Georgia Dream Homeownership Program

On a $350,000 home in Savannah, the city's median price, an FHA buyer needs a 3.5% down payment of $12,250. Georgia Dream Standard figures 5% of the price, or $17,500, but caps the award at $10,000, leaving the buyer $2,250 of the down payment. A PEN or CHOICE buyer gets 6% capped at $12,500, which covers the full $12,250. Savannah's Chatham County falls under the $475,000 price cap for counties outside metro Atlanta and Athens.

Estimated closing costs in Savannah run $7,000 to $10,500. A standard buyer would bring $9,250 to $12,750 to closing, which more than meets DCA's $1,000 minimum contribution. Seller credits follow FHA's interested-party limits, so negotiating them can cut that cash need. The asset cap matters here too: on this home, savings left after closing cannot top $70,000, which is 20% of the price.

A Savannah household earning under 80% of area median income may also qualify for FHLBank Atlanta's First-time Homebuyer product, a grant of up to $17,500 through a participating member bank. Paired with the $10,000 Georgia Dream loan, that is up to $27,500 against roughly $19,250 to $22,750 in down payment and closing costs. DCA allows no cash back, so any excess cannot be paid out to the buyer at closing.

Georgia Dream Standard allows other down payment and closing cost assistance, provided any lien it carries sits behind DCA's liens. FHLBank Atlanta's 2026 homebuyer grants cover Georgia: the First-time Homebuyer product pays up to $17,500 and Community Partners up to $20,000 for educators, first responders, health care workers and veterans, both for households under 80% of AMI. Workforce Housing Plus+ pays up to $15,000 at 80.01% to 120% of AMI, first come, first served. All three run through FHLBank member banks and credit unions.

Stacking does not waive DCA's rules. You still put in the $1,000 minimum, cannot take cash back on the closing disclosure, and must stay under the liquid asset cap once the extra help is counted. Workforce Housing Plus+ funds cannot be combined with an FHLBank AHP Homeownership Set-aside request, so check which FHLBank product your bank is using. Call the Georgia Dream lender line at 800-359-4663, DCA at 404-679-4840, or FHLBank Atlanta at 800-536-9650, option 3.

VA and USDA first mortgages can reach 100% loan-to-value under the Standard matrix, so the buyer's cash need is mostly closing costs; confirm with your lender how the $10,000 second mortgage applies. Conventional loans are different: DCA caps them at 80% loan-to-value with no mortgage insurance, which means 20% down. Seller credits within FHA, VA or USDA limits can trim the rest.

Georgia Dream Standard pays a bigger share than Peach Plus: 5% up to $10,000, or 6% up to $12,500 for PEN and CHOICE buyers, against 3.5% and 4%. The second mortgage costs nothing while you live in the home, with 0% interest and no monthly payment. It works with FHA, VA, USDA and conventional first mortgages, and DCA sets one rate for every participating lender, so you are not comparing lender markups. Veterans who never used bond-financed help skip the first-time rule, and so do buyers in targeted areas.

The biggest limitation is the income ceiling. Outside metro Atlanta and Athens, a three-person household must earn under $116,955, and price caps of $475,000 to $625,000 rule out much of north Fulton, where Alpharetta and Johns Creek medians reach $675,000. The loan is never forgiven and comes out of your sale or refinance proceeds. Conventional borrowers need 20% down, and the liquid asset cap penalizes heavy savers. Buyers over the limits should compare Georgia Dream Peach Plus, with incomes up to $237,282 and no first-time rule, or Peach Advantage at up to 150% of AMI.