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.
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 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.