Do you have a Dream? Georgia has a Dream… for Buyers!

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.

Don’t hesitate to shoot Lane a message if you have any questions, or need any help. And check out the new links for FREE Property Searching, FREE Comparative Market Analysis and FREE Market Reports. They are near the top of the page…