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About the Savannah DreamMaker Home Purchase Assistance Program
The Savannah DreamMaker Home Purchase Assistance Program lends first-time buyers $5,000 to $30,000 toward down payment and closing costs on a home inside Savannah city limits. The City of Savannah Housing Services Department runs it with Community Housing Services Agency, Inc. Each loan carries 2% interest and no monthly payments for 30 years. That is up to three times the $10,000 cap on the state's Georgia Dream second mortgage, and the City's fact sheet says DreamMaker is stackable with other assistance.
To qualify for DreamMaker, household income must fall at or below 80% of Area Median Income under limits effective June 1, 2026: $60,100 for one person, $68,700 for two, $77,300 for three, $85,850 for four, $92,750 for five and $99,600 for six. Households between 80% and 120% AMI, up to $128,780 for a family of four, can still receive up to $10,000 with a $360,000 price cap instead of $260,000. The fact sheet also sets an income floor of $45,000 a year, a rule many buyers do not expect from an income-limited program. Buyers must be considered first-time homebuyers, complete a funder-approved homebuyer course, and live in the home as a primary residence. Your housing payment must use at least 25% of gross income but no more than 35%, with total debt capped at 45%.
DreamMaker is a loan, not a grant, and none of it is forgiven. The note carries 2% interest with no monthly payments for 30 years, and the balance is due when you sell, refinance, move out, transfer title, die or default. Selling within the first 10 years also triggers equity sharing with the City. Georgia Dream, by comparison, offers a 0% deferred second mortgage of 5% of the price up to $10,000, or $12,500 for protectors, educators, nurses and CHOICE households.
How much assistance
Eligibility
- Income limits: Effective 06/01/2026, 80% AMI: 1-$60,100, 2-$68,700, 3-$77,300, 4-$85,850, 5-$92,750, 6-$99,600, 7-$106,500, 8-$113,350 (+$6,850 per additional person). 80%-120% AMI tier (up to $10,000, $360,000 price cap): 1-$90,100 to 4-$128,780, 8-$170,030. Minimum household income $45,000.
- Purchase price limit: $260,000
- First-time buyer required: Yes — Must not have owned a home in the previous 3 years.
- Geographic restrictions: Must purchase within Savannah city limits. DreamMaker 1 (up to $5,000) for homes outside Target Neighborhoods. DreamMaker 2 (up to $7,500) for homes within CDBG neighborhoods. Higher tiers available for qualifying properties.
- Homebuyer education required: Yes
How to Apply for Savannah DreamMaker Home Purchase Assistance Program
Step 1: Check income, price and location limits
Confirm the home is inside Savannah city limits and that household income is at or below $85,850 for a family of four (80% AMI) under the June 1, 2026 limits. Households earning up to $128,780 for four qualify for the smaller $10,000 tier. Household income must also be at least $45,000 a year. Plan on a maximum purchase price of $260,000, or $360,000 in the 80% to 120% AMI tier.
Step 2: Take a funder-approved homebuyer course
DreamMaker requires a funder-approved homebuyer education course. Local HUD-approved counselors include Consumer Credit Counseling Services of Savannah at 7220 Sallie Mood Drive (912-691-2227) and Neighborhood Improvement Association at 7010 Skidaway Road (912-447-5577). The full HUD counselor list is at hud4.my.site.com/housingcounseling. The City's application asks whether you have taken a course in the last 12 months, so finish it early.
Step 3: Get first mortgage approval from a lender
DreamMaker only supplements a private first mortgage, so get pre-approved first. The lender's fixed rate cannot exceed the Georgia Dream mortgage rate plus 2% as of your DreamMaker commitment date. Adjustable rates, interest-only payments and balloon loans are not allowed. Lender fees are capped at 3% of the loan amount, and the repayment term must run 15 to 40 years. Your housing payment cannot exceed 35% of gross income.
Step 4: Submit the DreamMaker application
Download the application (revised June 1, 2026) and the fact sheet at savannahga.gov/3401. It asks for income from every household member, savings, current debts and credit scores. Return it to downpayment@savannahga.gov or Housing Services, 6600 Abercorn Street, Savannah, GA 31405. Applications are accepted year-round while funds last. Call 912-651-6926 with questions. Every award depends on buyer need, funding source and availability.
Step 5: Choose an eligible home and inspect it
The home must be vacant, occupied by you as a tenant, or occupied by the seller, and in good condition. Fixer-uppers, mobile homes and condos are not eligible, and townhomes need a 2-hour firewall. You need a fully executed purchase agreement with the seller's disclosure, plus a lead paint disclosure for homes built before 1978. Hire a certified private home inspector, and expect no peeling or deteriorated paint.
Step 6: Pass the City inspection and close
Before the City issues a funding commitment letter, staff inspect the home, and the seller must finish any required repairs. City staff must confirm those repairs before the commitment is issued. The appraisal must support the price, and the loan needs DreamMaker loan committee approval. At closing you sign a 2% deferred note, and nothing is due until you sell, refinance or stop living in the home.
Real Cost Example
On a $255,000 home in Savannah, a three-person household earning $70,000 sits under the $77,300 limit at 80% AMI and under the $260,000 price cap. Savannah's median home price is about $350,000, so this tier fits below-median homes. An FHA loan at 3.5% down requires $8,925. DreamMaker could cover that down payment in full, since loans run from $5,000 to $30,000 based on need, with no monthly payment on the 2% note.
Estimated closing costs in Savannah run $7,000 to $10,500. Added to the $8,925 down payment, the buyer needs about $15,925 to $19,425 before assistance. The City sizes each loan by buyer need, so a larger DreamMaker award could reach part of those closing costs too. Seller-paid closing costs can lower the total further, within the limits your lender sets for the loan type.
Georgia Dream adds 5% of the price up to $10,000, so this purchase would draw the full $10,000 at 0% if the household fits DCA's Chatham County income limit. Georgia Dream requires a $1,000 buyer contribution and a 640 credit score. Combined, $10,000 from Georgia Dream plus $8,925 or more from DreamMaker could cover the down payment and most closing costs on this $255,000 home.
Combining With Other Programs
The City's DreamMaker fact sheet states the program is stackable with other down payment assistance. The best-documented pairing is Georgia Dream from the Georgia Department of Community Affairs, a 0% deferred second mortgage of 5% of the price up to $10,000, or 6% up to $12,500 for PEN and CHOICE buyers. The City also runs separate home purchase programs for City of Savannah employees and for team members at St. Joseph's/Candler, Memorial HCA and the Georgia Ports Authority.
Georgia Dream requires any other assistance recorded as a lien to sit behind DCA's lien, and buyers cannot receive cash back at closing. Its first mortgage rate also matters, since DreamMaker caps your lender's rate at the Georgia Dream rate plus 2%. Each DreamMaker award depends on buyer need and funding source, so the City may lend less when other funds cover the gap. Call Housing Services at 912-651-6926 before you sign a contract.
Other ways to lower cash to close include seller-paid closing costs and gift funds, within your first mortgage's rules. Georgia Dream limits liquid assets to $20,000 or 20% of the price after closing and counts gifts over $5,000 as liquid assets. Buyers between 80% and 120% AMI should plan around the $10,000 DreamMaker cap and the $360,000 price limit.
Pros and Cons
DreamMaker offers a larger loan than the state program, up to $30,000 at 2% with no monthly payments for 30 years. That is three times the $10,000 Georgia Dream cap, and the City states DreamMaker stacks with other assistance. The program also reaches moderate earners: households up to 120% AMI, or $128,780 for a family of four, can still get $10,000. Buyer protections are built into the first mortgage rules, including a 3% cap on lender fees, a ban on adjustable, interest-only and balloon loans, and a 35% ceiling on the housing payment.
The biggest limitation is the $260,000 price cap for households at or below 80% AMI, which sits well below Savannah's median home price of about $350,000. The loan is never forgiven, it carries 2% interest, and selling within 10 years triggers equity sharing with the City. Condos, mobile homes and fixer-uppers are excluded, and the $45,000 income floor shuts out the lowest earners. The home must also be inside Savannah city limits, not elsewhere in Chatham County. Buyers who miss these rules should compare Georgia Dream ($10,000 at 0%, deferred) paired with an FHA or conventional first mortgage.
Frequently Asked Questions
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Program details last verified: October 13, 2026