GEORGIA DREAM

Under no circumstance may an Applicant own any other residential real estate within or outside the United States as of the date of closing the loan. If the Applicant owns residential real estate property used solely as a rental property but never as a primary residence during the previous three (3) years, the Applicant must terminate his or her interest in such property prior to closing the loan. Even if not included as a Borrower, Applicant’s spouse may not own any other residential real estate as of the date of closing.
Must Occupy property within 60-days of closing.
Non-Occupant Co-Borrowers are allowed; their income is used to qualify but not included in Household Annual Income.
No Interest 2nd Loan; No Monthly Payment: You repay when you payoff the loan, no longer use as your primary residence, sell it, or refinance.
$1,000 minimum buyer contribution.
For existing homes, no new construction.
Primary residence only.
Eligible Properties: Single family dwelling (attached or detached), condominiums, townhomes, and modular homes.
Ineligible Properties: mobile, manufactured homes.
Total Debt Ratios: Mid-Score 700+ = AUS; 640-699 <45%.
3-years tax returns are required.
Cannot be combined with other DPA funds.