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DCA details Georgia Dream mortgage program and down-payment aid for first-time buyers
Summary
Brenda McGee of the Department of Community Affairs told a legislative committee that the Georgia Dream program provides affordable mortgages through 97 participating lenders and offers down-payment assistance of $5,000–$15,000; DCA typically purchases the loans so lenders no longer carry them.
Brenda McGee, homeownership division director at the Department of Community Affairs (DCA), told the committee that the Georgia Dream program provides affordable mortgage financing to eligible first-time homebuyers through roughly 97 participating lenders across the state and that DCA purchases the loans after closing so lenders need not continue servicing them. "We end up buying the loan, so they do not have to keep that loan on their books and service that loan, ongoing," McGee said.
McGee said the program is reaching lower- and moderate-income households: last year the average borrower income in the first-time buyer program was about $53,000 and the average loan amount was about $135,000. DCA markets the program through local lender offices and housing counseling agencies, and pairs mortgage financing with down-payment assistance of approximately $5,000 to $15,000 to help buyers close. Lawmakers asked about local availability; McGee said a map on the DCA website lists participating lenders by location and that housing counseling agencies can assist with applications.
