Georgia launches home loan program: Key things to know

ATLANTA, Ga. - There’s a new homeownership loan program in Georgia.

According to the Georgia Department of Community Affairs, the new effort dubbed Georgia Dream Peach Plus is tailored to assist borrowers who qualify for Federal Housing istration loans but may not meet the criteria for the standard Georgia Dream loan program.

Key features include:

• The program offers a 30-year fixed FHA loan at competitive market rates.
• The program raises income limits to accommodate a broader range of homebuyers, ensuring more families can access affordable housing options.
• By raising the maximum purchase price of homes, Georgia Dream Peach Plus opens doors for families previously excluded by limited affordability options.
• Eligible borrowers can benefit from down payment assistance.

To qualify for the program, borrowers must meet specific criteria, including a minimum credit score of 640, debt-to-income requirements and completion of homebuyer education.

Georgia real estate agent Erin Coker said programs like this can be very helpful. According to Coker, the market is busy right now, but being able to afford a home is still unrealistic for everyone.

“A lot of people are struggling, especially first-time home buyers trying to get into their first home,” Coker said. “It’s not affordable for so many people. The winners in the market right now are the people that have been in homes for five, 10, 15 years that have the equity and can pull out.”

For more information, visit https://www.dca.ga.gov/safe-affordable-housing/homeownership/georgia-dream/georgia-dream-peach-plus-loan-program.

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