Rep. Carl Gilliard Introduces New Georgia Dream Peach Plus Loan Program

ATLANTA - State Representative Carl Gilliard (D-Savannah), chair of the Georgia Legislative Black Caucus, today announced the launch of the Georgia Dream Peach Plus Loan Program, a program specifically tailored to assist borrowers who do not meet the requirements for the standard Georgia Dream Loan Program but do qualify for Federal Housing Administration loans.

"Georgia Dream Peach Plus represents a significant evolution of the Georgia Housing Finance Authority's commitment to providing inclusive solutions for homebuyers who have faced obstacles in the homebuying process in the past," said Rep. Gilliard. "This initiative stands ready to redefine access to affordable homeownership opportunities statewide, catering to a broader spectrum of homebuyers pursuing the American dream. Over the past seven years, our partnership with Georgia Dream has fulfilled the homeownership aspirations of more than 250 Georgians. I express my gratitude for Georgia Dream's unwavering commitment to enriching our community in a meaningful way, and I eagerly anticipate our continued efforts, expanding opportunities for more Georgians to achieve homeownership."

Key Features of Georgia Dream Peach Plus:

• Access to Financing: The program offers a 30-year fixed FHA loan at competitive market rates;

• Increased Income Limits: The program raises income limits to accommodate a broader range of homebuyers, ensuring more families can access affordable housing options;

• Higher Purchase Price Allowance: By raising the maximum purchase price of homes, Georgia Dream Peach Plus opens doors for families previously excluded by limited affordability options;

• Down Payment Assistance: Eligible borrowers can benefit from down payment assistance, ensuring affordability and easing the financial burden of homeownership;

• Standard Down Payment Assistance: Providing three and a half percent of the property purchase price or a maximum of $10,000;

• Down Payment Assistance for Protectors, Educators and Nurses (PEN) and CHOICE: Offering four percent of the purchase price or a maximum of $12,500;

• Requirements: To qualify for the program, borrowers must meet specific criteria, including a minimum credit score of 640, Debt-To-Income (DTI) requirements, household income not exceeding 150 percent Average Median Income and completion of HUD-approved Homebuyer Education.

More information on the Georgia Dream Peach Plus Loan Program may be found here.

Representative Carl Gilliard represents the citizens of District 162, which includes portions of Chatham County. He was elected to the House of Representatives in 2016 and currently serves on the Appropriations Subcommittee on Economic Development and the Creative Arts & Entertainment, Insurance, Interstate Cooperation, Natural Resources & Environment, Reapportionment and Redistricting, State Properties and Transportation committees.

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