Pro, Authentic & Hallucination-Free:
ProHomeBuzz.com
Summary of STANDARD – perhaps the broadest reaching of all Georgia Dream Programs: Up to
$10K DPA
What Should YOU
Expect Here?
SUMMARY
Of This PAGE
Summary of STANDARD – perhaps the broadest reaching of all Georgia Dream Programs: Up to $10K DPA
Or 5% of the purchase price – whichever is the lesser amount.
It is open to all Georgia residents – who will qualify, regardless of profession you work.
Available state wide in all 159 counties.
Here are the all the documents, qualification conditions, time line and other requirements you will need to be aware of – either to fulfil and to avoid in order to get your STANDARD Georgia Dream DPA up to $10,000
Summary Of STANDARD DPA Program Requirements:
1) ALL professions regardless of what line of work you do, you may qualify. There is NO requirement to what kind of profession you practice. Self-employed too.
2) FICO 640 mid score (All Georgia Dream require 640 as the minimum 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).
Examples: If the purchase price is $200,000 your liquid assets can be up to $40,000; purchase price of $300,000 liquid assets can be up to $60,000
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.”
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) 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 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) The home you are going to buy must be used for your primary residency
11)You must contribute with a ‘minimum down payment’ of $1,000 – at the closing table
12) Should you qualify for the STANDARD Georgia Dream Program, you will receive a down payment assistance (DPA) up to $10,000 OR 5% of the purchase price – whichever is the lesser amount
13) 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 your primary residence. …until you sell the house OR refinance it!
NOTE: 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
A Community Of Likeminded
Home Life Style Dreamers
-
We are growing this site by-the-day: Come visit as often as you can!
-
Meanwhile, feel free to send us a message, should you have a home buzz to share OR a "?" to ask! See you around!
Please take a minute to write us a review: short, sweet, and to the point.
YOUR Opinion Does Matter!
Documents Your Lender Will Help You To Produce
Required documents will 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
NOTE: 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
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 this
Summary of STANDARD?
My dog Yolo hard at work
Please click on the photo and let me know
Because my dog, YOLO,
would love to fetch it for you!
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
