(The following is a brief Program Description, please contact me for more information.)
The Georgia Dream Homeownership Program makes purchasing a home more affordable for low-to-moderate income families and individuals by offering fixed, low-interest rate mortgages loans.
In addition, the Georgia Dream Homeownership Program offers down payment and closing costs assistance to eligible borrowers, which can greatly reduce the out of pocket expense to the buyer.
Eligible buyers include but are not limited to POLICE OFFICERS, FIREFIGHTERS, SHERIFF OFFICERS and protector employees. HEALTH CARE WORKERS and TEACHERS and EDUCATORS.
Effective
June 27, 2013
4.125%
Georgia Dream First Mortgage
FHA/VA/RD/Conventional Uninsured
with or without a
Georgia Dream Down Payment Loan
MINIMUM CREDIT SCORES APPLY!
How To Boost Your Credit Scores
When you order a credit report, the credit bureaus often list several ways by which a person you can his credit score.
For people whose credit scores are low, this can be a roadmap for FICO improvement. For people whose credit scores are very high, it may be extraneous information; you can't get "bonus points" for having an extra-high FICO.
Take the credit bureaus' recommendations under consideration, but remember that there are only a few fool-proof ways to improve your credit score.
1. Pay your bills on time, every time
2. Keep your credit card balances low as compared to your total available credit
3. Apply for store charge cards only when absolutely necessary
4. Pay doctor and utility bills when they're due
5. Keep old credit cards open, and use them periodically
Ideally, your credit card balances should not exceed 30 percent of the card's available balance. If you are having trouble meeting this requirement for a high credit score, ask your credit card company to raise your credit limit.
Lastly, if you've had a derogatory event on your credit report, avoid credit repair companies until you've done your due diligence. Often, time is the best healer of a "bad credit report".
Financing Options
First Mortgage Loan Financing-
Georgia Dream's First Mortgage provides low-interest rate mortgage loans to eligible borrowers with moderate incomes and modest assets. Except for targeted rural counties and some urban census tracts, borrowers must be first-time home buyers. The loans are 30 year fixed rate mortgages. Loans are originated under FHA, VA, conventional or USDA/Rural Development guidelines. Homes purchased under the program cannot exceed maximum sales price limits. Application for these loans is made through a network of participating lenders across the state. A home purchased under this program must be the borrower's primary residence.
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Down Payment and Closing Cost Financing
Home buyers who meet the qualifications for a Georgia Dream First Mortgage loan also qualify for Down Payment Assistance of up to $7,500. Used in conjunction with a Georgia Dream First Mortgage Loan, the down payment assistance helps defray the cost of the down payment, closing costs, and prepaid escrow expenses associated with purchasing a home. Borrowers must contribute a minimum of $1000 to the purchase transaction.
Georgia Dream's Down Payment Assistance is a $5,000, 0% interest rate loan, available only if the borrower uses the Georgia Dream First Mortgage loan described above. Loans are made as delayed repayment second mortgage loans. Delayed repayment means that the loan is repaid when the home is sold, transferred or re-financed or if the home is no longer the borrower's primary residence.
The loan amount is increased to $7,500 for Protectors, Educators and Health Care Workers (PEN), or for households that include an individual living with a disability (CHOICE).
Homebuyer Education
The Georgia Dream Homeownership Program provides free homebuyer education through a partnership with local entities to help homebuyers take a comprehensive look at the home buying process and home ownership responsibilities. Applicants seeking down payment and closing cost financing are required to attend Homebuyer Education prior to loan closing.
