The Georgia Department of Community Affairs (DCA) has announced the upcoming launch of the Georgia Dream Peach Advantage Loan Program, set to take effect on July 1, 2025. This innovative initiative is aimed at providing enhanced down payment assistance options for individuals and families looking to achieve homeownership in the state of Georgia.
With the Peach Advantage Loan Program, eligible homebuyers can benefit from expanded down payment assistance that varies from two percent up to five percent of the home purchase price. The program also introduces a zero percent down payment option with a reduced first mortgage interest rate, creating significant upfront savings for applicants. This initiative builds upon the existing Georgia Dream program, reinforcing the commitment to making homeownership more accessible to Georgians of all backgrounds.
For prospective borrowers, the eligibility criteria for the Peach Advantage Loan Program aligns with that of the traditional Georgia Dream loan. This means that any borrower who qualifies under the existing Georgia Dream parameters can apply for the new Peach Advantage option starting on its launch date.
Interest rates for the Peach Advantage Loan Program will be linked to the level of down payment assistance chosen by the borrower, providing an adaptable solution based on individual financial circumstances. The engagement of Lakeview Loan Servicing, LLC, as the exclusive partner in providing the Peach Advantage Loan Program underscores the DCA’s dedication to collaboration in supporting housing initiatives.
The maximum home sales price permissible under this program will vary by county. In the Atlanta Metropolitan Statistical Area (MSA), the cap is set at $650,000. Meanwhile, the Athens Metro MSA will have a maximum sales price of $575,000, and other counties throughout Georgia will have a $500,000 limit.
Borrowers wishing to maximize assistance may still take advantage of other down payment assistance programs alongside the Peach Advantage Loan Program, provided they adhere to the guidelines set forth by Georgia Dream and Lakeview Loan Servicing, LLC. However, any secondary financing will need to undergo review and approval to ensure compliance with program standards.
To facilitate a seamless transition for borrowers with existing applications for other Georgia Dream programs, the DCA advises those who applied before July 1, 2025, to cancel their current application and reapply for the Peach Advantage Loan Program. Individuals are encouraged to consult with their loan officer and the DCA before proceeding with cancellation to ensure proper handling of their application process.
In addition, there are notable differences between the Georgia Dream Peach Advantage and other Georgia Dream mortgage products that prospective buyers should be aware of. For instance, lenders must receive approval from both the DCA and Lakeview Loan Servicing, LLC, to participate. Furthermore, the funding structure involves lenders funding both the first and second mortgages, with Lakeview purchasing these loans afterward.
The product type offered through the Peach Advantage Loan Program will be a conventional loan, requiring private mortgage insurance for loans above 80 percent loan-to-value. There will also be reduced private mortgage insurance options available for homebuyers whose household income is 80 percent or less than the Area Median Income.
The program offers full delegation of underwriting, closing, and funding authority to the lender, enhancing efficiency in the mortgage process. Borrowers may need to invest a minimum of zero to three percent of the sales price, depending on their choice of down payment assistance.
For additional details about the Georgia Dream Peach Advantage Loan Program, potential applicants are encouraged to visit the DCA website at dca.georgia.gov or contact the department via email at [email protected].
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