The Georgia Dream loan programs should not be confused with DPA programs. Ga Dream will give a qualified buyer a 2nd mortgage with no payments due and -0- interest accurring as long as they live in the home....up to $20,000. This helps the borrower qualify for more home and less payment. Some buyers can qualify for the reduced 1st mortgage rate even if they do not qualify for the 2nd mortgage program.
Some HUD homes are allowed if in good condition. The reason HUD doesn't like them is because usually the power and water is off and can not be truely checked out.

Thank you so muchfor taking your time to let me know this Dudley.

Elaine,

The Georgia Dream Homeownership Program makes purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgages loans. There may be a product in your area that's similar. The GA Dream Program requires home buyers attend a home buyer education class prior to qualifiying for the program.

http://www.dca.state.ga.us/housing/Homeownership/programs/Ge…

Dolores,

I checked with HUD regarding the GA Dream Program use with the purchase of a HUD home. The answer is no. However they may make acceptions in some cases.

The main reason HUD denies this request is that they offer owner occupants the ability to purchase a HUD home for $100 down when using an FHA Loan. So the need for a Down Payment Assistance (DPA) program such as the Georgia Dream Program is not needed.


James Dudley
ERA Sunrise Realty
678-781-7418
james.dudley@era.com

Can you please explain the dream program so we all can benefit from it as well as your answer for Dolores. I learn so much by what you real estate pros write.

Dolores,

I work with a Local Listing Broker for HUD properties and we are very active in Listing and winning bids on HUD Homes.

You bring up an excellent question that has not come up before in my experience. As Diane Mentioned HUD can be picky about requests like this. The main reason is because of the preference they already show to owner occupants and incentives such as buying a home with very little money down.

I will try to contact someone from HUD today and get an answer for you regarding the GA Dream Program.
Are your working with an agent who is certified to sell HUD homes? I would be happy to work with you placing your bid on a HUD property. I am very familiar with the process and winning bids for my clients on HUD homes.

James Dudley
ERA Sunrise Realty
678-781-7418
james.dudley@era.com

Dolores,

Your agent will most likely need to call the HUD Department. I know HUD is very fussy about some of these programs. I am trying to get them to approve a down payment assistance program for a client of mine, and they said I have to submit the addendum first and see if HUD will approve it.

Again, just have your agent make that simple call first.