New program aims to help first-time Ga. homebuyers

Borrowers who qualify for FHA loans are eligible.

Georgia has launched a new program to help more homebuyers get a foot on the housing ladder.

Georgia Department of Community Affairs calls the new initiative launched Monday the Georgia Dream Peach Plus loan program, and said it takes effect immediately. In a news release, the agency said the program is “for home- buyers who may have faced obstacles in the past” and is aimed at borrowers who qualify for Federal Housing Administration loans.

“With a focus on increas- ing both income limits and the purchase price of the home, Georgia Dream Peach Plus aims to turn aspirations into reality for numerous Georgia families who may have been excluded from traditional homeownership programs,” the agency said in the release.

The program offers 30-year fixed Federal Hous- ing Administration loans; increases income limits to enable more homebuyers to get into affordable hous- ing; raises the ceiling on the maximum purchase price; and offers down payment assistance.

Deputy Commissioner of Homeownership Wes- ley Brooks said those tradi- tional programs included the decades-old program Georgia Dream.

“Because of the nature of the funding source, there were some restrictions on Georgia Dream that folks didn’t qualify for, and so now

found a way to make sure there’s a product out there for them as well,” he said.

Many Georgians who don’t meet the criteria for the stan- dard Georgia Dream program because of income restric- tions are still struggling to get into their first home, he noted.

“We operate off of home- ownership being this critical investment for homebuyers — a wealth-building tool and a way to pass that on genera- tionally,” he said. “The fewer folks that we have entering homeownership, at least for the first time, the less stable the communities are.”

Brooks said the criteria is adjusted by region. In coun- ties in the Greater Atlanta area, for instance, a oneor two-person household making about $162,000 would qualify and a house- hold wi h three or more peo- ple making about $186,000 would be eligible. Under Georgia Dream, those lim- its are about $108,000 and $124,000, respectively.

The maximum purchase price in Greater Atlanta is $400,000 in Georgia Dream. In Peach Plus, it is $500,000.

Through the program, homebuyers would be able to get a down payment equal to 3.5% of the property purchase price, or up to $10,000. Police officers, firefighters, emergency medical technicians, active military, teachers and nurses are eligible for 4% off the purchase price, up to $12,500.

Real-estate agent Lisa Thompson said first responders are sometimes limited in what they can afford and face challenges in saving for a down payment in the communities they serve. They don’t always qualify for alternative financing programs or down payment assistance, the Realtor said.

“It’s important for people who are pouring into our community via their profession to have the opportunity to own a home as well,” she said.

To qualify for the program, Georgians need a credit score of at least 640. They must meet certain debt-to-income requirements, have a household income that does not top 150% of the average median income in their county, and complete a U.S. Department of Housing and Urban Development homebuyer education course.

AP FILE Officials say borrowers who do not meet the eligibility requirements for the traditional Georgia Dream program could be eligible for the new initiative. In the Greater Atlanta area, a one- or two-person household making about $162,000 would qualify and a household with three or more people making $186,000 would be eligible.