Northwest Georgia Credit Union and the Georgia Department of Community Affairs are proud to offer the Georgia Dream Homeownership Program to first-time homebuyers in the Greater Rome community! This innovative program is designed to enable qualifying individuals with low-to-moderate household incomes to achieve the dream of owning their own home. This program helps first-time homebuyers who may not meet the traditional down payment requirements or who lack an extensive credit history. Northwest Georgia Credit Union is only one of two credit unions in Georgia to make this program available, as well as the only financial institution in Floyd County.

The Georgia Dream First Mortgage offers several advantages to qualifying individuals wishing to purchase a home for the first time, or for the first time in three years. Homebuyers receive below market rates, 100% financing on 30 to 35 year fixed-rate mortgages, and no prepayment penalty. Additionally, the closing costs are very low, and after all documentation has been received, applicants usually receive a loan decision within 24 to 48 hours.

Individuals who work in health care, education, police, or fire may also qualify for the Georgia Dream Second Mortgage, an interest-free loan to cover a down payment and closing costs. The second mortgage program has no monthly payments, and no payment is due until the home is sold, refinanced, or no longer used as the borrower’s principal residence. A $500 minimum contribution is required, which could be matched 5-to-1 with additional grant assistance, available exclusively through Northwest Georgia Credit Union. The Georgia Dream Second Mortgage is also available to eligible individuals who wish to purchase certified energy efficient homes, households with disabled individuals, surviving spouses of a military serviceperson or public protector, and members of the Georgia Army and Air National Guard.

Because Rome was recently designated a Signature City by the Department of Community Affairs, eligible individuals who work for the City of Rome may also qualify to receive the City of Rome Down Payment Loan. This loan is a supplement to the Georgia Dream Second Mortgage that may be used when purchasing a home within the City.

If you or someone you know could benefit from this program, contact us at 706.291.9290. You may apply for the loan at one of our offices with a Financial Services Officer, or you may apply directly by completing the online loan application on the website of our partner, Briarwood Financial Services/CDC Federal Credit Union.