Georgia Down Payment Assistance Programs

Check out these great Georgia downpayment assistance programs that could be your answer to home ownership! There’s many different programs, you may fit better in one program than another so be sure to check them all out and see which would be best for you. Some down payment assistance programs are based on income, but others are not.

Georgia Dream Down Payment Assistance

Georgia Dream offers a variety of down payment assistance programs. General program highlights for all GA Dream programs are:

• Contribute at least $1,000 towards the purchase
• Must be a First-time home buyer or haven’t owned a home in the past 3 years
• Applicant must not have more than $20,000 or 20% of the purchase price in liquid assets
• Must have minimum middle credit score of 640+
• Property MUST be owner-occupied after purchase
• 30 year fixed rate mortgage for FHA, VA or USDA
• Purchaser to do simple homebuyer education course

Georgia Dream Hardest Hit

Georgia Dream Hardest Hit program offers home buyers $15,000 in down payment assistance, for a standard FHA 3.5% loan on a $200,000 house you will pay around $15,000 in down payment and closing costs. So this program can cover ALL of your down payment/closing costs if you approved. Don’t forget though, you must contribute at least $1,000 towards the purchase to be eligible for GA Dream. Program highlights for the $15,000 in assistance are:

• Eligible Counties: Fulton, DeKalb, Clayton, Muscogee, Douglas, Chatham, and Bibb
• Property must be existing; new construction is not eligible.
• Amount: $15,000 per household (PEN or Choice upgrade not available)
• 640+ Middle credit score required
• Recorded second mortgage lien with 0% interest, no monthly payment and forgivable after five years
• Dodd-Frank Certification – borrower(s) cannot have been convicted within the last 10 years of (1) felony, larceny, theft, fraud, or forgery (2) money laundering or (3) tax evasion

Georgia Dream Standard Program

Georgia Dream standard down payment assistance programs offers home buyers $5,000 towards down payment and/or closing costs. Program Highlights:

• Must meet all requirements of any GA Dream program(listed above)
• Available Statewide
• New Construction/Foreclosures okay

Georgia Dream PEN Program

Do you work in public protection, military, health care or education? You may be approved for Georgia Dream PEN Program offering buyers $7,500 in down payment assistance and/or closing costs. You must meet all general GA Dream requirements and be employed in qualified public protection sector.

Georgia Dream CHOICE Program

If you or a member of your family that you are living with is living with a disability you may qualify for GA Dream CHOICE program helping buyers with $7,500 towards down payment/closing costs, you must meet all of GA Dreams general requirements.

WE DeKalb Down Payment Assistance

DeKalb County has a great down payment assistance program available for buyers. Program highlights:

• NO first-time homebuyer requirement
• Borrower(s) must occupy property as primary residence
• Eligible for VA or FHA Loans
• Credit score must be 660+ for government loans or 660+ for conventional
• Max of 45 Debt-to-income ratio
• Property MUST be located in DeKalb County

You may qualify for a USDA Loan

USDA loans offer zero downpayment, you will only be required to pay for closing costs if those aren’t worked into the deal. To see if a USDA Loan may be a possibility for you, click here!