The Georgia Dream Homeownership Program sponsored by the Georgia Department of Community Affairs to assist low to moderate income borrowers. This program provides first lien financing coupled with down payment and/or closing costs assistance in the form of a second lien. First lien financing will be offered in either FHA, VA or RD options, the borrower must provide a minimum investment of at least $1,000 from their own funds and …it must be combined with one of the following second lien options:
The standard 2nd lien is $5,000 to be used toward down payment and/or closing costs on the home loan purchase. The lien will be deferred with no payment due until the borrower refinances, pays off the 1st lien, sells or transfers the property.
PEN (Protectors, Educators and Nurses) Loan is a second mortgage in the amount of $7,500 and will be deferred with no payment due until the borrower refinances, pays off the 1st lien or sells or transfers the property. The qualified applicant must be in an eligible qualifying profession to be eligible for this 2nd lien.
Hardest Hit Fund (HHF) is a 2nd lien that will provide assistance of $15,000 to the borrower for down payment and/or closing costs. The second lien is deferred and will be forgiven after five years as long as the borrower resides in the property as a primary residence and does not payoff or refinance the 1st lien. This 2nd lien option is only available in select counties in Georgia: Bibb, Chatham, Clayton, Dekalb, Douglas, Fulton, Gwinnett, Henry, Muscogee and Paulding
The minimum credit score required to participate in the program is 640 and the ratio requirements maximums are based on the representative credit score for the loan.
Please note all loans are subject to a pre-closing compliance review by the Georgia Department of Community Affairs and the loan cannot be proceed to closing until we have a “firm commitment” from them. We are subject to their turn time reviews for the pre-closing compliance review.