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Summary Georgia Dream PEACH PLUS: Up to $12,500 for higher income buyers & higher price house
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Summary Georgia Dream PEACH PLUS: up to $12,500 for higher income buyers & higher price house.
Available throughout all 159 GA counties.
Here are the fundamental requirements to receive a down payment assistance (DPA) to buy a home that will add a lot of comfort to your family.
Plenty of participating lenders give credit approval for FHA, USDA-RD, VA or conventional Loans are 30-year fixed rate
Check here what you need to qualify but PEACH PLUS increase amount of income you may earn as well as the house price you can buy.
Under PEACH PLUS:
STANDARD DPA – 3.5% of purchase price or $10,000, whichever is less in dollar amount
CHOICE & PEN – 4% of house purchase price or $12,500, whichever is less in dollar amount
Georgia Dream PEACH PLUS:
Main Differenciators
Check here what you need to qualify but PEACH PLUS increase amount of income you may earn as well as the house price you can buy.
Under PEACH PLUS:
STANDARD DPA – 3.5% of purchase price or $10,000, whichever is less in dollar amount
CHOICE & PEN DPA – 4% of house purchase price or $12,500, whichever is less in dollar amount
PEACH SELECT VETERANS ASSISTANCE - may also qualify under PEACH PLUS if they (a) have income above the amount established by Georgia Dream or need to by a house above the price established. Vets will then qualify using the same parameters under the PEN DPA
NOTE: Vets who will qualify under PEACH PLUS - will receive a DPA but will lose the ‘super low’ mortgage rate and will have to pay ‘market rate.’
Here are the Main Differentiators:
Here are the Main Differentiators:
I) Peach Plus is a recent addition to the Georgia Programs.
It aims to reach homebuyers that previously were not served because the home purchase price OR their income was above of the max allowed!
In today’s high home prices this program allows purchase of homes up to $525,000 (Atlanta MSA & Athens MSA/July 2024. Up by $25,000 from April 2024). It allows home prices up to $475,000 in all other counties in Georgia.
II) Under PEACH PLUS the three years hiatus (wait) your last home ownership before you can apply again is waved – you can close the sale of your current home and buy another – with PEACH PLUS assistance - on the same day
Maximum Income allowed per household also went up significantly in this program. Please see chart below
III) Down Payment Assistance (DPA) is still available – albeit they pulled it down a bit:
II.a) Standard down payment assistance: Designed to assist all Georgians who will qualify boundless throughout all field of work and occupation. Under PEACH PLUS you may qualify for 3.5% of the property purchase price or a maximum of $10,000.
II.b) PEN - Protectors, Educators & Nurses: Offering 4% of the purchase price or a maximum of $12,500.
II.c) CHOICE Program – designed for families with a member living with disability. Offering 4% of the purchase price or a maximum of $12,500.
NOTE: Both ‘heritage’ (original) program for PEN and CHOICE both offer 5% of purchase price, but it also caps at $12,500 max
All other “heritage” (original) STANDARD, CHOICE, PEN and PEACH SELECT VETERANS ASSISTANCE programs are still firm in place, to serve all other homebuyers in the original income brackets, which, may I venture to say, will continue to make the majority of Georgia Dream clientele!
Worthy of note: The two reasons you would ‘bump up’ to PEACH PLUS is because you are
(a) making money above the earning ceiling stablished by Georgia Dream guide lines or/and you
(b) you want to by a house above the purchase price also established by Georgia Dream
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What Is New Under Georgia Dream PEACH PLUS
So, you would fall back in one these new Georgia Dream:
STANDARD PEACH PLUS PROGRAM
PEN PEACH PLUS PROGRAM
CHOICE PEACH PLUS PROGRAM
There are a few things you should keep in mind.
Under PEACH PLUS:
STANDARD DPA – 3.5% of purchase price or $10,000, whichever is less dollar amount
CHOICE & PEN – 4% of house purchase price or $12,500, whichever is less dollar amount
PEACH SELECT VETERANS ASSSISTANCE – if you fall into (a) earned income above the threshold stablished by Georgia Dream or (b) you need to buy a house above the max purchase price established by Georgia Dream, ten you may qualify with the parameters of PEN above …to include that your financing rates ‘will be dictated by the market’ and no longer the extra favorable rate for your ‘normal’ PEACH SELECT VETERANS ASSSISTANCE.
Another BIG difference is that under this program, vets will qualify to receive a DPA comparable to the PEN program above.
What’s the Max Income and Max House Price?
I have noticed that the interest rate for this program is coming higher than other Georgia Dream programs.
Otherwise, the Peach Plus Program has the following requirements and regulations:
Homebuyers under PEACH PLUS has 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.
Georgia Dream Peach Plus STANDARD $10,000 DPA, PEN, CHOICE and PEACH SELECT VETERANS ASSISTANCE $12,50 DPA. Buyers’ income up to $185,949 and house prices up to $500,000
Georgia Dream Peach Plus DPA Program allows income up to $185,949 and house prices up to $500,000. 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 and house prices up to $500,000, previously not served. Down payment assistance up to $10,000.
See details in this post
Interest rate is still determined by market rates – no changes there
Georgia Dream PEACH PLUS Requirements
To qualify for the Peach Plus DPA Loan program, borrowers must meet specific criteria, including:
1) The home will be your primary residence
2) a 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.
3) Comply with debt-to-income (DTI) requirements,
4) household income not exceeding 150% average median income (for the area where home is located), See chart below
and completion of HUD-approved homebuyer education.
It can be in person or online.
It will cost $50 to $100
Documents Your Lender Will Help You To Produce
Required documents may 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 GEORGIA PLUS Program
MSAs Vs Max Income Vs Max House Price
For Georgia Dream GEORGIA PLUS Program
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 - which cover the entire State:
1) Atlanta - Sandy Springs - Roswell, GA HUD Metro
2) Athens, GA MSA
3) All Other Georgia Counties
NOTICE to ALL user of GEORGIA PLUS will have the a waive of the 3 years ownership hiatus. You can sell your house in the morning and close a GEORGIA PLUS backed home loan in the afternoon.
NOTICE For Veterans: You may use this program if
(a) you are in higher income bracket to qualify for PEACH SELECT VETERAN ASSISTANCE and/or
(b) You need a house which will be on higher price point then allowed within PEACH SELECT VETERAN ASSISTANCE
Consequences for Vets:
(I) You will lose the wicked low interest rates afforded in PEACH SELECT VETERAN ASSISTANCE
(II) You will then fall into the “market rate”
(III) However, you will be ellegible a Down Payment Assistance (DPA) up to $10,000 which is NOT available under PEACH SELECT VETERAN ASSISTANCE
AREA/COUNTY:
Max Home Sales Price
Vs
Max Household Income for PEACH PLUS recipients
AREA/COUNTY:
Max Home Sales Price
Vs
Max Household Income for PEACH PLUS recipient
Atlanta - Sandy Springs - Roswell, GA HUD Metro - for PEACH PLUS recipients
Max Home Sales Price: $525,000
Max Household Income:
1-2 Persons: $180,659
3+ Persons: $207,758
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
Athens, GA MSA - for PEACH PLUS recipients
Max House Price: $350,000
Family Size Vs Max Income:
1-2 Persons: $ 152,144
3+ Persons: $ 174,966
AREA/ COUNTY Covered:
Clarke County, Madison County,
Oconee County, Oglethorpe County,
Morgan County
All Other Georgia Counties Covered - for PEACH PLUS recipients
Max house Price: $ 335,000
Family Size Vs Max Income:
1-2 Persons: $ 138,000
3+ Persons: $158,700
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