Georgia Dream loans typically require about 45-60 days to close. Since the Department of Community Affairs has to underwrite each GA Dream loans, that will add to the closing timeframe. DCA's turn around times do vary daily based on their volume.
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
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
Georgia Dream provides buyers with a tremendous opportunity today to finance the purchase of a home with interest rates below the market rates. The process of actually getting approved for the Georgia Dream Home Ownership Program depends on a several factors.
Credit scores - Georgia Dream looks for scores above 660. There are additional guidelines for scores below 660 down to 620. Buyers working to improve their credit scores may take three to six months.
Home Buyer Education - required course work that may be required either online or in class. Can take up to 30 days to get scheduled with an approved provider.
Salary - there is a cap on how much income a household can generate to be eligible for Georgia Dream Home Ownership Program.
Loan Approval by Lender registered to process Georgia Dream loans - can take 30 or more days depending on the Lender's loan approval guidelines. Once the Lender completes their loan approval, the Lender passes the loan package to the Department of Community Affairs to get the buyer approved for the Georgia Dream funds.
If you would like for me to put you in touch with a Lender who knows Georgia Dream, please let me know. And if you need an experienced real estate agent to help you find a property, please call me at 404-246-3210.