georgia
V) You apply directly with a participating lender NOT with the Georgia Dream folks. Georgia Dream does NOT take the home mortgage loan application – private lenders will do that for you.
VI) The Georgia Dream 1st-time buyer rule is waived for this program – Veterans can buy a home via Peach Select Veteran even if they have owned another house recently.
Also, please consult with your mortgage officer: they are ALWAYS up to the minute with the requirements and changes and rules and regulations of the program …which sometimes can change from one day to the next.
I am on the DCA/Georgia Dream mailing list and I receive updates from them. However, due to my working schedule, sometimes I cannot get here to update it ‘on the double’
VII) Have a household income up to the maximum as indicated in the chart below
Maximum income limits* are up to:
$107,796 (household of 1-2 persons)
$123,966 (household of 3+ persons)
(*) It varies by the county where the house is located. Please check complete chart below
VIII) Maximum home sales price* is up to $400,000. (*) This is the max in the state!
It covers counties and cities where the home price in general are higher.
So, depending on the county, both the income requirement AND the house price will decrease.
I have a complete list in this post to help you: Please scroll down on this post
IX) No Down payment assistance offered …because Veteran can buy a home with zero down. Consequently, you have NO 2nd mortgage either!
X) Low interest rate at moment (May 2024) set at 5% - by far the lowest anywhere!
XI) You must meet 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 your lender up front)
XII) House price you intend to purchase shall not exceed the limit pre-established for the county where you are buying. It does vary by the county (Please charter below)
XIII) All Applicants for this program must take a Homebuyer Education Class. Expect to pay $50.00 to $100.00 for the class
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LXIII) Mid credit score of 640 or higher: Yes. That’s correct, Georgia Dream requires 640 mid credit score even for their Vet program – the lender will check that for you
XIV) Liquid assets not to exceed $20,000 OR 20% of the home price (whichever is greater)
Nowadays it is an easy requirement to comply, house prices have come up so dramatically that you will be hard pressed to find a home at $100,000 which would quickly match that $20,000 as the 20% threshold!
So, it will be OK to have some $40,000 in liquid assets when buying a $200,000; $50,000 for a house priced at $250,000; $60,000 on hand for a house being marketed at $300,00 and so on.
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.”
XV)$500 of their own funds, at closing. It is kinda a symbolic “down payment.” So it is your money and goes immediately to offset amount you will borrow.
The fact the vets have to come up with $500 bucks of their own money is unusual, however the Peach Select Veterans Assistance Loan Program offers the lowest mortgage rate anywhere!
The process should take an average 60 days to complete – from application to closing
Documents You Will Need
Documents You Will 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!!!
Georgia Dream required documents include:
Georgia Dream required documents include:
Mind you that your preferred lender will work with you get ALL of these required docs (Perhaps the #2 in the list, would be necessary that you have on hand)
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
The Lowest % Rate around!
The Lowest % Rate around!
The Georgia Dream Peach Select Veterans Assistance Loan Program offers a low interest rate still with no down payment assistance provided.
As of April 15, 2024 – Veteran Select offers a 30-years fix mortgage with a 5% interest …There is nothing close, right now rates hover at almost 7.22%!
Let’s take a quick look and assume interest rate of 6.9% $250,000 ZERO down = Principal & Interest = $1,646,50
5% $250,000 ZERO down = Principal & Interest = $1,342.05
The difference is $1,646.50 (-) $1,342.05
= $304,45 per month!
In only of the two initial months, you will have recovered the required $500.00 down
In the life of the loan – assuming a 30-year fix, it will be a whopping 360 months X $305.05 = 109,602.00 in savings!!!
That’s REAL MONEY!
Peach Select Veterans Assistance Loans:
Max Household Income
Vs
Max Home Price Allowed
Per County
Peach Select Veterans Assistance Loans:
Max Household Income
Vs
Max Home Price Allowed Per County
One of Georgia Dream requirements is that your maximum household income stay within the chart below – in the ration of number of persons living in your household.
Effective April 15, 2024:
This revamped program is relatively new it does lower the percentage rate to veterans to the lowest I’ve seen around in a long time!
AREA/COUNTY
Max Home Sales Price
Vs
Max Household Income
Atlanta - Sandy Springs - Roswell, GA HUD Metro
Max Home Sales 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
Max Home Purchase Price: $350,000
Max Household Income:
1-2 persons: $95,505
3+ Persons: $109,831
Clarke County, Madison County,
Oconee County, Oglethorpe County, Morgan County
All Other Georgia Counties
Max Home Purchase Price: $335,000
Max Household Income:
1-2 Persons: $ 90,600
3+ Persons: $104,190
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to know about Georgia Dream PEACH SELECT VETERANS ASSISTANCE: How To Get YOUR Home Loan At The Lowest Rate Around?
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