Georgia Dream Homeownership Program

GDCA supervises Georgia Dream, a 30-year affordable fixed-rate mortgage program for first-time home buyers in Georgia that applies to conventional, FHA, VA, or USDA loans.

Under this first-time home buyer Georgia scheme, the term 'first-time buyer' covers someone who has not purchased a home in the area in the last three years.

Buyers who aren't 'first-timers' (by this definition) but are purchasing in select regions may also qualify for this dream home loan program.

Borrower requirements:

• 640 minimum credit score
• Your household income must be less than $74,500 to $99,500, based on the size of your family and which county in Georgia will be your new home.
• Personal contribution of at least $1,000.
• Liquid assets must not exceed $20,000 or 20% of the home's purchase price, whichever is higher.
• Completing a homebuyer education workshop or individual housing counseling session is mandatory.

Property requirements:

• Purchase prices must fall within the limits, which range from $297,000 to $350,000, depending on the property's location.
• The purchased home must be your primary residence.

Please note that these purchase prices and income limits for residence purchases are for 2023. The limits are subject to change in 2024.

Georgia Dream down payment assistance (DPA)

Georgia Dream home loan program offers down payment assistance in Georgia of up to $10,000 via a secondary, interest-free loan requiring no monthly obligations. This second loan is only repayable when the owner sells the home, refinances the primary Mortgage, or the property is no longer the primary residence.

Some applicants, such as individuals in select professions, active military, or families supporting a disabled loved one, can get up to $12,500 in down payment assistance in GA.

Savannah’s DreamMaker down payment assistance program

Savannah provides aspiring homeowners with DreamMaker Home Purchase Assistance, a program furnishing down payments and closing cost coverage. DreamMaker program issues no-interest, 30-year deferred loans up to $50,000 for eligible applicants. Additional funds—a maximum of $7,500 —may be available if the planned purchase sits within a redevelopment region. Income restrictions tied to the funding stream apply, and you must pass a home inspection to be eligible for this down payment assistance program in GA.

Macon down payment assistance

The city of Macon also wants to help residents achieve ownership. For those selecting a home in the historic College Hill area, it offers up to $25,000 for the down payment. To take advantage of this Georgia first-time homebuyers incentive, annual earnings can be at most 80% of the region's median income.

Atlanta first-time homebuyer assistance

As the state's largest metropolis, Atlanta offers many options for aspiring homeowners. The city's economic development authority provides several down payment assistance programs in Atlanta tailored to certain buyer types, particularly first-timers wanting to purchase real estate.

Vine City Renaissance Initiative (VCRI)

This program allows up to $20,000 in forgivable grants for those who will reside in their Vine City home for at least the next five years. Borrower options include conventional, FHA, and VA loans from an Invest Atlanta-associated lender. Liquid assets must not be more than $25,000. You’ll have to pay a fee of $1,000, but there’s no maximum purchase price limit. Income limits ($100,100 – $154,420) are applicable depending on the household size.

Intown Mortgage Assistance Program

The Intown Mortgage Assistance Program incorporates a conventional, FHA, or VA mortgage and $10,000 for a down payment and closing costs (completely excused after residing in the property for five years). Credit score prerequisites range from 660 to 680, depending on your DTI ratio and loan type. This program demands a fee of $1,200, and assets cannot exceed $25,000. Income limits span from $85,800 for a single-person family to $132,360 for a five-person family. The maximum purchase price threshold is $385,000.

Atlanta Affordable Homeownership Program

The Housing Authority of the City of Atlanta, Georgia, can allot up to $20,000, or $25,000, for professionals working in healthcare, education, public safety, or active military/veterans buying inside Atlanta city limits. It is a no-interest loan forgiven in full if the home remains the primary residence for ten years. The purchase cost of the dwelling in consideration must be $375,000 or less, and your household income must be 80 percent of the AMI to qualify.

FHA Loans

FHA loans provide more lenient options for those struggling to qualify elsewhere. Becoming a homeowner is achievable with just a 3.5% DP & a credit score of 580 according to the Federal Housing Administration.

VA Loans

VA loans are an exceptional choice for our country's protectors. Active military, veterans, and surviving partners are granted lower rates through the Department of Veterans Affairs—no down payment expected. Their service is honored through facilitated financing.

USDA Loans

For rural residents seeking the ownership experience, look to the USDA. Their loans require no money down and are location-specific, but they remove a major hurdle. Income qualifications relax in designated areas per the Department of Agriculture's guidelines.

HomeReady and Home Possible Loan

First-timers have accessible alternatives, too, in HomeReady and Home Possible. Created by GSEs like Freddie Mac and Fannie Mae, these programs require just 3% down while maintaining wage flexibility. With room for diverse circumstances, these programs prime new buyers for successful mortgage handling.