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SUMMARY Georgia Dream PEACH SELECT VETERANS ASSISTANCE: YOUR VA home Loan At The Lowest Rate Around
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SUMMARY Georgia Dream PEACH SELECT VETERANS ASSISTANCE: YOUR VA home Loan At The Lowest Rate Around.
Find here a useful list of documents necessary and requirements needed in order to receive your loan assistance with the lowest % on a 30-year fix mortgage.
Also, the max household income & max home purchase price in each county & where to apply.
No Lottery! Available in all 159 Georgia counties
Georgia Dream PEACH SELECT VETERANS ASSISTANCE Program Requirements:
1) PEACH SELECT VETERANS ASSISTANCE is designed to assist veterans AND active member of all branches of the US Armed Forces
2) All other Georgia Dream Programs offer a ‘down payment assistance (DPA)’ which come in the form of a “Silent 2nd Mortgage”
3) The PEACH SELECT VETERANS ASSISTANCE – is a completely different approach: It comes in the form of SUPER LOW INTEREST RATE! AND there is NO 2nd Mortgage on the house.
NOTE: At the time of this writing, it was technically 2% below the market rates …which in a $300,000 which equates in a savings of $500 OR $6,000 a year!
Considering that the live of the loan is 30 years, then the savings would be a mind blowing $180,000!
Think about it!
4) Upon everything checking out to qualify for the PEACH SELECT VETERANS ASSISTANCE Georgia Dream Program, you will receive a percentage which is sure to be the lowest in today’s market
5) Peach Select Veterans Assistance has NO down payment assistance as such, therefore, there will be NO “Silent 2nd Mortgage” – as all others Georgia Dream Programs do.
6) Have your DD-214 handy …in case you did not have it handy, please request directly with the VA and they will provide you another copy “on the double!”
7) The house that you are buying has to be for your primary residence
8) FICO 640 mid score is required (All Georgia Dream programs require this minimum score)
9) 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
10) Max house purchase price – there is max house purchase price, depending on where you intend to buy your house.
Please check the Max Income Per Family And Max Home Price Per MSA chart below
11) Your liquid assets should not be more than $20,000 or 20% of the sales price (whichever is greater).
EXAMPES OF a house priced at $225,000 you would be perfectly alright if you have liquid assets up to $45,000
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.”
12) You will apply through a robust network of participating lender NOT directly with Georgia Dream
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13) 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
14) All Applicants for this program must take a Homebuyer Education Class. In person OR online. Expect to pay $50.00 to $100.00 for the class
Link to classes around the state
15) PEACH SELECT VETERANS ASSISTANCE applicants have a waive from the Georgia Dream ‘‘1st Time Buyer” rule. So, there is limit of how long you might have owned another house.
16) 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)
17) You must contribute with a ‘minimum down payment’ of $500 – at the closing table. That goes towards your house payment – you already ‘own’ that $500
That’s a ‘mini-downpayment” – it goes directly to pay for the principal
18) 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
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
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
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
If there is anything you still need
to know about the SUMMARY Georgia Dream PEACH SELECT VETERANS ASSISTANCE?
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Looking for a new home?
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The ‘house of the future’
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Looking for a new home?
Maybe I cannot find YOU
The ‘house of the future’
(As Yet)
But I certainly can find
YOUR FUTURE HOUSE!!!
Click on the photo to
contact me
