The GA Dream program is available for Georgia Residents. It provides the down payment for home buyers that haven't been able to save enough for their down payment and/or closing costs.
Like so many other financing programs, there are some restrictions and minimum requirements:
- Minimum credit score of 620
- At least $1000 of own funds in the transaction
- Must be a First Time Home Buyer
- Must not exceed household income restriction (this is amount can vary by county)
- Must successfully complete a Home Buyer's Training Class.
- Meet all FHA guidelines
There are three programs:
- Standard $5000
- PEN (must work in Public Service, Education or Medical) $7500
- Choice (For households with individuals living with a disability) $7500
For more information go to www.dcaloans.com.
The most common question asked is when do I have to pay this back? This down payment is recorded as a silent second mortgage at 0% interest with no payment due. As long as you continue to live in the property, you will not be making a payment on this second mortgage. The mortgage must be satisfied if the property is sold, or refinanced.
This program has made home ownership a reality for many Georgia families. Are you ready to be a home owner?
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The opinions and general information in this blog are soley those of Kathy Sheehan. Specifics regarding an individual case should be discussed in detail with a loan professional. For a confidential consultation, please feel free to contact me via phone or email. All terms and conditions are subject to change.