State of Georgia announces new loan program for affordable homeownership opportunities

Photo byGA Department of Community Affairs

Earlier this week, the State of Georgia announced a new loan program for its citizens aimed at redefining access to affordable homeownership opportunities, according to a release from the Georgia Department of Community Affairs.

Officials from the department describe the program, named the Georgia Dream Peach Plus loan program, as an initiative that revolutionizes access to affordable homeownership in the state by expanding opportunities for a wider range of homebuyers.

According to the release, the program signifies a significant advancement in the Georgia Housing Finance Authority's mission to offer inclusive solutions, specifically targeting those who qualify for FHA loans but may not meet the standard requirements of the Georgia Dream program.

Officials stated, "With a focus on increasing both income limits and the purchase price of the home, Georgia Dream Peach Plus aims to turn aspirations into reality for numerous Georgia families who may have been excluded from traditional homeownership programs."

Key features of the Georgia Dream Peach Plus include a 30-year fixed FHA loan at competitive market rates, a higher purchase price allowance, increased income limits to accommodate a broader range of homebuyers, ensuring more families can access affordable housing options, down payment assistance, standard down payment assistance that can provide three and a half percent of the property purchase price or a maximum of $10,000, and down payment assistance for Protectors, Educators & Nurses (PEN) that will offer 4% of the purchase price or a maximum of $12,500.

Per the release, borrowers must have a minimum credit score of 640, meet Debt-To-Income (DTI) requirements, have household income not exceeding 150 percent of the Average Median Income, and complete HUD-approved Homebuyer Education to qualify.

The program is effective immediately for those who qualify. Anyone interested in more information or in applying can visit https://www.dca.ga.gov/safe-affordable-housing/homeownership/georgia-dream/georgia-dream-peach-plus-loan-program.