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Georgia Dreams & Second Mortgage PEN Program

Through the Georgia Professional Standards Commission’s partnership with the Georgia Department of Community Affairs (DCA), Office of Homeownership, eligible school system employees statewide may qualify for low interest, first-time buyer, home mortgage and down payment assistance programs through the Georgia Dream Homeownership Program. The partnership also provides school systems statewide with access to DCA information resources, credit counseling workshops, and assistance with organizing and developing community and school system employee Homebuyer Education Seminars.

Georgia Dream

Georgia Dream's First Mortgage provides low-interest rate mortgage loans for borrowers with moderate incomes and modest assets. Except for targeted rural counties and some urban census tracts, borrowers must be first-time homebuyers. The loans are 30-year fixed rate mortgages with interest rates that are lower than the existing market rates.

Eligible first time homebuyers, single parent families, and displaced homemakers may qualify for a Georgia Dream Second Mortgage of up to $20,000 to be used in conjunction with the First Mortgage Loan. The Georgia Dream Second Mortgage helps to defray the cost of down payment, closing costs, and prepaid escrow expenses associated with purchasing a home. Borrowers must contribute a minimum of 1% (based on purchase price) using their own funds. No cash back is allowed at closing. Income, purchase price and other guidelines apply.

Georgia Dream's Second Mortgage provides 0% interest rate loans to help first-time homebuyers with the required down payment, closing costs and prepaid items associated with purchasing a home. Generally these down payment assistance loans are available only if the borrower also uses the Georgia Dream First Mortgage described above. Georgia Dream's Second Mortgage loans are made as delayed repayment second mortgage loans. Delayed repayment means that the loan is repaid when the home is sold, transferred or re-financed or if the home is no longer the borrower's primary residence.

Second Mortgage PEN Programs

Georgia Dream's Second Mortgage loans of of $7,500 are available to Protectors, Educators and Health Care Workers (PEN) as well as to anyone who purchases a home which is certified by EarthCraft Homes™, ENERGY STAR® Homes, or EasyLiving Home™ (EV), and up to $20,000 is available for individuals with disabilities and households with disabled members (CHOICE).

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