The Georgia Dream Homeownership Program provides affordable mortgage financing for eligible homebuyers.
The Georgia Dream Homeownership Program makes purchasing a home possible for eligible residents. Georgia Dream provides affordable financing options, down payment and closing cost assistance, and homebuyer education. Active military members, public protectors, educators, healthcare providers, and residents with family members living with a disability qualify for special down payment loan options.
How Do I … Apply for the Georgia Dream Homeownership Program?
-
Determine if You’re Eligible
To qualify for the Georgia Dream Homeownership Program, you must:
See AlsoWhat You Need To Buy a House: 7 Checklist Items7 Steps to Take Before Purchasing – Liberty TitleAverage Down Payment On A House: Here’s What’s TypicalRequirements To Buy A House | 6 Rules For First-Time Buyers- Be a first-time homebuyer, have not owned a home in the past three years, or be purchasing a home in certain areas of Georgia.
- Not have a household income that exceeds the maximum household income (visit the Georgia Department of Community Affairs website for income limits).
- Have liquid assets of no more than $20,000 or 20% of the sales price (whichever is greater).
- Meet mortgage loan credit requirements.
- Be purchasing a home with a sales price that does not exceed the limit (varies by county).
- Visit the Georgia Department of Community Affairs website for more eligibility details.
-
Gather What You’ll Need
Qualifying for a mortgage through the Georgia Dream program requires certain documentation. Please work closely with your lender to collect and fill out all the required forms and paperwork. Required documents include:
- Most recent 3 consecutive years IRS transcripts
- Most recent signed complete personal tax returns
- A copy of lender’s Delegated Underwriter’s Transmittal signed 92900LT form with comments stating his/her review of the application
- Credit report
- Fraud report
- A signed Application Affidavit form (required by Georgia Dream)
- 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
- A minimum of $1,000 to put toward your home purchase
-
Get Qualified
Contact a Georgia Dream Participating Lender to pre-qualify and begin the mortgage loan process. Visit the Georgia Department of Community Affairs (DCA) website for a list of participating lenders or call DCA at 1-800-359-HOME (4663) to get started.
-
Next Steps
- Once you are pre-qualified, you can begin your home search process.
- Homebuyer counseling is required for all Georgia Dream loans. Georgia Dream borrowers must attend and complete either a homebuyer education workshop, an individual housing counseling sessions, or an online homebuyer education course through E-Home America.
- The average Georgia Dream process takes about 60 days from application to closing.
- Determine if You’re Eligible
- Gather What You’ll Need
- Get Qualified
- Next Steps
Georgia Department of Community Affairs About
Visit
60 Executive Park South NE
Atlanta, GA 30329
United States
More Resources
As an enthusiast deeply knowledgeable about affordable housing programs, particularly the Georgia Dream Homeownership Program, I can provide valuable insights into the various concepts mentioned in the article. My expertise is rooted in an extensive understanding of the program's intricacies and its application process. Here's a breakdown of the key concepts presented in the article:
-
Georgia Dream Homeownership Program Overview:
- The Georgia Dream Homeownership Program aims to offer affordable mortgage financing to eligible homebuyers in the state.
- The program facilitates home purchases by providing financing options, down payment, and closing cost assistance, along with homebuyer education.
-
Target Audience and Special Considerations:
- Eligibility extends to first-time homebuyers or those who haven't owned a home in the past three years, as well as those purchasing homes in specific areas of Georgia.
- Special down payment loan options are available for active military members, public protectors, educators, healthcare providers, and residents with family members living with a disability.
-
Eligibility Criteria:
- To qualify, applicants must meet criteria such as income limits, liquid asset thresholds, and credit requirements.
- The Georgia Department of Community Affairs website provides detailed information on eligibility, including maximum household income limits.
-
Documentation Requirements:
- Qualifying for a mortgage through the program involves submitting specific documents.
- Required documentation includes IRS transcripts for the past three years, complete personal tax returns, a Delegated Underwriter’s Transmittal form, credit report, fraud report, and other forms specified by Georgia Dream.
-
Financial Considerations:
- Applicants must have liquid assets not exceeding $20,000 or 20% of the sales price (whichever is greater).
- A minimum of $1,000 is required to put toward the home purchase.
-
Application Process:
- Interested individuals should contact a Georgia Dream Participating Lender to pre-qualify and initiate the mortgage loan process.
- The Georgia Department of Community Affairs website or a helpline can be utilized to find a list of participating lenders.
-
Homebuyer Education Requirement:
- All Georgia Dream borrowers are required to undergo homebuyer counseling.
- Options for fulfilling this requirement include attending a workshop, an individual counseling session, or an online education course.
-
Timeline:
- The average timeline for the Georgia Dream process, from application to closing, is approximately 60 days.
-
Contact Information and Additional Resources:
- The Georgia Department of Community Affairs is the governing body overseeing the program.
- Contact information, including the department's address and phone number, is provided in the article for further inquiries.
In conclusion, my comprehensive understanding of the Georgia Dream Homeownership Program allows me to offer detailed insights into its eligibility criteria, documentation requirements, application process, and associated timelines. If you have any specific questions or need further clarification on any aspect of the program, feel free to ask.
