What is the Georgia Dream Homeownership Program?

What is the Georgia Dream Homeownership Program?

The Georgia Dream Homeownership Program is a program that helps people in Georgia buy a home for those who are eligible. The dream of owning your own home can become a reality with the help of the Georgia Dream Homeownership Program for qualified homebuyers.

This program provides reasonable mortgage rates. Georgia Dream offers closing costs and down payment help, as well as homebuyer education.

Eligibility Criteria for Georgia Dream Homeownership Program 

In order to be eligible for the Georgia Dream Homeownership Program, you need to satisfy the following conditions:

• You should be a first time home buyer and must not have owned a home in the past three years.
• The person should not have purchased a home in certain areas of Georgia.
• The household income should not exceed the maximum household income mentioned on the official website.
• The liquid assets must not be more than $20,000 or 20% of the sales price, whichever is greater.
• You should complete the credit requirements for a mortgage loan.

What is the Maximum Household Income and Home Sales Price?

The Maximum Household Income and Home Sales Price will vary depending on the purchasing area or county.

Maximum home sales price*: Up to $400,000

Maximum income limits:

• $107,796 for 1-2 persons
• $123,966 for 3 or more persons
• The interest rates are determined by the market.

Documents Required for Georgia Dream Homeownership Program

To obtain a home loan through the Georgia Dream Homeownership Program, certain documents are required, including:

• The IRS transcripts of 3 consecutive years.
• The latest completed signed personal tax returns.
• You need to obtain a signed 92900LT form from your lender with their review comments.
• Provide a credit report and fraud report.
• The signed application affidavit form is required by Georgia Dream.
• A letter explaining the past addresses and homeownership history or providing IRS confirmation of no records for the last 3 years.
• You should have at least $1,000 saved for your home purchase.

How to Obtain a Loan on the Georgia Dream Homeownership Program?

These steps will help you through the process of getting a loan from the Georgia Dream Homeownership Program.

• Firstly, contact a lender who is working with the Georgia Dream program.
• Find out from the lender if you are eligible for a loan.
• Then begin with the loan process with the lender.
• You can find a list of these lenders on the www.GADream.com website or by calling 1-800-359-HOME (4663).2
• Provide them with the required documents.
• The lender will review your application and let you know if you are eligible.
• Once the application is approved, you can move forward with purchasing your home.