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Georgia Dream STANDARD DPA: Here’s How to Get Yours
(Up to $10,00 down payment to purchase your home)
What Should YOU
Expect Here?
SUMMARY
Of This PAGE
Georgia Dream STANDARD DPA: Here’s How to Get Yours.
Up to $10,00 down payment to purchase your home.
This is perhaps the broadest reaching Georgia Dream Program: It extends down payment assistance (DPA) to homebuyers (who meet criteria) without limitation of specific professions.
It serves all 159 Georgia counties and makes the home dream a beautiful reality to low-to-median-income homebuyers
See all detailed requirements in this post
How To Get Your Georgia Dream Standard Program
Who is eligible for the Georgia Dream STANDARD DPA Program?
All eligible Georgia homebuyers may qualify!
This is perhaps the broadest reaching Georgia Dream Program: It extends down payment assistance (DPA) to qualified Georgia homebuyers without limitation of specific professions,
and it reaches ALL 159 Georgia counties and it makes the home dream a beautiful reality to countless low-to-median-income homebuyers all across the state
Georgia Dream STANDARD Program offers 5% (five percent) of the property purchase price or a maximum $10,000 whichever is the lesser amount.
WHO WILL QUALIFY Georgia Dream STANDARD Down Payment Assistance
WHO WILL QUALIFY Georgia Dream STANDARD Down Payment Assistance?
Anyone buying a home within the state of Georgia who meets the “eligibility and requirements” – please see list below in this post.
It’s designed to be easily accessible to the widest number of home dreamers as possible - just for the fact that you live in the State of Georgia.
First and foremost, be in the know that there are other programs which have different requirements. Please take a read if you might qualify for any of those as well:
CHOICE 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, active duty servicemen/women and spouses of vets killed while on duty and POWs
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!
How to get YOUR Georgia Dream “STANDARD”
I) Apply directly AND be approved by a participating lender
Please notice: Georgia Dream has a decentralized application system: YOU have to apply directly via a participating lender => Georgia Dream does NOT receive loan mortgage applications directly
II) Here’s a very important pre-requisite:
a) You must be 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 (not even as a co-signer)
c) OR your current home buying intentions is to buy in one of the many targeted areas across the State of Georgia. Please see “targeted areas” map below.
III) Mid credit score of 640 or higher is required – don’t you worry, your lender will check it for you.
IV) 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 you’re your lender up front)
V) Your Liquid Assets cannot 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.”
VI) You will apply directly with a participating lender NOT with the Georgia Dream folks
VII) Georgia Dream Program requires that the homebuyer put down at least $1,000 from their own funds at closing
VIII) It is also worth noting 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, I found NO provision for the Georgia Dream DPA to be forgiven in any form… You may live in the home for 30 years… the 1st mortgage should be paid by then! However, the amount that you received as the 2nd mortgage (DPA) is still there! It does NOT go away!
IX) 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 $10,000 or 5% of the purchase price whichever is lesser – at the time of the home purchase.
That’s the amount you will pay if and when you sell or refinance the home
…even if it is 30 years down the road!
Sweet, hum?!
X) The amount of the “Silent 2nd mortgage” does generate a lien and it is due at sale or refinance
XI) 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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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 know 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!!!
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 - at the time of your application.
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:
Atlanta - Sandy Springs -
Roswell, GA HUD Metro
AREA/COUNTY
Atlanta - Sandy Springs -
Roswell, GA HUD Metro
Max House Purchase Price: $400,000
Max Household Income:
1-2 Persons: $107,796
3+ Persons: $123,966
Counties covered by this MSA:
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 Purchase Price: $350,000
Max Household Income:
1-2 Persons: $95,505
3+ Persons: $109,831
Counties covered by this MSA:
Clarke County, Madison County,
Oconee County, Oglethorpe County,
Morgan County
All Other Georgia Counties
All Other Georgia Counties
Max House Purchase Price: $ 335,000
1-2 Persons: $ 90,600
3+ Persons: $104,190
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.
Areas in green are all targeted areas
Is there anything you still need
to know about Georgia Dream DPA STANDARD Loan Program?
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