First Time Home Buyer Georgia: The Georgia Dream Program and Other Programs

Buying your first home is an exciting and life-changing event. It’s also a big decision, as you are committing to live in a property for many years to come. If you’re looking to buy your first house in Georgia, there are some great programs that can help make the process easier. The Moreira Team specializes in first-time home buyer programs and goes into detail about the Georgia Dream Program as well as other Georgia first-time home buyers.

Georgia Dream Program for first time home buyers

There are many first-time home buyer programs in Georgia. If you’re looking for a mortgage, the Georgia Dream Program might be one of your best options. This first-time home buyer program provides loan options for those who have a credit score of 640. There are other requirements such as income and property location. Keep in mind, this is not the full loan for the purchase, but a down payment.

The Georgia Dream Program is perfect for those who have good credit and want to make a down payment on their first home.

Georgia first time home buyers of a first home eligible for the Georgia Dream Program receive as much as $10,000 in assistance with a second mortgage with zero percent interest.

Payments for the Georgia Dream Program are in monthly installments length up to 30 years.

Furthermore, the home purchased with assistance from the program is eligible for a tax credit worth as much as $15,000 annually.

Requirements for a Georgia First Time Home Buyer

Requirements for first time home buyers in Georgia are surprisingly lax. In many states, first time home buyers must have a certain amount of cash saved up to qualify for an affordable mortgage loan. In Georgia, however, first-time homebuyers only need to demonstrate that they can afford the monthly payments and are not in default on any other debts (such as student loans).

The Georgia Dream Program, however, adds that the buyer must have lived in the state for at least one year.

The program is designed to provide down payment assistance, closing cost assistance and mortgage rate buybacks as long as buyers live on a Georgia military base or work near a major military installation.

FHA loans are another option that first time home buyers should explore when looking for an affordable loan. FHA loans for first time home buyers in Georgia are especially attractive because the program does not require down payment and closing costs.

More Options for First Time Home Buyers in Georgia

If you do not qualify for the Georgia Dream Program or FHA, then you might be able to get help with down payments. The American Dream Down- Payment Assistance Initiative or Federal Housing Administration (FHA) can give you money to put towards buying a home. These programs require a minimum credit score of 640, meaning applicants need to be serious when taking on these loans. Higher down payments are also common among those who qualify for the program.

Another program a Georgia first time home buyer may be able to qualify for is a VA home loan. These loans are typically reserved for military veterans who have served at least two years in the armed forces. Like with other loans, you will need to be a US citizen and have a good credit score (a minimum of 640).

What are the Next Steps to Buy Your Home?

The one thing that is most important about mortgages is to know what the next steps in adopting a mortgage are before you start searching for an affordable home loan.

There are many factors that need to be considered when picking a first time buyer program, so there’s really no other way but to do your homework and learn about different avenues.

If you are looking for first time home buyer programs in Georgia, the talented Moreira Team specializes in helping. We can help you find the perfect program that fits your needs.