Loans By Kathy: FAQ #8 Where can I get help with my down payment?

FAQ #8 Where can I get help with my down payment?

GA Dream,down payment assistance,

The GA Dream Homeownership Program is a government-sponsored down payment assistance program. 

 It offers either $5000 or $7500 depending on the buyer's qualifications in the form of a silent second mortgage for first-time homebuyers.

The silent second mortgage is a recorded document, however unlike the first mortgage, the second it at zero percent interest with no monthly payments.  The only time it would be repaid is if the loan is refinanced or the home is sold.

On February 24, it was announced that there would be changes to the GA Dream Homeownership Program as outlined below.


Changes are effective with

loan reservations

on or after

Saturday, February 25, 2012


Borrowers purchasing within the Atlanta Metropolitan Statistical Area:

Barrow, Bartow, Butts, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Haralson, Heard, Henry, Jasper, Lamar, Meriwether, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton Counties may have a total household income(based on the number of people living in the home) of no more than:


One to two persons              $69,000

Three or more persons          $79,500


Borrowers purchasing outside the Atlanta Metropolitan Statistical Area: (Any county not listed above) May have a total household income (based on the number of people living in the home) of no more than:

 One to two persons             $59,500

 Three or more persons        $68,500


For more information regarding qualifying for this program, please contact me.


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Kathy Sheehan Senior Loan Officer






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 • June 08 2012 07:04PM


Wow Kathy, what a great program for home buyers in the Atlanta area, I am sure this will help many folks.

Posted by Kathy Stoltman, Ventura County Real Estate Consultant 805-746-1793 (Rockwood Realty) about 7 years ago

Thanks Kathy!  It is a great program for those that qualify.

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

Kathy - Great information for buyers to have.  They need to know about these kinds of programs.

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) about 7 years ago