Georgia Dream Down Payment Assistance
Pros– Up to $15,000 to use toward the upfront costs ofhomeownership– Zero interest– Deferred repayment– Forgivable after five years
Cons – Only available in select areasEligibility – Georgia
Dream loan participant– Home must be existing properties in eligible counties– Must contribute at least $1,000 toward the purchaseBest For – Georgia Dream participants buyingpreviously owned homes in counties hit hardest by the2008 crisis
The U.S. Treasury provided $15 million to help theGeorgia Housing and Finance Authority establish theGeorgia Dream Hardest Hit Fund (HHF). This works tostabilize communities hit especially hard withdelinquency, negative equity and foreclosures. In turn,the HHF Down Payment Assistance Program provides upto $15,000 to eligible borrowers using a GeorgiaDream mortgage to purchase an existing home in selectcounties.
Homes in Fulton, DeKalb, Paulding, Clayton, Muscogee,Douglas, Gwinnett, Chatham, Henry and Bibb countiesare included in the current HHF program. Funds areawarded in the form of a second, no-interest loan. Likeother Georgia Dream loans, there are no monthlypayments so long as you stay in the home and keepcurrent on your primary mortgage.
Best of all, the loan is forgiven five years after theclosing date.
Contact me if you’re interested in this program.
Vanessa West – Solid Source Realty GA