Loans By Kathy: GA Dream Program Update - rate drops 8/11/11

GA Dream Program Update - rate drops 8/11/11

The GA Dream Program is a government sponsored down payment assistance program for first time home buyers in the state of Georgia.  A first time home buyer for this program is defined as a person that has not owned a home in the last 3 years and the purchase must be for their primary residence. 

The GA Dream Program is used mostly used in conjunction with an FHA first mortgage and will provide either $5000 or $7500 (if the borrower is in the medical, education, or public services field) to be used toward the buyer's down payment and/or closing costs.  There are some specific requirements in order to qualify, they are:

MUST be a first time home buyer

MUST meet the credit score requirement of at least a middle score of 620

MUST meet the income restrictions based on household size

MUST meet all the FHA underwriting requirements and home must meet HUD guidelines

These funds will be provided in the form of a silent second mortgage.  This means that you will sign a note for the $5000 or $7500 at closing.  This note is at 0% interest and no monthly repayment schedule.  It will only be repaid if the borrower sells the property or refinances.

Don't let a down payment stand between you and your dream of owning your own home!

 

For more information on the GA Dream program, please visit the website www.dcaloans.com or give me a call.

For more information about FHA mortgages please visit the website www.hud.gov or give me a call.

 

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

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404.745.8060

 

Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

800.BAY.3703 Bay Equity LLC NMLS ID#76988


 

 

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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.

 

Comment balloon 3 commentsKathy Sheehan • August 12 2011 08:23AM

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Kathy, that sounds like a nice program that is being offered. I'm sure that can help some people who are on the fence that could qualify for the GA Dream Program.

Posted by Alan Adamo, Your Huntington Beach REALTOR® (Westline Real Estate) over 7 years ago

Kathy , wonderful for you Realtors in Georgia I will need to keep this in mind

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Posted by Lynn911.com ~ Dallas Real Estate Agent Top Team (Dallas Houses for Rent Dallas Apartment Rentals Lynn911.com ) over 7 years ago

It really is a great program.  It is so nice to be able to pre-qualify a buyer and tell them the down payment doesn't have to be the obstacle.

Posted by Kathy Sheehan, Senior Loan Officer (Bay Equity, LLC 770-634-4021) over 7 years ago

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