ATLANTA – State Representative Penny Houston (R-Nashville) seeks to make constituents aware of the Georgia Dream Homeownership Program, a state program created to make homeownership possible for eligible rural Georgians with incomes up to $74,500 or $86,000 per year. Residents in Tift, Berrien and Cook counties could apply for affordable financing options, down payment and closing cost assistance and homebuyer education.
“Every Georgian deserves the opportunity to achieve the dream of homeownership,” said Rep. Houston. “Empowering residents to fulfill their homeownership aspirations ensures a brighter future for our rural communities. Georgia Dream provides vital support and removes barriers to homeownership, and I want to encourage citizens to help spread the word about this program with their families and neighbors.”
The average Georgia Dream process takes about 60 days from application to closing. An eligible applicant is typically a first time home buyer or a home buyer who has not owned a home in the past three years. Borrowers must attend and complete either a homebuyer education workshop, individual housing counseling sessions or an online homebuyer education course through E-Home America.
In February 2023, Georgia Dream initiated a temporary increase for down payment assistance amounts: $10,000 is available to all eligible homebuyers; and $12,500 is available to active military members, public protectors, educators, health care providers and residents with family members living with a disability.
Residents living in Tift or Berrien counties must be first time homebuyers. Cook County is considered a “targeted area,” and as such, Cook County residents do not have to be first-time buyers. Tift, Berrien and Cook County residents could qualify for assistance for homes that cost up to $297,000. The income maximum for one to two person households is $74,500. Households with three or more people can make up to $86,000 per year. Applicants must be able to contribute a minimum of $1,000 toward the purchase.
The Georgia Department of Community Affairs (DCA) acts as the secondary market for lenders who want to provide an affordable mortgage product. Potential homebuyers may apply with participating lenders for Georgia Dream loans. The loans are secured or guaranteed by FHA, VA, USDA-RD or conventional uninsured loans. Once the lender has completed the process and gives credit approval, the information is forwarded to DCA for compliance review and funding approval.
Visit the Georgia Department of Community Affairs (DCA) website for a list of participating lenders, or call DCA at 1-800-359-HOME (4663) to get started. A step-by-step guide to the application process may be found online at https://georgia.gov/apply-georgia-dream-homeownership-program.
Representative Penny Houston represents the citizens of District 170, which includes Berrien County and portions of Cook and Tift counties. She was elected to the House of Representatives in 1997 and currently serves as Chairman of the House Appropriations Subcommittee on Economic Development. She also serves on the Banks & Banking, Budget and Fiscal Affairs Oversight, Economic Development & Tourism and Public Health committees.
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