Do you have a Dream? Georgia has a Dream… for Buyers!
April 5th, 2009 Categories: For Buyers, Lilburn
- Image via Wikipedia
Have you heard of the Georgia Department of Community Affairs Georgia Dream NSP Purchase Plan?
In effect it can provide $14,000 to qualified buyers of qualified properties that can be used as down payment or for re-hab of the purchased property. And, if the buyer is a First Time Home Buyer, they may also be eligible for the federal tax credit of $8,000.
Here are some of the qualifications (from the DCA website):
- Buyer must recieve 8 hours of HUD approved home buyer counseling/education.
- Eligible income level for Gwinnett County for a family of four is $85,450. Smaller or larger families will have slightly different income limits.
- Buyer must use a participating lender.
- Property must be foreclosed and owned by HUD, VA, USDA, bank, governmental entity or eligible non-profit.
The $14,000 is delivered as a 2nd mortgage with no payment or interest, and is fogiven in stages over a 5 ½ year period.
The money will likely run out before the program’s scheduled end in June, 2010.
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