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how the Georgia Dream Homeownership Program works, thanks for any info I can get

colin · Posted: Wed Jun 13, 2007 3:13 pm Post subject:

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

Guest

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

blue · Posted: Wed Jun 13, 2007 3:38 pm Post subject:

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

miller_st · Joined: 17 Jan 2007 Posts: 918 168.95 Dollars($)

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

Guest

Know more about this program from - dca.state.ga.us / housing / Homeownership / programs / GeorgiaDream.asp

Guest

How long does it take to get approved for the GA dreams loan once the bank approves the mortage loan?

jerry · Posted: Fri Oct 10, 2008 5:08 am Post subject:

Hi Renea!

You will get the contact information of GA dream loan from the following link:

http://www.dca.state.ga.us/housing/Homeownership/programs/GeorgiaDream .asp

You can contact them and directly get the information.

Thanks,

Jerry

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