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Georgia Dream PEN DPA: $12,500 Home Purchase Down Payment Assistance
For
Protectors-Educators-Nurses
What Should YOU
Expect Here?
SUMMARY
Of This PAGE
Georgia Dream PEN DPA: $12,500 Home purchase down payment assistance for Protectors-Educators-Nurses.
PEN is specially designed to provide home purchase down payment assistance up to $12,500 for folks who work in the front lines serving the public: public safety in general, educators and support personal, the many healthcare providers may qualify.
No Lottery! Available in all 159 Georgia counties
Please find much more details below in this post.
Georgia Dream Loan DPA PEN Program Protectors, Educators & Nurses (PEN)
Who are the Georgia Dream PEN Program designed for?
Georgia Dream PEN program are designed to provide home purchase down payment assistance (DPA) for 1st time home buyers who work in law enforcement (Protectors) or those who work in many capacities in the education field (Educators) and those who dedicate themselves to work in the health care field (Nurses & many other health related capacities)
“P” is for Protectors – all who work in the front line protecting the public. It is designed to reach the broadest number of public safety professionals this sector -chances are they will be covered – please see an expansive description below of who may qualify.
“E” is for Educators – teachers and all of those who help behind the scenes that our students’ young minds can have a first-class education. Please see an expansive description below of who may qualify.
“N” is for Nurses – although the word ‘nurse; is universally synonymous with ‘healing’ the PEN program reaches a broader audience of ‘healers.’
It will even encompass folks who work behind the desk making sure doctors’ appointments, emergency rooms and hospitals run smoothly 24/7; and driving ambulances because they too contribute greatly for the wellbeing of our citizens. Please see an expansive description below of who may qualify.
What Does Georgia Dream PEN Program Offer?
What Does Georgia Dream PEN Program Offer?
PEN Program is specially designed incentivize homeownership for 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 May Qualify For Georgia Dream PEN
Who may qualify for Georgia Dream PEN:
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:
1) Hospitals
2) Doctors and Dentists offices
3) Health Departments
4) Nursing Homes
5) Chiropractors Offices
6) Health Departments
Contact a Georgia Dream participating lender to pre-qualify and begin your mortgage process!
There are plenty of lenders eager to help!
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Here’s How to get YOUR Georgia Dream “PEN”
Here’s How to get YOUR Georgia Dream “PEN”
I) You need to work within one the professions that form the PEN: Protector, Educator or Nurse + Active members of the US Armed Forces
II) The house you are buying will be your primary residence
III) 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
IV) Here’s a very important pre-requisite: a) You are a 1st time home buyer (never owned a home before)
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 targeted areas across the State of Georgia (see map and definition of ‘targeted area’ below in this post)
V) Mid credit score of 640 or higher – worry not, as part of your application your lender will verify where your credit
VI) You still 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 you’re your lender up front)
VII) Liquid assets not to exceed $20,000 OR 20% of the home price (whichever is greater)
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.”
VIII) You apply directly with a participating lender NOT with the Georgia Dream folks
IX) Georgia Dream Program requires that the homebuyer contribute with at least $1,000 from their own funds at closing
X) All Applicants for this program must take a Homebuyer Education Class. Expect to pay $50.00 to $100.00 for the class
Documents You’ll Need To Get Your Georgia Dream PEN Down Payment Assistance
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 PEN Required Documents
Georgia Dream PEN 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!!!
PEN Down Payment Assistance Is A Silent 2nd Mortgage
PEN Down Payment Assistance Is A Silent 2nd Mortgage
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.
As it stands, at the time 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 this program it is $12,500 or 6% of the purchase price whichever is lesser – at the time of the home purchase.
The amount of the “Silent 2nd mortgage” does generate a lien and it is due at sale or refinance
Georgia Dream Max Income Per Family And Max Home Price Per MSA
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 price of house 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: Max Home Sales Price
Vs Max Household Income
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 House Sale Price: $350.00
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
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
Targeted Areas are in green
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to know about Georgia Dream PEN: $12,500 Home Purchase Down Payment Assistance
For Protectors-Educators-Nurses?
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