Home Buying in Monroe>Question Details

Kristen Snyd…, Home Buyer in Monroe, GA

I just found out about the Georgia Dream Loan, and I was trying to find out more info.

Asked by Kristen Snyder, Monroe, GA Sat Mar 9, 2013

Such as, I would be a first time home owner, but my husband would not be. Could I still qualify, also what is the minimum annual salary for one person? Thanks in advance

Help the community by answering this question:

Answers

5
GA Dream requires that all borrowers on the mortgage be a First Time Home Buyer. This is defined as they cannot have been on title to another property in the last 36 months. If your husband was on title to a property in the last 36 months, then he would not be able to be on the mortgage for a GA Dream loan.

Like USDA, GA Dream uses Household Income as one of their qualifiers. Even though your husband wold not be on the new mortgage, his income would have to be included in the Household Income, but it would not be used as Qualifying Income. GA Dream limits Annual Household Income for 1-2 persons to no more than $69,000.

The minimum income would just be whatever is required based on the indivual borrower's current debts plus the new mortgage payment. GA Dream does have a lower debt to income ratio requirement than that of the USDA program.

Working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.

Regards,
Rodney Mason, NMLS #151088
Sr Loan Officer
Prospect Mortgage
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
rodney.mason@prospectmtg.com
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 203K Renovation (Streamline & Consultant) | HomePath® | HomePath® Renovation | HomeStyle® Renovation | VA | USDA | GA Dream | Jumbo Financing.
.
0 votes Thank Flag Link Mon Mar 11, 2013
Thanks again. I applied for the USDA. I was preapproved with a raise that I was trying to get. However, the raise has yet to happen. This is why I was wondering what the minimum salary was for the Ga dream. :)
0 votes Thank Flag Link Sun Mar 10, 2013
Well again, you wrote that your husband is not a first time home buyer so his credit score is irrelevant since only you would be applying for the GA Dream down payment assistance. Your credit score is above 640. Here's a post that I wrote earlier about how credit score affect your ability to qualify.

http://www.trulia.com/blog/solomon_greene/2013/01/credit_sco…

So you may be eligible for the GA Dream Mortgage if you all other criteria is acceptable to the lender.

Finally, it is worth repeating that the USDA mortgage may be much less of a hassle than GA Dream and your husband's status as a non-first time home buyer may be of little-to-no consequence toward getting approved.

Sincerely
Solomon Greene
Associate Broker, REALTOR®, Certified Affordable Housing Counselor, CDPE
Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Sun Mar 10, 2013
Thank you for all that information. With the Georgia dream, do both people applying need a credit score of 640? My credit is over 640 and my husbands is not. Thank you
0 votes Thank Flag Link Sun Mar 10, 2013
Hi Kristen,

Good question. No one in the household may be on title to a property at closing, so you should still be eligible if your husband has owned a property within the past three years, but does not own one now. You, however, would be the only one on the loan in this case. A single-person household may not earn more than $69K to to take advantage of Georgia Dream.

Have you been to their site?

http://www.dca.ga.gov/housing/Homeownership/programs/Georgia…

Your lender may not want to complete the extra paperwork associated with transactions involving Georgia Dream, so you'll want to choose the right lender. Likewise, there are a number of matters to be considered with regard to both the home search and offer documentation, so please be sure that your agent has recent experience with Georgia Dream.

Finally, there are several other options for you in Monroe. Some properties in that area may qualify for the USDA loan (100% financing) and you'll also find information on other down payment assistance programs at the link below.

I'd welcome the opportunity to speak with your husband and you. When time permits, please feel free to call me directly at (678) 775-2677. Keep up with changes in Metro Atlanta down payment assistance by liking the Facebook page at http://tinyurl.com/3h8f9fu .

Sincerely
Solomon Greene
Associate Broker, REALTOR®, Certified Affordable Housing Counselor, CDPE
Keller Williams Realty Atlanta Partners
0 votes Thank Flag Link Sun Mar 10, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer