Georgia Dream

Down Payment Assistance Program that provides $5,000 to $15,000 to eligible buyers.  

  • 2nd Mortgage Loan, No Interest, No Monthly Payment, Repay at Sale or Refinance.
  • Loan Benefits:
    • $5,000...available to anyone that qualifies.
    • $7,500...for Protectors, Educators, and Health Care workers.
      • Protectors:  MILITARY: Members of the five branches of the United States of America Armed Forces, including the Army National Guard and Air National Guard.  Police, sheriff’s departments, correctional facilities and other law enforcement agencies such as highway patrol, also includes probation officers.  All employees of FIRE DEPARTMENTS, EMS services and volunteer fire fighters.
      • Educators:  All employees of local, city, or county school boards recognized or accredited by the State of Georgia or Regionally Accredited Associations to include Head Start, Pre-K, Elementary, Middle and High Schools, Colleges, Private Schools, & state certified teachers of day care providers.
      • HEALTH CARE, all employees of state licensed health care facilities including, but not limited to the following: Hospitals, Doctor & Dentist offices, Health Departments, and Nursing Home
    • $15,000...Georgia Dream is offering a "Hardest Hit Fund".
      • This is for specific counties hardest hit with serious delinquency, negative equity, distressed sales, and foreclosures.  
      • Counties included are Fulton, DeKalb, Paulding, Clayton, Douglas, Gwinnett, Henry, Muscogee, Chatham, and Bibb.
      • Funds forgiven after 5-years.
  • Features
    • Eligible Properties:  Single family dwelling (attached or detached), condominiums, townhomes, and modular homes.  Mobile or Manufactured homes are not eligible.
    • Can be used with FHA, USDA, VA, and Conventional with 20% down.
    • Non-Occupant Co-Borrowers are allowed. 
    • No credit scores, applicants that meet FHA’s non-traditional credit policy may be considered.
    • Typically receive very good interest rates.
  • Restrictions
    • Income limits:
      • Household income, of all parties 18+ yrs old.
      • 1-2 persons $60,500 Statewide;  $74,000 MSA (see below) 
      • 3+ persons $69,500 Statewide, $84,500 MSA (see below)
      • MSA (Metropolitan Statistical Areas):  Atlanta, Borrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton.
    • $1,000 minimum buyer contribution. 
    • Credit 640+ required.
    • First time buyers only, (has not owned a home in the past 3-years).  Targeted Counties - don't have to be 1st time buyer, call for county list.
    • Cannot have liquid assets of $20,000 or 20% of the sales price, (retirement funds are not included)
    • For existing homes, no new construction. 
    • Primary residence only.
    • Loan limit:  $100,000 to $250,000 purchase price.
    • Total debt ratios: 
      • Mid-score 700+ = AUS
      • Mid-score 660 to 699 = 35/43
      • Mid-score 640 to 659 = 28/36.
    • Home buyer education is required, online course.
    • Borrower(s) cannot have been convicted within the last 10 years of (a) felony larceny, theft, fraud, or forgery (b) money laundering or (c) tax evasion.
    • Closing fees are more because there are two loans instead of one.
    • 3-years tax returns required.
    • Cannot be combined with other DPA funds.
    • Must repay funds when home you refinance, sell, or convert to non-primary residence.

Guidelines change frequently, therefore, we do not guarantee accuracy.  Above is provided as a reference, to be confirmed with our team. Subject to change without notice.