Georgia Dream Peach Plus loan program aims to make homeownership possible
A "For Sale" sign outside a home in Atlanta, Georgia, US, on Friday, Feb. 17, 2023. (Dustin Chambers/Bloomberg via Getty Images)
ATLANTA - Georgia has launched the Georgia Dream Peach Plus loan program, aiming to make homeownership more accessible for a wider range of buyers across the state. This initiative, introduced by the Georgia Housing Finance Authority, is designed to cater to those who qualify for Federal Housing Administration (FHA) loans but may not meet the criteria for the standard Georgia Dream loan program.
The Georgia Dream Peach Plus program offers a 30-year fixed FHA loan at competitive market rates, along with increased income limits and a higher purchase price allowance. These features aim to open doors for families who may have been excluded from traditional homeownership programs due to limited affordability options.
Key features of the Georgia Dream Peach Plus program include:
- Access to financing with competitive rates
- Increased income limits to accommodate more homebuyers
- Higher purchase price allowance to broaden affordability options
- Down payment assistance, including standard assistance and specialized assistance for certain professions like educators and nurses
To qualify for the program, borrowers must meet specific criteria, including a minimum credit score of 640, Debt-To-Income (DTI) requirements, household income not exceeding 150 percent of the Average Median Income, and completion of HUD-approved Homebuyer Education.
The Georgia Dream Peach Plus loan program is effective immediately and is available to aspiring homeowners across Georgia. For further information and to connect with a participating lender, interested individuals can visit the program's website at https://www.dca.ga.gov/safe-affordable-housing/homeownership/georgia-dream/georgia-dream-peach-plus-loan-program.