Georgia Dream Homeownership Program

Georgia Dream "Plus Offers More Options for First Time Home Buyers"

The Georgia Department of Community Affairs announced a new down payment assistance option to its Georgia Dream HOwmewonership Program. The Georgia Dream "Plus" option offers down payment and closing cost assistance for first time home buyers with incomes up to 100 percent of their Area Median Incomes(AMI). Georgia Dream's downpayment assistance options are normally restricted to borrowers whose incomes are at or below 80% AMI. This assistance comes in the form of a second mortgage ban with a zero percent interest rate and requires no repayment until the home is sold,refinanced, or no longer used as the principal residence of the borrowwer.

The Georgia Dream "Plus" option provides $5,000 for down payment and closing costs to borrowers whose total annual household income does not exceed the following:
In the Atlanta MSA:
One to two person household $71,000
Three or more person household $82,000
In all counties outside the Atlanta MSA:
One to two person household $61,000
Three or more person household $70,000

We are excited about the Georgia Dream "Plus" option. We hope this additional incentive for Georgia's home buyers will help continue the current momentum n the home buying market,"says DCA Commisioner Mike Beatty.

Georgia Dream's "Plus" option can be used in conjunction with the Federal & State tax credit for the first time homebuyers. The "Plus" option is available to eligible borrowers through Georgia Dream participating lenders and must be used in conjunction with a Georgia Dream first mortgage loan.

There is limited fundraising for Georgia Dream Plus,"therefore all interest borrowers encouraged to check with a Georgia Dream participating lender soon.