ATLANTA – State Representative Trey Rhodes (R-Greensboro) seeks to make constituents aware of the Georgia Dream Homeownership Program, a state program created to make homeownership possible for eligible rural Georgians with low to moderate incomes. Affordable financing options, down payment and closing cost assistance is available now for residents in House District 124.
“Amidst the challenges faced by residents in the home buying market, it is crucial that we revitalize the housing landscape and reignite optimism in our communities,” said Rep. Rhodes. “The Georgia Dream Homeownership Program serves as a beacon of hope, especially for families or individuals who think homeownership will always be out of reach. By making affordable financing options available, our state can foster a brighter future for our rural communities. I urge our citizens to share the news about this program and look into these options for themselves or their loved ones.”
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.
Eligibility for the program ranges across the counties in House District 124. Residents must be first-time homebuyers if they live in Clarke or Putnam counties. Greene, Oglethorpe and Taliaferro counties are considered “targeted areas,” and as such, residents in these areas do not have to be first-time buyers. Residents in House District 124 could qualify for assistance for a home that costs 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 Trey Rhodes represents the citizens of District 124, which includes Greene, Oglethorpe and Taliaferro counties, as well as portions of Clarke and Putnam counties. He was elected to the House of Representatives in 2015 and currently serves as Chairman of the Game, Fish & Parks Committee and Secretary of the Ways & Means Committee. He also serves on the Banks & Banking, Economic Development & Tourism, Special Rules and State Planning & Community Affairs committees.
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