ALTERNATIVES TO THE TAX CREDIT: How to Get Rewarded Up to an Extra $7500 on Your GA Home Purchase

The Georgia Department of Community Affairs (DCA) has yet another new down payment assistance option to its Georgia Dream Home-ownership Program. The Georgia Dream “Plus” option (or the Rewards Program) offers down payment and closing cost assistance for first time home buyers with incomes up to 100% of their Area Median Incomes (AMI). Georgia Dream’s down payment assistance options are normally restricted to borrowers whose incomes are at or below 80% AMI. This assistance comes in the form of a second mortgage loan, with a zero percent interest rate and requires no repayment until the home is sold, refinanced, or no longer used as the principal residence of the borrower.