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McCormick
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0.10 Dollars($)
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 Posted: Wed Jun 13, 2007 2:40 pm Post subject: Georgia Dream Homeownership Program |
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how the Georgia Dream Homeownership Program works, thanks for any info I can get
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 colin
Moderator
Joined: 30 Jun 2006
Posts: 602
Location: Waltham, Massachusetts
112.61 Dollars($)
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| Posted: Wed Jun 13, 2007 3:13 pm Post subject: |
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Hi McCormick,
Welcome to Mortgagefit forum.
Georgia Dream Homeownership Program helps low to moderate income people to afford purchase of their homes by offering fixed, low rate mortgages.
Except for some urban census tracts & targeted rural counties, borrower is required to be a first time home buyer and use the home as his primary residence. The loan offered is a fixed rate one with rates that are lower in comparison to available market rates. There are two types of mortgages available one is a traditional 30 year one and the other known as Affordable Advantage Mortgage is a 35 year mortgage with interest only payments for the first five year.
These loans are originated under FHA, VA, conventional & USDA/Rural Development loan guidelines. The purchase value of the home cannot exceed the set maximum sales price limit fixed for the program.
Colin |
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McCormick
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0.10 Dollars($)
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| Posted: Wed Jun 13, 2007 3:20 pm Post subject: |
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| thanks a lot for the reply, I came to know that some kind of help is also provided in this program for making down payment, is it correct and if so then how much is available |
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blue
Joined: 21 Oct 2005
Posts: 1138
Location: MARYLAND
135.13 Dollars($)
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| Posted: Wed Jun 13, 2007 3:38 pm Post subject: |
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Hi McCormick,
You have received correct information. There is Georgia Dream Second Mortgage to assist home buyer with down payment & closing cost financing assistance to be used along with the Georgia Dream Homeownership Program's first mortgage.
Maximum amount available under this loan is $20,000. This mortgage can be used to pay for associated cost of down payment, closing costs & prepaid escrow costs. But a borrower will have to contribute at least $500 of his own funds towards the purchase transaction.
This second mortgage is a 0% interest loan of $5000 and is made as a delayed repayment loan which means that repayment is required is the house is sold refinanced or transferred and if the borrower no longer uses it as his primary residence.
The loan amount is $7500 for Protectors, Educators and Health Care Workers (PEN) and also when anyone purchases a home certified by ENERGY STAR® Homes, EasyLiving Home™ (EV), or EarthCraft Homes™.
The assistance loan amount is $10,000 for certain members of the military & their surviving spouses. The maximum amount of $20,000 is available for people with disabilities & when there are disabled members in the family.
Do let me know if you need any other details about this program.
Thanks
Blue
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Wed Jun 13, 2007 3:44 pm Post subject: |
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McCormick, you can also attend free homebuyer education offered for this program to help people take a comprehensive look at the buying process.
And if you want to avail the down payment assistance in the form of Georgia Dream Second Mortgage then you will have to attend this homebuyer education prior to loan closing.
Miller |
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lloyd
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0.10 Dollars($)
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| Posted: Wed Jun 13, 2007 4:09 pm Post subject: |
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| Know more about this program from - dca.state.ga.us / housing / Homeownership / programs / GeorgiaDream.asp |
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