What is Georgia Dream Homeownership Program - Protectors, Educators & Nurses (PEN)?
Georgia Dream Homeownership Program - Protectors, Educators & Nurses (PEN) is a deferred second loan for homebuyers in Statewide, Georgia.
- The Georgia Dream PEN (Protectors, Educators & Nurses) option provides enhanced down payment assistance to public protectors (police, firefighters, corrections, EMTs), K-12 educators, healthcare workers (nurses and other licensed providers), and active-duty military. PEN pairs a Georgia Dream first mortgage with a 0% interest, deferred-payment second mortgage equal to 6% of the purchase price up to $12,500. Bond-funded; IRS federal recapture may apply.
- 0% interest deferred second mortgage of 6% of the purchase price up to a maximum of $12,500 for borrowers employed as public protectors (police, sheriff, corrections, firefighters), educators (K-12 teachers and staff), or healthcare workers (nurses and other licensed healthcare providers), as well as active-duty military. Bundled with a Georgia Dream 30-year fixed first mortgage. DPA is non-amortizing, no monthly payment, due at sale/refi/payoff/non-occupancy.
- Funding comes from State and Bond.
How much assistance does it provide?
Georgia Dream Homeownership Program - Protectors, Educators & Nurses (PEN) 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 - Protectors, Educators & Nurses (PEN) 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 - Protectors, Educators & Nurses (PEN) is open to first-time homebuyers and buyers who will live in the home as their primary residence.
The program requires
- ✓First-time homebuyer — with exceptions: Borrowers in federally designated targeted areas and qualified veterans (per Heroes Earnings Assistance and Relief Tax Act) are exempt from the 3-year first-time-homebuyer requirement
- ✓The home is occupied as a primary residence
- ✓On credit: 640 minimum FICO; manual underwriting allowed within Georgia Dream guidelines
- ✓A completed homebuyer education course, through DCA-approved Homebuyer Education / HUD-approved housing counseling agencies
- ✓Residency: Property must be located in Georgia and be the borrower's primary residence
- ✓Citizenship or immigration status: U.S. citizen or qualified permanent/non-permanent resident alien
- ✓Borrower must be currently employed (or work for a qualifying employer in) one of the eligible PEN occupations: public protector (sworn law enforcement, corrections, firefighter, EMT), educator (K-12 teacher, school administrator, school staff), nurse or licensed healthcare provider, or active-duty military. Documentation of employment required. First-time homebuyer (waived in targeted areas and for qualified veterans). Must qualify for a Georgia Dream first mortgage. Liquid assets <= $20,000 or 20% of sales price, whichever is greater.
The program excludes
- ✕Purchases above the $550,000 price cap
- ✕Households above $149,833
These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.
What are the income limits?
Georgia Dream Homeownership Program - Protectors, Educators & Nurses (PEN) 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 - Protectors, Educators & Nurses (PEN) 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 - Protectors, Educators & Nurses (PEN) names active-duty service members, educators, law enforcement officers, firefighters, and healthcare workers 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 - Protectors, Educators & Nurses (PEN) 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 - Protectors, Educators & Nurses (PEN) go through the administering agency, which publishes the current terms and the application steps on its own site.
- 1
Take a homebuyer education course
Required by the program, through DCA-approved Homebuyer Education / HUD-approved housing counseling agencies.
- 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
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.