An eligible applicant is a first time home buyer or a home buyer who has not owned a home in the past 3 years or a home buyer who purchases a home in a targeted area see what is a targeted area. To find out the specific requirements please visit the georgia.
Applicant must have a minimum middle credit score of 640 must meet income and purchase price limits and must have limited liquid assets.
First time home buyer ga. Ideal for first time home buyers low 3 5 down payment requirements favorable credit score requirement of 580 fha loans are the 1 loan type in america with 11 41 of all single family residential mortgage originations and 1 market share for first time home buyers at 82 84. Georgia dream targeted areas the georgia dream homeownership program is available to eligible first time home buyers in all georgia counties. The program is the georgia dream homeownership program.
For example a 3 down payment. Usda rural development programs that reduce the cost of homeownership for low and moderate income families. But even a small down payment can be challenging to save.
Georgia s department of community affairs and the federal government have created first time homebuyer programs to help though. Between sponsored mortgages and down payment assistance peach state settlers could save thousands. There is just one such grant available depending upon your income.
Department of hud 2019 annual report. Habitat for humanity habitat affiliates bring homeownership to very low income families. Department of hud 2019 annual report.
The agency in georgia that created the programs and administers the assistance to first time home buyers is the georgia department of community affairs. However if you purchase a home in one of the targeted counties shaded in green or in a targeted census tract you do not have to be a first time home buyer. Ideal for first time home buyers low 3 5 down payment requirements favorable credit score requirement of 580 fha loans are the 1 loan type in america with 11 41 of all single family residential mortgage originations and 1 market share for first time home buyers at 82 84.
Must be first time home buyer not have owned a home in the last 3 years available statewide income limits and purchase price limits apply minimum credit score 640 middle score home buyer counseling required matching grant community partners click to inquire 7500 maximum subsidy must be one of the following. No matter where you hope to settle in georgia housing costs usually will be relatively affordable buying your first home can still be intimidating of course. Some conventional loans aimed at first time home buyers with excellent credit allow as little as 3 down.
Georgia dream homeownership program low interest financing down payment assistance homebuyer education. A wide range of mortgage options exist for first time home buyers through the georgia dream program including 30 year fixed rate federal housing administration fha veterans affairs va and u.