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Can you use your VA loan with Georgia Dream?
Can you use Georgia Dream with your VA Loan?
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6 Replies
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Is Georgia Dream a down payment assistance program
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Below is a link for each State’s program. Along with info. https://www.thebalancemoney.com/a-state-by-state-guide-to-down-payment-assistance-5200572
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Thank you
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Pandora, every down payment assistance program are city, county, or state specific. We are a national mortgage company licensed in 48 states including Washington, DC, Puerto Rico, and the U.S. Virgin Islands. We are pending in Massachusetts, and New York and should be licensed in the next several months or early next year. I will do some research on Georgia Dream. NEXA Mortgage and AXEN Mortgage have over 210 wholesale lending partnerships with investors from government, conventional, non-QM, business, consumer, and commercial loans. If we are not in partnership with a specific wholesale investor or down payment assistance program, we will do our best to become a broker, affiliate, or correspondent lender with the specific program. Here is the website for Georgia Dream:
https://www.dca.ga.gov/safe-affordable-housing/homeownership/georgia-dream
dca.ga.gov
Georgia Dream | Georgia Department of Community Affairs
Georgia Dream | Georgia Department of Community Affairs
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I think Georgia Dream is a down-payment assistance program
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Georgian Dream and VA loan assistance bundle
That’s right, the VA loan as well as the Georgia Dream program can be utilized alongside each other, but there are aspects to bear in mind:
An overview of VA Loans:
VA loans, backed by the US Department of Veterans Affairs, are meant for veterans and current service personnel seeking to purchase housing on favorable terms, such as no need for PMI and no down payment.
An overview of the Georgia Dream program:
The Georgia Dream program was formulated to help first-time homebuyers in Georgia by providing a down payment and other affordable financing techniques.
Vital Points
Eligibility: Make sure that the VA loan and the Georgia Dream program have eligibility requirements and that you qualify for them. These include income caps and the amount you can spend on the property limits as per Georgia Dream.
Down Payment Assistance: This can be apprehensive as VA loans require no down payment. However, Georgia Dream has programs covering closing costs, which can help.
Lender participation: Contacting a lender familiar with combining these two programs is important. Not all lenders may be well versed in that, while most lenders know about VA loans and the Georgia Dreams program.
Program Guidelines: Visit the Georgia Dream Initiative website and check out their program guidelines to verify that you comply while using a VA loan.
Combining a VA loan with the Georgia Dream program may increase your home-buying benefits. Be sure to work with a qualified lender for assistance throughout the program and the requirements of both programs.
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