In GA, the Georgia Dream Program provides down payment assistance throughout the state. This is an actual 2nd mortgage, not a grant. There are annual household income limitations along with maximum sales prices that will both vary by county.
The typical assistance amount provided is $5,000. The PEN program allows for $7,500 in assistance. PEN is available to anyone working in Public Safety, Education (accredited only), or Healthcare. The CHOICE Loan provides borrowers with disabilities, or those who have a disabled dependent as a household member with $7,500 in assistance.
The down payment assistance amount is ALWAYS repayable whenever the home is no longer your primary residence or when the home is sold.
Getting Pre-Qualified prior to beginning the home search is critical. To do this, you would need to submit a Pre-Qualification request along with your financial documentation.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203(k) Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
Georgia Dream offers educators an interest and monthly payment-free loan of $7500 to help with their down payment and closing costs. The Good Neighbor Next Door Program offers certain HUD-owned homes at 50% of the list price. There may be other educator-specific programs available, but these are the two that are familiar to me. Otherwise, you may be interested in some of the other down payment assistance and 100% financing programs available to both first-time and move up home buyers at the link below.
Please call if there are any questions.
Georgia Real Estate Brokers Associate, REALTORÂ®
Keller Williams Realty Atlanta Partners
Solomon is right Georgia Dream does provide for a $7500 grant in the form of a "listen second mortgage". There are also some County Grant programs that provide larger down payments. If you need any information or assistance with that I will be happy to provide you with the number for a lender who can provide additional information.
Solid Source Realty Inc
Keller Williams Cityside
Fred Yancy, Broker