The Georgia Dream Homeownership Program is designed to assist eligible low and moderate-income residents of Georgia in achieving homeownership. This initiative offers affordable financing options, down payment assistance, and homebuyer education, making it easier for individuals and families to purchase homes. Prospective buyers apply for loans through participating lenders, who handle the initial application and approval process. FHA, VA, USDA-RD, or conventional uninsured loans can secure these loans. Once approved by the lender, the application is reviewed by the GADCA (Georgia Department of Community Affairs) for compliance and funding approval. Loan rates, determined by the DCA, are available from participating lenders.

Am I Eligibility?

Eligible applicants include first-time homebuyers, those who have not owned a home in the past three years, and individuals purchasing homes in targeted areas (A targeted area is defined as a county or census tract where at least 70% of families have an annual income of 80% or less of the state median, or areas designated as economically distressed. Buyers in these areas are not required to be first-time homebuyers). Applicants must have a minimum middle credit score of 640, meet specific income and purchase price limits, and possess limited liquid assets.

Does the program offer downpayment assistance?
Applicants must contribute at least $1,000 of their own money or documented gift funds toward the purchase to receive down payment assistance. Additional purchase-related costs may also apply. The down payment assistance is a 0% interest loan with no monthly payments, secured by a second mortgage lien. It must be repaid when the home is sold, refinanced, or no longer the primary residence.

How to Apply?

Applications are handled by participating lenders across the state, who process the necessary paperwork for FHA, VA, USDA-RD, or conventional uninsured loans as part of the Georgia Dream program. Applicants do not apply directly to the DCA. Additional terms and conditions may apply.

For full details on the Georgia Dream Loan program,  you can request a FREE Buyer consultation with Christian Picado, Real Estate Professional with REAL Broker, to discuss your real estate goals and he will connect you with his vetted preferred lenders who are well-versed with mortgage/home lending programs. Take advantage of our FREE Affordability Calculator below to help you get started on determining your qualifications.