The Purchase Agreement, Part III
April 5, 2017
The Home Buying Process, Part II
April 5, 2017

The Home Buying Process, Part I

There are many different types of loans that are available some of which are dependent upon the lender that you choose. But some such as The Georgia Dream Homeownership Program are actually dependent upon where you are employed. This program is available to State of Georgia employees.

In addition to being a State employee, you must also be a first time homebuyer (or not have owned a home in the past three years), or you could be interested in purchasing a home in a targeted area. Targeted areas include selected rural counties plus some urban census tracts. Some counties in middle Georgia are included in the targeted areas. Income requirements are based upon the number of persons planning to live in the home as well as the location of the home. There is a maximum home price of $200,000 statewide with a higher maximum in metro Atlanta.

These loans are fixed, low-interest rates and 30 ? 35 year first mortgage loans. In addition, the Georgia Dream Homeownership Program offers down payment and closing cost assistance to eligible borrowers, which will really reduce the out of pocket expenses to the buyer.

This program can only be used to purchase a primary residence.

The above information along with other similar useful information can be found in ?The Georgia Statement?, Volume 9, No.2/Spring/Summer 2006.