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Summary PEACH PLUS – Georgia Dream: up to $12,500 for higher income buyers & higher price house
Summary PEACH PLUS – Georgia Dream: 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
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SUMMARY
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GEORGIA PEACH PLUS – Georgia Dream Main Differentiators:
GEORGIA PEACH PLUS – Georgia Dream
Main Differentiators:
I) Peach Plus is a recent addition to the Georgia Dream 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) 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:
III-a) Standard down payment assistance: Designed to assist all Georgians who will qualify boundless throughout all field of work and occupation. Providing 3.5% of the property purchase price or a maximum of $10,000.
NOTE: The “heritage” (original) STANDARD program also offers $10K max but it also offers 5% of the purchase price – whichever is the lower amount…
III-b) PEN - Protectors, Educators & Nurses: Offering 4% of the purchase price or a maximum of $12,500.
III-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
It is fundamental to understand that Georgia Dream GEORGIA PLUS was created to serve those home buyer who previously had been ‘bumped out’ because they earned above the established max OR they needed a house which price was above the max allowed by the “heritage” [original] programs.
If you understand the specific clientele for the creation of the GEORGIA PLUS program, I am happy to say that I have achieved my goal for this page.
Make NO mistake: All other “heritage” (original) programs are still firm in place, to serve all other homebuyers in the original income brackets, which, may I venture to say, will make the majority of Georgia Dream clientele!
Also worth nothing that the PEACH SELECT VETERANS ASSISTANCE is not affected.
STANDARD PEACH PLUS PROGRAM Rules & Regulations
STANDARD PEACH PLUS PROGRAM
PEN PEACH PLUS PROGRAM
for PROTECTORS, EDUCATORS & NURSES (all healthcare professionals, really)
CHOICE PEACH PLUS PROGRAM
Interest rates is still determined by market rates – no changes there
Although I have noticed that the interest rate for this program is coming higher than other Georgia Dream programs in the same category STANDARD, CHOICE & PEN.
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.
Requirements
Requirements: To qualify for the Peach Plus DPA Loan program, borrowers must meet specific criteria, including:
The home will be your primary residence
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.
Debt-to-income (DTI) requirements,
Household income not exceeding 150% average median income (for the area where home is located),
Completion of HUD-approved homebuyer education.
Required for ALL Georgia Dream participants.
It can be in person or online. It will cost $50 to $100
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Documents Your Lender Will Help You To Produce
Documents Your Lender Will Help You To Produce
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 collect those documents and instruct you how to fill out all the required forms and paperwork.
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