Current Georgia Mortgage and Refinance Rates

First-time homebuyers can compare various programs and look for homebuyer assistance that provides down payment funds. A first-time homebuyer in Georgia includes anyone who hasn’t owned a residence in the past three years.

Georgia Dream Homeownership Program

The Georgia Dream Homeownership Program, designed for low- and moderate-income households, includes affordable loans, homebuyer education and down payment assistance. Borrowers must meet income requirements in the county where they plan to buy and qualify for a mortgage. Borrowers may receive $5,000 in down payment assistance.

Who qualifies?

Eligible applicants include first-time homebuyers with a minimum credit score of 640 who are purchasing in targeted areas.

Each county has a limit on household income depending on the number of people in the household and a maximum purchase price.

• In 24 counties, borrowers qualify with a household income of $84,000 or less for one or two people and $96,000 or less for larger households. In those counties, the maximum purchase price is $250,000.
• In all other counties, borrowers qualify with a household income of $72,000 or less for one or two people and $83,000 or less for larger households. In these counties, the maximum purchase price is $200,000.

Liquid assets at the time of closing can be no more than $20,000 or 20% of the house’s purchase price, whichever is greater.

PEN program

This extension of the Dream program benefits protectors, educators and nurses (PENs). First-time homebuyers — including those who are police officers, firefighters, emergency medical technicians (EMTs), teachers, nurses or active-duty military — may be eligible for down payment assistance of up to $7,500.

Who qualifies?

Outside of the profession that makes a borrower eligible for the PEN program, all qualifications are the same as with the Georgia Dream Homeownership Program (see above).

Choice program

Another extension of the Dream program, this is designed for homebuyers who are disabled or who have someone in their household with a disability. Qualified borrowers may be eligible for down payment assistance of up to $7,500.

Who qualifies?

Similar to the PEN program, all qualifications — outside of disability status — are the same as with the Georgia Dream Homeownership Program (see above).