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New option available to home buyers
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The Georgia Department of Community Affairs recently announced a new down payment assistance option to its Georgia Dream Homeownership Program. The Georgia Dream “Plus” option offers down payment and closing cost assistance for first-time home buyers with incomes up to 100 percent of their area median incomes.  
Georgia Dream’s down payment assistance options are normally restricted to borrowers whose incomes are at or below 80 percent of their area median incomes. This assistance comes in the form of a second mortgage loan with a zero percent interest rate and requires no repayment until the home is sold, refinanced or no longer used as the principal residence of the borrower.
The new option provides $5,000 for down payment and closing costs to borrowers whose total annual household income does not exceed the following:
• One- to two-person household: $61,000
• Three or more person household: $70,000
“We are excited about the Georgia Dream ‘Plus’ option.  We hope this additional incentive for Georgia’s home buyers will help continue the current momentum in the home buying market,” DCA Commissioner Mike Beatty said.
Georgia Dream’s “Plus” option can be used in conjunction with the federal and state tax credit for first time home buyers. The “Plus” option is available to eligible borrowers through Georgia Dream participating lenders and must be used in conjunction with a Georgia Dream first mortgage loan.
There is limited funding for Georgia Dream “Plus,” so all interested borrowers are encouraged to check with a participating lender soon. For a list of participating lenders, go to or call 1-800-359-HOME.
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