Georgia Dream helped 2,000+ new homeowners last year; targeted down‑payment assistance offered in distressed counties

Brenda McGee, DCA's homeownership division director, briefed the committee on Georgia Dream, the state's first‑time homebuyer mortgage program administered through a network of lenders. McGee said DCA purchases loans from local lenders so banks do not retain the loans for the 30‑year term and that the program works through roughly 97 lenders with about 250 branches statewide.

"The program provides affordable mortgage financing to eligible first‑time homebuyers across the state through a network of lenders," McGee said. She described a standard $5,000 down‑payment assistance amount, a $7,500 specialized assistance amount for public safety employees, educators, health care workers or households with a member with a disability, and a time‑limited $15,000 assistance in certain Treasury‑defined distressed counties supported by HomeSafe (hardest hit) funds.

McGee said the program produced more than 2,000 new homeowners last year with an average loan size of about $140,000. She said the program is funded through a bond program and that DCA tries to operate within a roughly $250 million bond cap for the Georgia Dream portfolio; special temporary funds increased activity the prior year.

Members asked about eligibility, counseling, and how borrowers start the process. McGee said all first‑time borrowers are required to complete pre‑purchase counseling; applicants are screened by participating lenders before referral to DCA and borrowers may start by contacting lenders listed on DCA's website.