The Georgia Department of Community Affairs announced a new down payment assistance option to its Georgia Dream Homeownership Program. The Georgia Dream "Plus" option offers down payment and closing cost assistance for first time home buyers with incomes up to 100% of their Area Median Incomes (AMI). Georgia Dream's down payment 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 loan, 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 borrower.
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 in the home buying market," says DCA Commissioner Mike Beatty.
Georgia Dream's "Plus" option can be used in conjunction with the Federal & State tax credit for first time home buyers. 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 funding for Georgia Dream "Plus," therefore, all interested borrowers are encouraged to check with a Georgia Dream participating lender soon.