Georgia first time home buyer

What are Some First Time Homebuyer Programs in Georgia

In Georgia, the process of purchasing a home is not so different from most other states, save for a few legal provisions. For example, the Peach State is one of those that require a closing attorney to facilitate the transaction. There are programs available that allow first time home buyers in Georgia to put down less than the 20% conventional down payment. Buying your first home is an exciting and fulfilling experience, especially if everything goes according to plan. One way of ensuring that everything goes according to plan, is by knowing what to expect as a first time home buyer.

Standard First Time Homebuyer Programs

Knowing what to expect as a first time home buyer in Georgia will go a long way in ensuring your home purchase goes smoothly. Which is why we, at Moreira Team, have put together a first time home buyer guide to help you navigate through the Georgia housing market. It covers areas ranging from searching for a home to applying for a mortgage and closing the purchase. Be sure to contact us for any assistance, regardless of where you are in the house buying process. You should know that there are also many first time home buyer programs and  incentives available for you as a Georgia first time home buyer. First off, there are government-backed mortgage loans like the FHA loans, USDA and VA mortgage loans which are highly tailored for first-time homebuyers. They have low down payment, and insurance requirements and qualifying is straightforward.

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The Georgia Dream Homeownership Program

There is also the Georgia Dream Home-Ownership Plan which is offered by the Georgia Department of Community Affairs. The Georgia Dream Homeownership Program provides down payment assistance to first time home buyers in Georgia. You should avoid any major purchases on your credit cards until you have secured the housing loan.

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This first time home buyer program provides first time home buyers different levels of loan options that generally requires a credit score of 640. Program assistance for home buyers can receive up to $7,500 to $10,000. It serves as a second mortgage and has zero percent interest. This is a mortgage product made affordable for low income to middle income first time home buyers. Many people owned a home they were previously renting through the Georgia Dream payment assistance program.

Georgia Dream Program Eligibility Requirements for the Homebuyer

Areas listed: Barrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Morgan, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton

  • First time buyer or must not have owned a home for at least three years
  • Meet mortgage loan credit score requirements which is a minimum credit score of 640
  • Household income should not exceed $84,000 for one or two people; $96,000 for three or more people if you are going to purchase from the listed areas
  • Household income should not exceed $72,000 for one or two people; $83,000 for three or more people if you are going to purchase from the areas not listed above
  • Must not have liquid assets of more than $20,000 or 20 percent of sales price of the home 
  • Must complete an online homebuyer education course before completing the home loan program
  • Purchase price limits of the home cannot exceed $325,000 if you are going to purchase from the counties listed above; and purchase price cannot exceed $275,000 for any county not listed above

People who are applying for the payment assistance program must contact a participating Georgia Dream lender, because the DCA does not lend directly to first time buyer applicants. The loan is a 30 year fixed rate mortgages.The process takes 45 to 60 days from application to closing.

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Georgia Dream Standard Down Payment Assistance Programs 

The standard down payment assistance benefits first time buyers that need help in their down payment and closing costs. To be eligible, a borrower must have a 30 year fixed rate mortgage, conventional loan, FHA loan, USDA or VA loan. 

If you don’t qualify for the Georgia Dream Program , you may qualify for other assistance programs like the American Dream Down-Payment Assistance Initiative or Federal Housing Administration (FHA) loan that requires at least 640 credit score. But, may require higher down payments. This is also good if you have a low credit score, but works the best for people who don’t have a great credit history. 

Veterans Affairs (VA) loans have lower closing costs compared to FHA loans, but a borrower must have at least 640 credit scores. Since a VA loan is government backed, you don’t need to get private mortgage insurance. Fannie Mae/Freddie Mac also offers a low down payment loan but with higher interest rates than other federal programs. There are also several tax credit and education programs Georgia has to offer for home buyers. If you want to know how many of these programs you qualify for, give us your details and we will get back to you with a full list.

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