Georgia Dream Homeownership Program Information

Georgia Dream Georgia Dream Homeownership Program Homeownership Program Tracey Turman Housing Outreach Coordinator

First Time Homebuyer -Definition A home buyer who has not owned a primary residence within the prior three years Cannot own any other real estate at time of closing No mortgage interest on tax returns If a primary residence was owned within three years, Georgia Dream still available if purchase is in targeted area

Applicant must not have more than $20,000 or 20% of purchase price (whichever is greater) in liquid assets after closing Asset limits Retirement accounts are not considered liquid assets

Income & Purchase Price Limits MSAs Atlanta MSA- Barrow, Bartow, Carroll, Cherokee, Clayton, Cobb, Coweta, Dawson, DeKalb, Douglas, Fayette, Forsyth, Fulton, Gwinnett, Heard, Henry, Jasper, Morgan, Newton, Paulding, Pickens, Pike, Rockdale, Spalding or Walton Counties 1 2 persons maximum household income $84,000 3 or more persons maximum household income $96,000 Maximum purchase price $325,000

Income & Purchase Price Limits Statewide 1-2 persons $72,000 3 or more persons $83,000 Maximum purchase price $275,000

From the Freshmen Communities the following counties are considered targeted counties under the Georgia Dream Program Early Newton Targeted Counties Applicant does not have to be a first-time homebuyer but cannot own any other real estate.

All Georgia Dream participants must complete a pre-purchase home buying counseling class prior to closing Workshop, one-on-one counseling or online class Home Buyer Education Only online class acceptable is through www.ehomeamerica.org/dca www.ehomeamerica.org/dca

Georgia Dream Down Payment Assistance must be used in conjunction with Georgia Dream first mortgage Down Payment Assistance Requirements Customer must contribute minimum of $1,000 to the purchase of the property Down payment assistance is repaid when property is sold, refinanced or property transferred

Standard Program $7,500 all eligible home buyers PEN $10,000 all eligible home buyers who are employed in qualified protection, military, health care or education fields CHOICE $10,000 all eligible home buyers whose household includes an individual living with a disability Down Payment Assistance Options Funds are used in any combination for down payment, closing costs or pre-paid items.

Middle credit score of 640 or greater Ready Set Go Georgia Dream Process Overview Take home buyer education class Pre-qualified with a participating lender Locate property Lender takes application Lender Georgia Dream - Closing

Homeownership Not for Me Georgia Housing Search Data base of rooms, apartments, houses Contact landlord Do due diligence for cleanliness and safety Website www.georgiahousingsearch.org

Georgia Dream Homeownership www.gadream.com Information and requirements within this presentation are applicable at this time only. Please visit website for current information when considering purchasing your home.

Tracey Turman 470-504-8173 tracey.turman@dca.ga.gov Housing Outreach Contact The Georgia Department of Community Affairs is committed to providing all persons with equal access to its services, programs, activities, education and employment regardless of race, color, national origin, religion, sex, familial status, disability or age.

Homeowner Assistance Fund

The American Rescue Plan Act of 2021 established the Homeowner Assistance Fund to help homeowners mitigate financial hardships caused by the pandemic. Enactment: March 11, 2021

The Homeowner Assistance Fund (HAF) is available in all 50 states, plus DC, US Territories, and Tribal Nations. HAF requirements: Pandemic Hardship Conforming Loan Income Limitations

Total Allocation for States: $9,390,350,000 A minimum of $50 million for each state, the District of Columbia and Puerto Rico. The allocation for each state was based on a weighted average of the total average number of unemployed individuals from September 2020 to December 2020 and the number of mortgagors delinquent on their payments. Google: Treasury Homeowner Assistance Fund Data and Methodology for State and Territory Allocations

Georgia HAF: $354,185,231

GEORGIAS PROPOSED HAF PLAN GEORGIA S PROPOSED HAF PLAN Homeowner must have suffered a pandemic financial hardship Homeowner must have suffered a pandemic financial hardship after January 21, 202 after January 21, 2020 0that caused a need for assistance. that caused a need for assistance. MORTGAGE MORTGAGE REINSTATEMENT REINSTATEMENT PRINCIPAL PRINCIPAL CURTAILMENT CURTAILMENT HOUSING HOUSING EXPENSES EXPENSES Helps bring delinquent housing expenses current: Utilities (in conjunction with mortgage assistance) Property Taxes and Insurance Association (Homeowner or Condo) Fees Helps bring delinquent mortgage payments or payments in forbearance current. Reduces the balance owed on a mortgage loan for homeowners with a permanent loss of income. An additional 3 monthly payments may be available for homeowners who have not fully recovered. Awaiting Treasury s Approval

Homeowners and interested parties can have their email added to the notification list. Go to www.dca.ga.gov and click Mortgage Assistance Program or email HAF@dca.ga.gov Once the program launches, this link will take homeowners to the website where the homeowner will apply online.

Diane Hester Office Director Mortgage Assistance Diane.Hester@dca.ga.gov HAF@dca.ga.gov 770-806-2100