Loan Programs

The Georgia Dream program was created to make homeownership possible for eligible low and moderate-income Georgians by providing affordable financing options, down payment assistance, and homebuyer education to first-time home buyers.

Active-duty members of the military, veterans, and eligible family members may apply for loans backed by the Department of Veterans Affairs. VA loans can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment. Most borrowers pay a one-time funding fee that can be rolled into the mortgage.

The FHA insures mortgages for borrowers with lower credit scores. Loans have competitive interest rates and require a down payment of 3.5% with FICO credit scores of 580 or higher. Those with scores as low as 500 must put at least 10% down. FHA loans always require mortgage insurance: a 1.75% upfront fee and annual premiums for the life of the loan, unless you make a down payment of at least 10%.

The Freddie Mac Home Possible mortgage offers to help very low to low income borrowers attain the dream of homeownership with down payments as low as 3%.

Fannie Mae offers several mortgage products including the HomeReady® Mortgage which allow down payments as low as 3% for low-income borrowers. Applicants generally need a credit score of at least 620; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

The Rural Development’s Single Family Housing Programs give families and individuals the opportunity to buy, build, or repair affordable homes located in rural America. Eligibility for these loans, loan guarantees, and grants is based on income and varies according to the average median income for each area.

This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” They must live in the home for at least three years.