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What is the Georgia Dream Homeownership Program?

What is the Georgia Dream Homeownership Program?


What is the Georgia Dream Homeownership Program?

If you’re shopping for a home in Georgia, it’s important to understand all your options. The size, price, and location of your new home, plus your credit score and your income, combine to give you lots – or few – choices. The Georgia Dream Homeownership Program, created by The Department of Community Affairs, may be the perfect solution for you.

How Did DCA Come to Be?
The Department of Community Affairs (DCA) was created 1977. In 1996, the Governor and General Assembly merged the Georgia Housing and Finance Authority (GHFA) into DCA.

What Does DCA Do?
Once formed, the job of providing safe and affordable housing became part of the agency’s mission. They help low- and moderate-income Georgia residents buy homes by providing affordable financing to eligible buyers. This is accomplished by working with lenders through the Georgia Dream Homeownership Program.

What Is the Georgia Dream Homeownership Program?
This program assists would-be homebuyers with homeowner education, down payments and financing opportunities. Buyers work through participating lenders across the state to access the Georgia Dream Homeownership Program, which is secured by national programs like FHA, VA, USDA, or traditional uninsured loans. In addition, housing counseling assistance is available through the program for buyers whose credit scores are not high enough to purchase at the current time, but who want to work toward future homeownership.

Who Will the Georgia Dream Homeownership Program Benefit?
The program was designed to help Georgians who want to buy a home but who may not meet the criteria for other types of  loan programs. Low- and mid-income people who live and want to purchase a home in Georgia can benefit from the program. It also helps buyers who haven’t been able to save up a down payment large enough to qualify for traditional loan programs, which is a common obstacle on the path to homeownership. First-time homebuyers, or those who haven’t owned a home in the last three years, can also take advantage of the program. There are certain geographical areas that also qualify. Participants aren’t required to have a high credit score, but they must meet certain thresholds.

What Does the Program Require?
Buyers who take advantage of the Georgia Dream Homeownership Program must take homebuyer classes before they can qualify. They also need a middle credit score of at least 640 and a minimum of $1,000 for a down payment. A housing ratio and a total debt ratio must be met to qualify for this program, as well. There are also income and house price maximums that buyers must meet.

If you think the Georgia Dream Homeownership Program could help you achieve your goal of buying a house, MIG would love to help make it a reality. Contact us today to learn about all your options and see if you qualify.

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Mortgage Investors Group, based in Tennessee, offers residential financing in a number of states in the southeast, See MIG Service Areas. Terms and conditions to apply to home financing. We want to share with you the loan terms vary based on several characteristics and your financial profile. These include but are not limited to loan program, loan purpose, occupancy, credit history, credit score, assets, and other criteria per loan type. The repayment terms and interest rate may vary from time to time. The terms represented here are based on certain assumptions outlined below and/or noted on the loan outline page. Additional details concerning privacy, program disclosures, licensing specifics may be found at migonline.com Legal Information.

MIG Loan Officers will help gather the information needed for an individual assessment to provide home financing which matches the loan characteristics with your home financing needs based on your financial profile, when you are ready to begin a full loan application. For estimates and general information before that step, the basis for which the mortgage financing information are as follows:

  • Rates are subject to change at any time.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Rate locks are available at current terms for 30 to 180 days based on program type, credit profile, property location, etc. which will affect the available rate and term.
  • Payments will vary based on program selection, current rates, property location, etc.
  • Not all programs are available in all states.
  • Some loan programs may not be available to first time home buyers.
  • Terms and conditions apply, which may include restrictions or limits per loan program.
  • Information is generally based on primary residence occupancy with no cash out when refinancing.
  • Unless otherwise stated, terms shown are estimates based in part on credit score of 700 or higher; owner occupancy, escrow account is established for taxes and insurance(s); debt-to-income ratio no higher than 43.0%; PMI applies to conventional loan programs over 80.0% LTV; VA,FHA & RD require insuring fees included in loan and/or payment; fixed rate, 30 year term.

An MIG Loan Officer is available to help with your financial details to determine which characteristics apply to your situation for a personalized look into which loan program best fits your home financing needs. Please use the Find a Loan Officer link or reach out to Mortgage Investors Group at 800-489-8910. Equal Housing Lender 1.2020