{"id":5780,"date":"2021-02-23T09:00:52","date_gmt":"2021-02-23T14:00:52","guid":{"rendered":"http:\/\/migonline.com\/blog\/?p=5780"},"modified":"2021-05-18T14:03:16","modified_gmt":"2021-05-18T18:03:16","slug":"everything-you-need-to-know-to-benefit-from-a-georgia-dream-loan","status":"publish","type":"post","link":"https:\/\/migonline.com\/blog\/2021\/02\/23\/everything-you-need-to-know-to-benefit-from-a-georgia-dream-loan\/","title":{"rendered":"Everything You Need to Know to Benefit From a Georgia Dream Loan"},"content":{"rendered":"<p>The Georgia Dream Homeownership Program may be the solution you&#8217;re looking for to secure a mortgage loan and purchase a house. The program, created by the Department of Community Affairs (DCA), is designed to assist low- and mid-income homebuyers who may not qualify for other types of loan programs. This segment of hopeful homeowners has been underserved in the past and doesn&#8217;t\u00a0have many choices when purchasing a property. The\u00a0Georgia Dream Loan gives them more\u00a0options.<\/p>\n<p><strong>Georgia Dream Loan Offerings<\/strong><br \/>\nThe program is multifaceted in its offerings. Georgians can take advantage of homebuying counseling classes, down payment assistance, and special financing interest rates. In addition, buyers who are purchasing a property in a county or census tract where at least 70% of the families make an income of 80% or less of the statewide median income may qualify for assistance within the program guidelines.<\/p>\n<p><strong>Requirements for Program Applicants<\/strong><br \/>\nThere are several requirements for those interested in using the Georgia Dream Homeownership Program to buy a house:<\/p>\n<ul>\n<li><strong>Previous homeownership.<\/strong> The program only works with first-time homebuyers or those who have not owned a home in the last three years.<\/li>\n<li><strong>Targeted areas.<\/strong> As we mentioned above, there are certain geographical areas where the program applies.<\/li>\n<li><strong>Income.<\/strong>\u00a0Only low- and mid-income buyers qualify for the program. These limits depend on the county you\u2019re buying in and are subject to change.<\/li>\n<li><strong>Home price.<\/strong> The program mainly focuses on modest homes. The maximum home prices typically vary between $275,000-$325,000, depending on the county.<\/li>\n<li><strong>Homebuyer Education.<\/strong> All applicants are required to participate in homebuyer education, either online in an eHome America course, an individual housing counseling session or an in-person homebuyer education workshop.<\/li>\n<li><strong>Credit score.<\/strong> A 640 middle credit score is required to qualify for a loan under the program. Those with lower scores can learn how to improve their credit history with the program\u2019s \u201cReady, Set, Go\u201d online course.<\/li>\n<li><strong>Cash.<\/strong> Applicants need a minimum of $1,000 to use for the down payment.<\/li>\n<li><strong>Assets.<\/strong> No more than $20,000 or 20% of sales price (whichever is greater) in\u00a0assets are allowed.<\/li>\n<\/ul>\n<p><strong>Other Important Information<\/strong><\/p>\n<ul>\n<li>Down payment assistance is available to those who need it. This is a 0% interest loan, which will be paid back when you sell,\u00a0refinance, or no longer live in the home as your primary residence.<\/li>\n<li>Pre-payments are accepted, and there is no penalty if you pay the house off early.<\/li>\n<li>Making payments is easy. You can pay online and by check, depending on your preference.<\/li>\n<\/ul>\n<p>Buying a home can be expensive and seem daunting, especially if your income is in the low to moderate range. It can seem almost impossible to save a big-enough down payment to qualify for a traditional loan. That&#8217;s why the Georgia Dream Loan was created. <a href=\"https:\/\/migonline.com\/contact\">Contact us<\/a> today to see if the program paves the way for you and your family to enjoy homeownership.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Georgia Dream Homeownership Program may be the solution you&#8217;re looking for to secure a mortgage loan and purchase a house. The program, created by the Department of Community Affairs (DCA), is designed to assist low- and mid-income homebuyers who may not qualify for other types of loan programs. This segment of hopeful homeowners has &hellip; <a href=\"https:\/\/migonline.com\/blog\/2021\/02\/23\/everything-you-need-to-know-to-benefit-from-a-georgia-dream-loan\/\" class=\"more-link\">Continue reading <span class=\"screen-reader-text\">Everything You Need to Know to Benefit From a Georgia Dream Loan<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":5805,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5780","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Everything You Need to Know to Benefit From a Georgia Dream Loan - Mortgage Investors Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/migonline.com\/blog\/2021\/02\/23\/everything-you-need-to-know-to-benefit-from-a-georgia-dream-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Everything You Need to Know to Benefit From a Georgia Dream Loan - Mortgage Investors Group\" \/>\n<meta property=\"og:description\" content=\"The Georgia Dream Homeownership Program may be the solution you&#8217;re looking for to secure a mortgage loan and purchase a house. 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