In 2007, the state of Georgia was ranked as the 7th leading state for foreclosures by a trusted source in the industry, RealtyTrac. That was more than a 30% increase from 2006 and the number of homes affected was close to 60,000.
That is bad news for thousands of homeowners who have lost their homes, but it doesn’t have to be bad news for everyone. If there is a silver lining to be found in the tragic economic downturn in Georgia and the rest of the world, it is the fact that thousands of people who could not previously afford to purchase a home are now happy homeowners.
The state of Georgia has been implementing programs such as the Georgia Dream Homeownership Program to help these people get into homes and reduce the number of foreclosed homes sitting empty.
This is a program in operation through the Georgia Department of Community Affairs. It was established in recognition of thousands of people who dreamed of taking advantage of the Federal tax credits for home buyers and the rock bottom prices within the housing market.
Georgia Dream Home Loans
The loans that are secured through this program are typical FHA, VA, or conventional loans but they receive fixed rates that are often lower than the going rate in the state. This reduces the monthly payments on the loans, making GA home loans more affordable to people with lower incomes.
In order to qualify for these special rates you will be required to live in the home as your primary residence, which eliminates those purchasing property to be rented out to others or as investment property in other ways.
To find out more information on this aspect of the program, you should visit one of the lending providers working with the state of Georgia to keep this program in operation. Some of these lenders include: BB&T Mortgage, Community Capital Bank, Element Funding, New South Federal Savings, and Prime Lending. Many other banks in the area are also participating in these state programs, so give your bank or credit union a call to see if they can point you in the right direction.
Georgia Dreams Second Mortgage Program
If the down payment is what stands between you and your GA home loan, the Georgia Dream Homeownership program can help you as well. This aspect of the program makes taking out a GA home loan more affordable by offering a delayed second mortgage, usually for applicants also taking advantage of the first mortgage program described above. This second mortgage will be for either $5,000 or $7,500 and will need to be repaid once the home is no longer being used as a primary residence, is sold, or transferred to someone else.
This second mortgage serves as help with the down payment and closing costs, as long as the applicant puts up $500 of their own money toward those costs. This has opened the door to home ownership to thousands of Georgians who otherwise would not be able to afford a GA home loan due to the upfront expenses.
These loans are intended to help specific groups of people, including:
* First – time home buyers
* Single parents
* Displaced homemakers
There are also some special loan terms which can be obtained by health care workers, the disabled, and those who are purchasing homes that are certified by Energy Star or similar programs.
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