You have to use a GA Dream qualified lender, but there are tons of them and most offer the program.
There are other programs as well, and depending on your income, one of the others may even be better.
I have three great loan officers that I recommend to my clients. It allows you to talk with more than one person. A good loan officer and good lender is key in the process, and I can explain that further.
Give me a call at 678-992-3817 and I can go over the process with you.
It is a complex program and requires someone who knows how to make it work for you. There are several types of Downpayment Assistant programs depending on where you are buying and your situation as to which is best for you.
You need to be working with an awesome buyer's agent :) - me, to coordinate and oversee the whole process for you. Call if I can help get you on the right track - 770-789-3324.
Keller Williams Realty
Congratulations on your new job. I hold the GCPD in the highest regard.
Just wanted to tackle question number one. You will not be able to use just any lender for this program. Some lenders refuse to offer this program and some others who claim to do so reluctantly. It is important to align yourself with a seasoned lender who will take a genuine interest in your loan.
All my best for a successful home search. Please advise if I can help in any way.
Associate Broker, REALTORÂ® Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
I can find you a home using GA Dream or the Federal Home Loan Program.
Both are Down Payment Asisstance programs.
Processing time is a normal 45 days.
Please give me a call and I will explain in further details.
Isabel Elsesser, Realtor
First United Realty
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Over 26 Million SOLD
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1. If you are a recent college graduate, you can use your time spent in college to make up part up the 24 month history. A copy of your college transcripts will be required.
2. If, within the last 24 months, you have had a 6+ month gap in employment, then you must be employed at least 6 months since that gap ended.
3. For someone with a longer break in history, the same 6 month rule is followed.
For someone who is salaried or hourly, you generally must be employed at least 30 days with the current or new employer. This is due to the fact that a pay stub reflecting at least 30 days of YTD income is going to be required prior to closing.
If you are paid by anything other than a W-2 (i.e. a 1099, self employed, etc), then you must have 24 months of receipt of that type of income. Some exceptions are possible if your current employer switched your compensation from W-2 to 1099 or commission.
Closing on a mortgage prior to starting a new job is only considered on a case by case basis for certain fields. Generally, a non-revocable employer agreement confirming your new salary, position, and start date will be required.
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 options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
This is a VERY complex loan program, so you want to make sure the Loan Officer is very familiar with the process. To offer the GA Dream program, the individual Loan Officer must also be certified and not just the company.
Home buyers employed by entities that provide public protection, health care, or education may qualify for $7,500 under the PEN program.
This Second Mortgage can be used toward your down payment or your closing costs/pre-paids. This is a recorded Second Mortgage and it is due and payable once the property is sold, refinanced, or when it is no longer your primary residence. There is never a time when this second mortgage loan is forgiven. It is always required to be repaid in full.
In general, inventory levels are VERY low price now. Many sellers will not want to accept offers on proeprties using down payment assistace. This is becasue you typically need to allow 45-60 days for those loans to close.
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 lending experience.
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.
Jeffry E. Scott
ERA Allpoints Realty.com