To qualify for the Georgia Dream Homeownership Program, you must:

• Be a first-time homebuyer, have not owned a home in the past three years, or be purchasing a home in certain areas of Georgia.
• Not have a household income that exceeds the maximum household income (visit the Georgia Department of Community Affairs website for income limits).
• Have liquid assets of no more than $20,000 or 20% of the sales price (whichever is greater).
• Meet mortgage loan credit requirements.
• Be purchasing a home with a sales price that does not exceed the limit (varies by county).
• Visit the Georgia Department of Community Affairs website for more eligibility details.

Qualifying for a mortgage through the Georgia Dream program requires certain documentation. Please work closely with your lender to collect and fill out all the required forms and paperwork. Required documents include:

• Most recent 3 consecutive years IRS transcripts
• Most recent signed complete personal tax returns
• A copy of lender’s Delegated Underwriter’s Transmittal signed 92900LT form with comments stating his/her review of the application
• Credit report
• Fraud report
• A signed Application Affidavit form (required by Georgia Dream)
• Signed letter of explanation addressing all prior addresses and no prior homeownership or a copy of the no-record results to the IRS request for the prior 3 years 1098 transcripts
• A minimum of $1,000 to put toward your home purchase

Contact a Georgia Dream Participating Lender to pre-qualify and begin the mortgage loan process. Visit the Georgia Department of Community Affairs (DCA) website for a list of participating lenders or call DCA at 1-800-359-HOME (4663) to get started.

• Once you are pre-qualified, you can begin your home search process.
• Homebuyer counseling is required for all Georgia Dream loans. Georgia Dream borrowers must attend and complete either a homebuyer education workshop,  an individual housing counseling sessions, or an online homebuyer education course through E-Home America.
• The average Georgia Dream process takes about 60 days from application to closing.