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Georgia's State Homeownership Program |
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Eligible first time homebuyers may qualify for a Georgia Dream Second Mortgage loan for the down payment and closing costs associated with the purchase of their home. The Georgia Dream Second Mortgage financing must be used in conjunction with a Georgia Dream First Mortgage Loan.
• No interest
• No monthly payments
• No payment due until home is sold, refinanced or no longer used as the borrower's principal residence.
Eligible borrowers will:
I. Have a total annual household income that does not exceed the limits on the chart below based on the number of persons living in the home and the location of the home
II. Contribute a minimum of $500 of their own funds towards the purchase transaction, and
III. Complete Home Buyer Education with a DCA Home Buyer Education partner.
Georgia Dream Second Mortgage Loan Income Limits
1 Person 2 Person 3 Person 4 Person 5 Person
39,850 45,550 51,250 56,950 61,500
*Atlanta Area Counties: Barrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, Dekalb, Douglas,Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Newton, Paulding, Pickens, Pike, Rockdale, Spalding, Walton. (Please note these counties are not the same as the Atlanta MSA)
Georgia Dream Second Mortgage Loan Amounts
STANDARD
All eligible homebuyers.
$5,000
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PEN
Eligible homebuyers who are employed by entities that provide public protection (including the military), health care, or education.
$7,500
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CHOICE
Eligible homebuyers whose household includes an individual living with a disability.
$7,500 - $20,000
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HONORS
Eligible homebuyers who are the surviving spouse of a military serviceman or servicewoman or of a public protector.
$10,000
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WELCOME HOME
Eligible members of Georgia's Army and Air National Guard who purchase a home in the State of Georgia.
$10,000
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