Family Community Housing Association & Development Corporation

Family Community Housing Association & Development Corporation

Down Payment & Closing Cost Assistance

Georgia Dream Down Payment Assistance

*Effective February 15, 2023, the amounts of each loan type are temporarily increased to the following limits:

Down Payment Loan Options

$10,000: STANDARD — All eligible homebuyers may qualify!

$12,500: Protectors, Educators & Nurses (PEN) — Are you a public protector, educator, healthcare provider — or work for these industries — or active military?

$12,500: CHOICE — Is a member of your family living with a disability?

Georgia Dream loans* are available to:

    • First-Time Home Buyers, OR
    • Homebuyers who have not owned a home** in the past three years, OR
    • Those who purchase a home in certain areas

Who Also:

    • Have a household income up to the maximum
    • Have liquid assets of no more than $20,000 or 20% of the sales price (whichever is greater)
    • Meet mortgage loan credit requirements

*Loans are 30-year fixed interest rate mortgages. Participating lenders give credit approval for FHA, USDA-RD, VA or conventional eligible mortgage loans.

**Homebuyers who have not had interest or ownership in a primary residence in the last three years.

Home Sales Price and Maximum Household Income: Effective 1/1/2023

$350,000  – 1-2 persons: $86,500 & 3+ persons: $99,500

Atlanta-Sandy Springs-Roswell, GA HUD Metro FMR Area

Barrow County, Bartow County, Carroll County, Cherokee County, Clayton County, Cobb County, Coweta County, Dawson County; DeKalb County, Douglas County, Fayette County, Forsyth County, Fulton County, Gwinnett County, Heard County, Henry County, Jasper County, Newton County, Paulding County, Pickens County, Pike County, Rockdale County, Spalding County, Walton County

How Do I Get Started?

Contact a Georgia Dream Participating Lender to pre-qualify and begin the mortgage loan process. Click the icon below to find a list of participating lenders or call 1-800-359-HOME (4663).

Types of down payment assistance programs

There are four main types of down payment assistance:

Grants: Gifted money that never has to be repaid

Loans: Second mortgages that are paid monthly along with your primary mortgage

Deferred loans: Second mortgages with deferred payments that only have to be paid when you move, sell, or refinance

Forgivable loans: Second mortgages that are forgiven over a set number of years (often five, but maybe up to 15 or 20). These only need to be repaid if you move, sell, or refinance too early

How to find down payment assistance programs

Down payment assistance programs are usually very localized. There are a few national DPAs and many statewide ones, but the majority are run at a city or county level.

The best way to find down payment assistance programs for which you qualify is to speak with your loan officer or broker. They should know about local grants and loan programs that can help you out. They’ll also know which programs the lender can accept (not all lenders work with all DPAs).

If you want to do some research on your own, you can also Google “down payment assistance grants in [state, county, or city].” This will help you find current programs specific to your area that you might be able to apply for.

If you need assistance call 470.276.6945

Veteran Down Payment & Closing Cost Assistance

The funds are disbursed on a first-come, first-served, homeowner-by-homeowner basis.

On July 1, 2022, a new pilot offering under HAVEN became available to assist eligible veterans, service members or Gold Star Families purchase their first home. Under this pilot offering, first-time homebuyers who meet HAVEN requirements will be eligible for up to $15,000 for down payment and/or closing cost assistance.

For more information, please call 470.276.6945