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Summary Georgia Dream PEN (Protectors-Educators-Nurses): $12,5K for professionals serving the public
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SUMMARY
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Summary Georgia Dream PEN (Protectors-Educators-Nurses): $12,500 for pros working with the public.
Available in all 159 GA counties.
Here are all requirements to get a down payment assistance (DPA) up to $12,500 to buy your home
with a hat tip from the community.
Plenty of participating lenders give credit approval for FHA, USDA-RD, VA or conventional Loans are 30-year fixed rate this page all about
PEN Georgia Dream DPA Program Requirements:
Georgia Dream PEN (Protectors-Educators-Nurses) was designed to extend down payment assistance (DPA) for ALL those professionals who serve the public in law enforcement, education and health care.
It is actually quite broad, as I will demonstrate here
1) LIST OF WHO MAY QUALIFY:
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:
I. Hospitals
II. Doctors and Dentists offices
III. Health Departments
IV. Nursing Homes
V. Chiropractors Offices
VI. Health Departments
Contact a Georgia Dream participating lender to pre-qualify and begin your mortgage process!
There are plenty of lenders eager to help at any at time
2) FICO 640 mid score (All Georgia Dream Program require this 640 minimum mid score)
3) There is an income limit of how much an applicant may earn and it varies by county. You must have a household income up to – but NOT above - the maximum allowed in each MSA (Metro Statistic Area) where you intend to buy a home.
NOTE: MSAs were recently reduced to only three to cover the whole state. (Please see “Max Income Per Family Per MSA” chart below)
4) Your liquid assets should not be more than $20,000 or 20% of the sales price (whichever is greater).
NOTE: 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.”
5) You will apply through a robust network of participating lender NOT directly with Georgia Dream
6) You need to meet ‘financial market requirements’ like: Debt-to-income (DTI) ratio, proof of income compatible to pay future mortgage obligations. 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 how much you will need).
I would tag a picture and a legible copy of your SS card
7) You must complete a HUD approved ‘ownership class,’ in person or online
8) Must be a 1st time homebuyer OR may not have had a house in your name in the immediate past three years. Not even as a cosigner.
NOTE: There are many State designated ‘Targeted Areas’ and approved by the HUD Secretary, throughout the State. Those areas have presented some economic challenges. If you intend to buy a home in one of those areas, then the ‘three years moratorium rule’ is waived. (Please see complete definition of ‘targeted area’ and map below)
Homebuyers under PEACH PLUS as well as PEACH SELECT VETERANS ASSIST have the ‘1st time buyer’ rule waived. It is okay for those applicants to have had a house to their name in less than 3 years.
9) There is an income limit of how much the house purchase can be – It varies by the county where you intend to buy a house. (See chart below)
10) You must contribute with a ‘minimum down payment’ of $1,000 – at closing table
11) Should you qualify for the CHOICE Georgia Dream Program, you will receive a down payment assistance (DPA) up to $12,500 OR 6% of the purchase price – whichever is the lesser amount
12) Whichever amount comes to be, it will be in the form of a “Silent 2nd Mortgage:” You will NOT have to pay Principal NOR Interest – EVER, as long as you live in the home as you primary residence. …until you sell the house OR refinance it!
Financing will be made through State Home Mortgage – which is a company owned the Georgia Department of Community Affairs. And you will make the Payments directly to them as well
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Documents Your Lender Will Help You To Produce
Required documents include:
I. Most recent 3 consecutive years IRS transcripts
II. Most recent signed complete personal tax returns
III. A copy of lender’s Delegated Underwriter’s Transmittal signed 92900LT form with comments stating his/her review of the application
IV. Credit report
V. Fraud report
VI. A signed Application Affidavit form (required by Georgia Dream)
VII. 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.
MSAs Vs Max Income Vs Max House Price
For Georgia Dream STANDARD, CHOICE, PEN & PEACH SELECT VETERAN ASSISTANCE* Programs
(*) PEACH SELECT VETERAN ASSISTANCE Program – although values coincide for Vets, this program is treated differently in the sense that Vets receive a well below market interest rate…
But they do NOT receive a DPA, once that Vets are allowed to purchase with Zero down payment.
NOTICES: (#1) Georgia dream does require the Vets to contribute $500 at closing. (#2) Vets have the three years hiatus waived and they can purchase another house soon after settling any encumbrances they might have in the previous ownership
As of July 08, 2024
There are three distinctive economic areas – also called MSAs (Metropolitan Statistical Areas) as far as Georgia Dream Program is concerned:
1) Atlanta - Sandy Springs - Roswell, GA HUD Metro
2) Athens, GA MSA
3) All Other Georgia Counties
AREA/COUNTY:
Max Home Sales Price
Vs
Max Household Income
Lorem
AREA/COUNTY:
Max Home Sales Price
Vs
Max Household Income
Here are the three MSA (Metro Statistical Areas) so established by Georgia Dream:
AREA/COUNTY:
Max Home Sales Price
Vs
Max Household Income
1) Atlanta - Sandy Springs - Roswell, GA HUD Metro
Max Home Sales Price: $425,000
Max Household Income:
1-2 Persons: $120,439
3+ Persons: $138,505
AREA/ COUNTY Covered:
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
2) Athens, GA MSA
Max House Price: $350,000
Family Size Vs Max Income:
1-2 Persons: $101,505
3+ Persons: $116,644
AREA/ COUNTY Covered:
Clarke County, Madison County,
Oconee County, Oglethorpe County,
Morgan County
3) All Other Georgia Counties Covered
Max house Price: $ 335,000
Family Size Vs Max Income:
1-2 Persons: $ 92,000
3+ Persons: $105,800
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.
If there is anything you still need
to know about Summary Of Georgia Dream DPA PEN?
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