Your Guide to First-Time Homebuyer Programs in Georgia (GA)

First-Time Homebuyer Programs in Georgia

Exciting news, GA residents! There are a few first-time homebuyer and FHA loan programs available that help make home ownership more attainable for aspiring homebuyers.

#1: Georgia Dream

The Georgia Department of Community Affairs (DCA), has a program called the Georgia Dream. This down payment assistance program offers the following benefits:

• Down Payment Help: Qualified buyers can get financial assistance to cover or down payments and closing costs. This comes in the form of a down payment assistance loan
• Low Interest Rates: The program offers competitive, fixed-rate mortgages to keep monthly payments manageable. Per the GA DCA website, "Potential home buyers apply with participating lenders for Georgia Dream loans. The loans are secured or guaranteed by FHA, VA, USDA-RD or conventional uninsured loans. Once the lender has completed the process and gives credit approval, the information is forwarded to DCA for compliance review and funding approval. Georgia Dream rates are available from your participating lender. "
• Homebuyer Education: Taking a homebuyer education course is a helpful way to learn about managing homeownership responsibilities and finances.

Who Qualifies?

To be eligible for the Georgia Dream Homeownership Program, you generally need to:

• Be buying your first home or not have owned a home in the last three years.
• Have a strong credit score of 640 or higher
• Meet income limits, which, as of July 2024,  were below $120,439 for a 1-2 person household or $138,505 for a 3+ person household
• Commit to living in the home as your primary residence.

#2 Local Programs and Initiatives

Besides the Georgia Dream program, many counties and cities across Georgia offer their own first-time homebuyer programs. These programs may provide additional benefits like more down payment assistance, grants, or tax credits.

Applying for a Program

Applying for these programs involves a few steps and can take as few as 60 days to complete:

1. Get Ready: Gather documents such as proof of income, ID, and work history.
2. Submit Your Application: Fill out the application forms accurately and include all required documents.
3. Educate Yourself: Complete the mandatory homebuyer education course, which can be done online or in-person.

Benefits Beyond Money

These programs aren't just about financial help. Real estate agents assist you in understanding the market and feeling confident in your decisions. They also work to promote stable homeownership and strong communities.

Have questions about how much you can afford or what a comfortable debt to income ratio is? Curious about what a DTI is?  If you're saving for your first home in Georgia, regardless of your eligibility status for the Georgia Dream program, Foyer will help you plan and save for your first home.

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