Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
In the Peach State, first-time home buyers — considered to be buyers who haven’t owned a home in three years — can look to the Georgia Dream Home Ownership Program for help finding mortgage financing. The home loan rates and fees are set by the Georgia Dream program.
National first-time home buyer programs
Wherever you live in the 50 states, these loan programs make homebuying more affordable, helping first-time home buyers overcome obstacles like limited income, low credit score or lack of a down payment.
Georgia Dream program highlights and eligibility requirements
A wide range of mortgage options exist for first-time home buyers through the Georgia Dream program, including 30-year fixed-rate Federal Housing Administration (FHA), Veterans Affairs (VA) and U.S. Department of Agriculture Rural Development loans with low down payment requirements, or conventional home loans with a 20% down payment. There are several ways to qualify for down payment assistance.
» MORE: Tips for first-time home buyers
Affordable mortgage rates.
Prepared borrowers usually close in about 60 days.
Most first-time home buyers receive down payment assistance.
640 minimum credit score.
Buyers must invest at least $1,000.
Home buyer education required.
Georgia first-time home buyer programs
Summary: 2021 Georgia Dream first-time home buyer programs
Georgia Standard Down Payment Assistance provides all eligible borrowers with $5,000 in assistance.
Georgia PEN offers $7,500 in assistance to first responders, military, educators, health care professionals and others.
Georgia Choice helps qualified disabled borrowers with $7,500 in down payment assistance.
Find details about the Georgia Dream mortgage and Georgia Dream Down Payment Assistance programs, including income and purchase-price limits and a map of targeted counties, at www.GADream.com. For additional information or assistance, email [email protected].
Only certain lenders are approved by the state to offer Georgia Dream mortgages. Buyers begin the application process by finding a participating lender that can review the requirements with you and help you apply for pre-qualification and preapproval. Lenders may have additional requirements for borrowers. All lenders are required to offer home buyers the same rates and fees, and Georgia Dream has a cap on the amount of fees a lender may charge.
If your credit score is too low to qualify for a Georgia Dream mortgage, there’s still hope. Ready, Set, Go is a home buyer program that helps would-be homeowners work on improving their credit scores to become eligible for a Georgia Dream home loan.
More from NerdWallet: