Georgia Dream Homeownership Program (CHOICE)

What is Georgia Dream Homeownership Program (CHOICE)?

Georgia Dream Homeownership Program (CHOICE) is a deferred second loan for homebuyers in Statewide, Georgia.

• The Georgia Dream CHOICE option provides enhanced down payment assistance to households where the borrower, co-borrower, or any household member has a documented disability. CHOICE pairs a Georgia Dream first mortgage (FHA/VA/USDA/Conventional) with a 0% interest, deferred-payment second mortgage equal to 6% of the purchase price up to $12,500. The second mortgage is forgiven of nothing - it remains due in full at sale, refinance, payoff, or when the property is no longer the borrower's primary residence. Bond-funded; IRS federal recapture tax may apply.
• 0% interest deferred second mortgage of 6% of the purchase price up to a maximum of $12,500 for households that include a person with a disability. Bundled with a Georgia Dream 30-year fixed-rate first mortgage (FHA, VA, USDA, or Conventional). DPA is non-amortizing, no monthly payment, due in full upon sale, transfer, refinance, payoff, or when the property is no longer the primary residence.
• Funding comes from State and Bond.

How much assistance does it provide?

Georgia Dream Homeownership Program (CHOICE) provides assistance worth 6% of the purchase price, as set by the program.

• Buyer contribution: Minimum $1,000 of borrower's own funds toward purchase.
• The program can be combined with other assistance, subject to the rules of each.
• Amounts are the program's published maximums, not an offer — the administering agency determines any individual award.

Do you have to pay it back?

Georgia Dream Homeownership Program (CHOICE) is deferred, so no payments are due until the home is sold, refinanced, or the first mortgage is paid off.

• Repayment is triggered by Sale, transfer, refinance, payoff of first mortgage, or when property ceases to be borrower's primary residence.
• The assistance is recorded in 2nd Lien position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Georgia Dream Homeownership Program (CHOICE) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Georgia Dream Homeownership Program (CHOICE) limits household income to $149,833.

• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Georgia Dream Homeownership Program (CHOICE) caps the purchase price at $550,000.

• Eligible property types include Single-family detached, townhouse, condo (FHA/VA/USDA/Fannie Mae approved), 2-4 unit owner-occupied (FHA only), planned unit development.
• New construction is eligible.
• Manufactured homes are eligible.

Is there eligibility for specific groups?

Georgia Dream Homeownership Program (CHOICE) names buyers with disabilities among the groups it serves.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Georgia Dream Homeownership Program (CHOICE) serves buyers purchasing in Statewide, Georgia.

• The program targets specific areas: Federally designated targeted areas (per IRC Section 143) in Georgia have higher income/sales price limits and waive the first-time-homebuyer requirement. Includes census tracts in Atlanta, Augusta, Columbus, Macon, Savannah, Albany, and other municipalities.

How do you apply?

Applications for Georgia Dream Homeownership Program (CHOICE) go through the administering agency, which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through DCA-approved Homebuyer Education / HUD-approved housing counseling agencies.

2. 2

   Contact the administering agency to reserve funds

   Funds are reserved through Reserved by Georgia Dream Participating Lender via DCA's online lender portal (Lender Online) at the time of first-mortgage reservation, and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.