First Time Home Buyers in Georgia - Information on Georgia Dream Homeownership Program Changes
Another new change in the Georgia Dream Homeownership Program is the dollar amount buyers are required to contribute towards a purchase and sale transaction. Previously buyers were required to contribute $500 of their own funds towards the purchase of a home using Georgia Dream funds. As of March 1, 2011, buyers are required to contribute $1000 towards the purchase of a home using the Georgia Dream funds for purchasing a home.
This change should have a minimal impact on buyers using the Georgia Dream Homeownership Program funds to help with a home purchase. Most of the time the contribution is credited via the Earnest Money Deposit submitted with a binding contract. Other ways to contribute towards the $1000 requirement include the buyer paying for an appraisal, the buyer paying for a property inspection, and any other closing costs that the buyer pays. As long as the buyer can provide proof of payment and the item can be added to the Settlement Statement at closing, the buyer will receive credit towards the $1000 requirement.
These guidelines are set by the Department of Community Affairs. For more information about the Department of Community Affairs, go to www.dcaloans.com.
If you have questions about Georgia Dream or other down payment assistance programs and you are not working with a real estate professional, please give our office a call at 404 923 4210 or 404 246 3210. Thank you!
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