Helping You Make all the Best Moves!

Did you know you can buy a house for $1000?

Georgia Real Estate Home Ownership Dream Plan

Did you know you can buy a house for $1000?

That’s right. If you and the house qualify, the Georgia Dream Homeownership Program will help you buy a house for only $1000.00 down. The program will get you a first mortgage, including a 30-year, fixed-rate loan and provide $5,000 for down payment assistance to all eligible applicants towards the purchase. $7,500 is available for people working in the healthcare, protection, military, or education fields (PEN program) or who have a disability (CHOICE program).

To be eligible:

  1. You must not have owned a home in the last 3 years or be buying a home in a targeted area (mostly south Georgia counties but in some areas of other counties)
  2. The sales price of the home must be $250,000 or less in most of the north Atlanta counties.
  3. You must meet income limitations
    1. $69,000 for 1-2 people.
    2. $79,500 for 3 or more people.
  4. Have limited assets of less than $20,000 or 20% of the sales price.
  5. And invest at least $1,000 into the purchase.

You will receive home buyer education (required) via HUD or DCA (Department of Consumer Affairs) approved providers. It is available online (Visit:

Be sure to get pre-qualified by one of the lenders listed at My understanding is that a credit score of 640 is required. The lenders will usually help you work toward improving your credit if necessary.

For an example, if you bought a $250,000 home and put $5000 down, a 30 year loan at 4%, would run $1169.67 for principal and interest (see our mortgage calculator). There are several other costs to consider (such as Primary Mortgage Insurance, regular home insurance, taxes, maintenance, etc.), but this will give you a good idea of what to expect. Work with your lender to calculate how much you can comfortably afford to spend monthly on a house and compare that to what you may be paying for rent. Maybe it is time for you to make the best move! Call me to learn more.

Update on the Georgia Dream Homeownership Program:

The Georgia legislature passed a bill to increase the outstanding bond limit allotted to the Georgia Housing and Finance Authority (GHFA) from $1.3 billion to $3 billion to fund the Georgia Dream Homeownership Program. This program makes first-time homeownership possible for more than 44,000 Georgians. Bond proceeds are paid off from mortgage payments made by homeowners. Loans are insured by the federal government, thus, protecting GHFA against losses resulting from default mortgages.

Additional information on related credit scores according to Shelter Lending Services:

If the borrower’s low-middle credit score is 700 or more the Housing Expense ratio and Debt-to-income ratio are determined by the lender’s automated underwriting system.

If the borrower’s low-middle credit score is at least 660 but no more than 699 the Housing Expense ratio can be no more than 35% and the Debt-to-Income ratio can be no more than 43%.

If the borrower’s low-middle credit score is at least 640 but no more than 659 the Housing Expense ratio can be no more than 28% and the Debt to Income ratio can be no more than 36%.

Sell Your Home Fast in Georgia GA Real Estate

Selling Your Home:


Learn the 9 Things Sellers Must Know
Before Listing Their House on the Market


1 Comment

  1. April 22, 2016    

    Wow wish they had this in Portland Oregon, thanks for this article very interesting. I should do some research and see if other state have something like this.

Leave a Reply

Your email address will not be published. Required fields are marked *

Selling Your Home: Real Estate Marketing Plan

Selling Your Home: FREE Report

Sell Your Home Fast in Georgia GA Real Estate
Selling Your Home:
Learn the 9 Things Sellers Must Know Before Listing Their House on the Market

Ask John About Becoming a Real Estate Agent

Got a question about real estate?
Click the "Ask John" button above to ask now.

Our analytics reveal that many of our visitors are interested in becoming real estate agents. If you have a specific question about becoming a Realtor® I would love to hear from you.

Open House Events

Open House John Welch Georgia Real Estate

Open House: Sunday, June 12, 2016, 1PM to 4PM

3145 Cherbourg Court,
Marietta, GA 30062

Description: 4 beds | 4 baths | 2,755 sqft | $425,000 | Don't miss this opportunity! Three-sided brick home with fully finished basement in Dorset, a highly sought-after swim/tennis neighborhood with active homeowner's association. Lots of updates and upgrades - new windows, skylights, architectural roof, garage doors, keyless entry, professionally landscaped front with irrigation system, renovated master and upstairs bathrooms. Minutes away from historic Marietta, Roswell and Woodstock, public and national parks, Chattahoochee River, The Avenues of East Cobb, great restaurants and shopping. Learn more.

Open House in Marietta, Georgia

Open House: Sunday, Mar 6, 2016, 1PM to 4PM

4540 Hunting Hound Lane
Marietta, GA 30062

Description: 5 beds | 3 baths | 3,385 sqft | $350,000 | Exciting opportunity in fantastic East Cobb location, with award-winning schools, just waiting for someone to make this house shine. Lots of room for the money - 5 bedrooms, 3 full baths, large kitchen open to family room, sunroom usable year-round. Full basement with shop/workroom. Unfinished bonus room with stairs from garage area. Generous sized, gently sloping yard, space for gardening and plenty of parking. Best square footage for the money! Learn more.


Open House: Sunday, Jan 31, 2016, 2:00 to 5PM

445 Saddle Horn Circle,
Roswell, Georgia 30076

Description: 4 beds | 4 baths | 2,000 sqft | $369,900 | This 2000 square foot single family home has 4 bedrooms and 4.0 bathrooms. It is located at 445 Saddle Horn Cir Roswell, Georgia. The nearest schools are Hembree Springs, Elkins Pointe and Milton High. This home has beautiful golden hardwood floors throughout. The property has many beautiful trees, including a Magnolia outside the Breakfast Room bay window. Learn more.

Mortgage Rate Averages

Powered by GA Loan Rates