DCA Announces Lower Interest Rate on GA Dream Recovery Down Payment Assistance Program

By
Mortgage and Lending with Prospect Mortgage NMLS #151088

The Department of Community Affairs has just lowered the interest rate on the GA Dream Recovery Down Payment Assistance Program.  To find out the current interest rate, just click here

New interest rates take effect every Thursday at 5:01 pm.

 

There are some TEMPORARY revisions to the GA Dream Recovery (formerly Plus) Down Payment Assistance Program.

FOR A LIMITED TIME THERE ARE SPECIAL GUIDELINES FOR HOME BUYERS PURCHASING IN COUNTIES DESIGNATED AS DISASTER AREAS  

Twenty One (21) GA counties have been designated as Federal Disaster Areas as a result of the recent 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.

Home Buyers in these counties are eligible for Georgia Dream First Mortgage Loans with Rewards/Recovery Down Payment assistance and these special provisions: 

* Home Buyers Do NOT have to be first time home buyers.

* Higher purchase price limits

* Higher Household Income limits

 

Carroll, Cherokee, Cobb, Dawson, Dekalb, Douglas, Fulton, Gwinnett, Heard, Newton, Paulding & Rockdale - $300,000 purchase price limit

  • 1 or 2 persons $86,000 income limitation
  • 3 or more persons $100,000 income limitation

Catoosa, Chattooga, Crawford, Dooly, Houston, Peach, Stephens, Taylor & Walker - $250,000 purchase price limit

  • 1 or 2 persons $73,000 income limitation
  • 3 or more persons $85,000 income limitation

 

The Department of Community Affairs not yet announced when these temporary changes will end.

Posted by

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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Rainmaker
44,490
Carol West
Carol West Real Estate, LLC - Hillsboro, OR
Real Estate Agent, Hillsboro, Beaverton, Portland

What a great program to get people into their own homes. Wish it was a national program. 

Jul 11, 2010 04:26 PM #1
Rainmaker
345,313
Rodney Mason
Prospect Mortgage - Atlanta, GA
FHA 203K, USDA, VA, HomePath Renovation Specialist

Carol....Many states and/or some larger counties have some type of down payment assistance programs.

Jul 13, 2010 10:40 PM #2
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Rainmaker
345,313

Rodney Mason

FHA 203K, USDA, VA, HomePath Renovation Specialist
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