Georgia Dream Changes

By
Mortgage Banker with Prospect Mortgage NMLS #151088

On February 11, 2010, The Department of Community Affairs announced several changes to some Georgia Dream programs. 

Georgia Dream Rewards (Name changed from Georgia Dream Plus)

Increased income limitations:

Atlanta MSA
1 or 2 persons $71,000
3 or more persons $82,000

Purchase price up to $250,000

Statewide
1 or 2 persons $61,000
3 or more persons $70,000

Purchase price up to $200,000
 

Sales Price/Down Payment Assistance Amount Changes
$5,000 if sales price is $150,000 or less
$7,500 if sales price is greater than $150,000

Credit score requirement remains at 660+.  Buyers may retain cash assets up to the greater of $20,000 or 20% of the purchase price.

http://activerain.com/blogsview/1233569/georgia-dream-rewards-down-payment-assistance-program

Georgia Dream Recovery

New program name for assistance for twenty One (21) GA counties that have been designated as Federal Disaster Areas as a result of the 2009 floods.

The counties are Carroll, Catoosa, Chattooga, Cherokee, Cobb, Crawford, Dawson, DeKalb, Dooly, Douglas, Fulton, Gwinnett, Heard, Houston, Newton, Paulding, Peach, Rockdale, Stephens, Taylor & Walker.

http://activerain.com/blogsview/1276217/ga-dream-recovery-down-payment-assistance-program-temporary-revisions

 

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It is always advisable to consult with a knowledgeable lending professional when navigating today's turbulent mortgage and real estate marketplace.  I am committed, qualified and equipped to help you evaluate your options!

 

Also check out:

Conventional Financing Mortgage Program Overview/Updates

FHA Financing Mortgage Program Overview/Updates

Georgia Dream Down Payment Assistance Program Overview/Updates

HomePath Financing Mortgage Program Overview/Updates

USDA Financing Mortgage Program Updates  

Programs Include:

  • Conventional (Fannie Mae & Freddie Mac)
  • HomePath - #1 Volume Retail Lender
  • HomePath Renovation
  • FHA
  • FHA 203K Renovation Loans (Streamline or Consultant)
  • Georgia Dream Down Payment Assistance
  • Jumbo
  • USDA
  • VA
  • Conventional Condo Project Approvals
  • FHA DELRAP / HRAP Condo Project Approvals

*************************************************************************************

Rodney Mason is a Sr Loan Officer located in Atlanta, GA.  He is also 203K Renovation Loan and HomePath REO Property Specialist.  He can be reached at (404) 591-2453.

Providing financing for cities across Georgia including: Acworth, Albany, Alpharetta, Athens, Atlanta, Augusta, Austell, Avondale Estates, Blairsville, Bloomingdale, Blue Ridge, Bogart, Brunswick, Buckhead, Buford, Canton, Carrollton, Cartersville, Chatsworth, Clayton, College Park, Columbus, Commerce, Conyers, Covington, Cumming, Dahlonega,  Dacula, Dalton, Dawsonville, Decatur, Doraville, Douglasville, Duluth, Dunwoody, East Point, Fayetteville, Flowery Branch, Gainesville, Greensboro, Hampton,  Hapeville, Hinesville, Hiram, Jackson, Jefferson, Jonesboro, Kennesaw, Lagrange, Lawrenceville, Lilburn, Lithia Springs, Macon, Madison, Metter, Morganton, Morrow, Newnan, Norcross, Oakwood, Peachtree City, Pooler, Richmond Hill, Riverdale, Rome, Roswell, Sandy Springs, Savannah, Scottdale, Statesboro, Stockbridge, Stone Mountain, St Marys, Sugar Hill, Suwanee, Thomasville, Thunderbolt, Tucker, Tybee Island, Valdosta, Waleska, Warner Robins, Waycross, Wilmington Island, Winder, Woodstock, and many more.


Providing financing for cities across Alabama including: Alabama Port,
Anniston, Athens, Auburn, Bessemer, Birmingham, Boaz, Bridgeport, Cedar Bluff, Chickasaw, Clayton, Coden, Dauphin Island, Decatur, Dothan, Eufaula, Fairfield, Fairhope, Florence, Foley, Forestdale, Fort Morgan, Fort Payne,Gasden, Grand Bay, Gulf Shores, Heron Bay, Homewood, Hoover, Jasper, Josephine, Madison, Meadowbrook, Midfield, Mobile, Mon Louis, New Hope, Orange Beach, Oxford, Oyster Bay, Phenix City, Prichard, Rainbow City, Saraland, Satsuma, Scottsboro, Selma, Troy, Theodore, Tillmans Corner, Trussville, Tuscaloosa, Vestavia Hills, Warrior and many more.

 

               

NMLS #151088 - Licensed in AL & GA.  HomePath® is a registered trademark of Fannie Mae.

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Topic:
Lending / Financial
Groups:
Atlanta Real Estate Q&A
Georgia Association of REALTORS®
Georgia Open Houses
Mortgages
REO REALTORS
Tags:
ga dream
rewards
recovery
down payment assistance program
georgia
grant
rodney mason
alpharetta
atlanta
decatur
duluth
norcross
roswell
rome

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Rainmaker
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Rodney Mason

FHA 203K, USDA, VA, HomePath Renovation Specialist
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