The Georgia Department of Community Affairs (DCA) has launched of the Georgia Dream Peach Select Veterans Assistance Loan Program. This new initiative aims to provide greater assistance for veterans seeking homeownership in Georgia.

The Peach Select Veterans Assistance Loan Program offers a low interest rate with no down payment assistance provided. This program is an extension of the Georgia Dream initiative.

Here’s what prospective borrowers need to know about the Peach Select Veterans Assistance Loan Program: 

1. Eligibility and Application: Any borrower who qualifies for a traditional Georgia Dream VA Loan is eligible to apply for the Peach Select Veterans Assistance Loan Program.

2. Interest Rate: The initial interest rate for the Peach Select Veterans Assistance Loan Program is set 5.0%. Going forward, interest rates will be determined weekly by the Georgia Department of Community Affairs, ensuring rates remain competitive and favorable to borrowers.

3. No DPA Offered: Unlike other Georgia Dream programs, the Peach Select Veterans Assistance Loan Program does not offer down payment assistance. The low interest rates provided by this program are expected to yield significant cost savings for qualified applicants, effectively serving as an alternative to traditional down payment assistance benefits.

4. Exclusivity: Borrowers cannot simultaneously apply for or receive benefits from both the traditional Georgia Dream program and the Peach Select Veterans Assistance Loan Program.

 5. Other Down Payment Assistance Programs: Borrowers may still utilize other down payment assistance programs in conjunction with the Peach Select Veterans Assistance Loan Program, subject to Georgia Dream policy. Layering of any subordinate financing must be submitted for review and approval.

6. Application Process: Borrowers who have previously applied for another Georgia Dream program before March 15th, 2024, and have not yet had their loan approved and purchased, will need to cancel their existing application and reapply for the Peach Select Veterans Assistance Loan Program. It is advised to consult with your loan officer and DCA before proceeding with cancellation.