Georgia Dream Knowledge Center
Georgia Dream Peach Plus: A Georgia Dream Option for Higher-Income Homebuyers
What If You Make Too Much for Georgia Dream Standard?
What If You Make Too Much for Georgia Dream Standard?
One of the first things we look at when considering Georgia Dream is household income.
The traditional Georgia Dream Standard program has income limits based on household size and where you're purchasing. But being over the Standard income limit doesn't necessarily mean Georgia Dream is off the table.
Georgia Dream Peach Plus was created to serve eligible homebuyers who may not qualify for the traditional Georgia Dream program because of its income and purchase price limits. Peach Plus provides higher limits while still offering access to Georgia Dream down payment assistance.
For some buyers, that makes Peach Plus the next program we look at when household income puts Standard out of reach.
Quick Answer
Georgia Dream Peach Plus is a homebuyer program for eligible buyers who need higher household income and purchase price limits than the traditional Georgia Dream program allows.
Unlike Standard, Peach Plus does not require you to be a first-time homebuyer. The program currently uses FHA financing and can provide down payment assistance of 3.5% of the purchase price, up to $10,000 for eligible borrowers.
Peach Plus has its own income, credit, property, and other eligibility requirements, so qualifying for FHA financing by itself doesn't necessarily mean you'll qualify for Peach Plus.
What Is Georgia Dream Peach Plus?
Peach Plus is part of the Georgia Dream Homeownership Program, but it serves a somewhat different buyer than the traditional Standard program.
The biggest difference is flexibility around income and purchase price.
DCA describes Peach Plus as a program for homebuyers who may not qualify for the traditional Georgia Dream program because of its limits. Peach Plus provides higher income and purchase price limits for qualifying buyers.
Another significant difference is that Peach Plus isn't limited to first-time buyers. Eligible borrowers can be either first-time or repeat homebuyers.
That makes Peach Plus worth looking at even if you've already ruled yourself out of Georgia Dream based on something you've read about the Standard program.
What If My Income Is Too High for Georgia Dream Standard?
This is probably the most important reason to know Peach Plus exists.
You may otherwise look like a good Georgia Dream candidate but discover that your household income exceeds the Standard program limit.
Peach Plus has higher household income limits of its own. Those limits depend on the location of the property and household size. Georgia Dream also considers income from household members who will occupy the property, including certain adults who aren't borrowers on the mortgage.
Because of that, I prefer to review household income with a buyer rather than have them try to determine eligibility from an income chart on their own.
Making too much for Standard doesn't necessarily mean you make too much for Georgia Dream.
How Much Down Payment Assistance Is Available?
For an eligible Peach Plus borrower, the current Standard-level assistance is:
3.5% of the purchase price, up to $10,000, whichever is less.
Eligible PEN or CHOICE borrowers using Peach Plus may qualify for increased assistance of 4% of the purchase price, up to $12,500.
The assistance is provided as a Georgia Dream second mortgage at 0% interest with no monthly payment and deferred repayment.
It's important to remember that the assistance isn't a grant. It creates a second lien on the home and has repayment requirements.
What Type of Mortgage Does Peach Plus Use?
This is another important difference between Peach Plus and the broader Georgia Dream Standard program.
Peach Plus currently uses FHA financing. The first mortgage is a 30-year fixed-rate FHA loan originated through an approved Georgia Dream lender.
The first-mortgage interest rate is set by DCA, with current pricing published periodically.
That means Peach Plus isn't simply down payment assistance added to any FHA loan. The first mortgage and the assistance work together as part of the Peach Plus program.
What Are the Credit Requirements?
Peach Plus currently requires a minimum credit score of 640 for borrowers with a credit score.
There are additional underwriting requirements that can vary based on credit score, debt-to-income ratio, automated underwriting findings, and the complete loan file.
You don't need to sort through those underwriting rules yourself.
If Peach Plus looks like a potential fit, we can review your credit, income and overall application to determine whether the program makes sense before you start relying on it for a home purchase.
How Much Does the Buyer Have to Contribute?
Peach Plus requires the applicant to contribute at least $1,000 toward the purchase transaction. That contribution may be made before closing or through funds brought to closing, subject to program requirements.
Down payment assistance can reduce the amount of cash you need for a purchase, but it doesn't necessarily mean you'll buy a home without any money out of pocket.
The actual amount you'll need depends on the purchase price, FHA financing, closing costs, seller contributions, available assistance and how the transaction is structured.
What Homes Can You Buy With Peach Plus?
Peach Plus is designed for the purchase of an eligible primary residence in Georgia.
Eligible properties can include certain single-family homes, townhomes, modular homes and condominiums. The program has additional property requirements and purchase price limits, and not every property type is eligible.
Rather than getting too deep into those rules here, if you've already found a home, we can confirm that both the property and purchase price fit Peach Plus before you move forward.
Is Homebuyer Education Required?
Yes.
Peach Plus requires homebuyer education, including for repeat homebuyers. The current program materials require education through a HUD-approved housing counseling agency.
I generally have buyers complete their required education after they're under contract while we're working through the rest of the mortgage process.
Buying Tip: Don't Assume You Make Too Much for Georgia Dream
I've seen buyers look at Georgia Dream income limits and assume the program isn't available to them.
That's understandable if the information they're looking at applies to Standard.
But Peach Plus exists specifically to provide higher income and purchase price limits for qualifying homebuyers.
If your household income puts you above the Standard limit, that's a reason to look at Peach Plus, not necessarily a reason to stop looking at Georgia Dream altogether.
This is also where working with someone familiar with the different Georgia Dream options can help. My team works with Georgia Dream regularly, and one of the things we can do early is determine which program guidelines actually apply to your situation.
Peach Plus vs. Georgia Dream Standard
The biggest difference for most buyers is who the programs are designed to serve.
Georgia Dream Standard is primarily designed for buyers who meet the traditional Georgia Dream income and purchase price limits and generally includes a first-time homebuyer requirement, subject to certain exceptions.
Peach Plus provides higher income and purchase price limits, doesn't require you to be a first-time homebuyer, and currently uses FHA financing.
The down payment assistance structure is also different. Peach Plus currently provides 3.5% up to $10,000 for eligible Standard-occupation borrowers, while eligible PEN and CHOICE borrowers may receive 4% up to $12,500.
So if we determine that your household income is too high for Standard, Peach Plus is one of the next options we can evaluate.
What If My Lender Hasn't Mentioned Peach Plus?
Not every lender offers Georgia Dream, and not every loan officer works with the program regularly. That can be especially important with Peach Plus because a buyer who exceeds the income limits for Georgia Dream Standard may still have another option.
My team works with Georgia Dream regularly, including Peach Plus. If you've been told your income is too high for Georgia Dream, or your lender hasn't discussed Peach Plus with you, I'm happy to take a second look.
Frequently Asked Questions
Is Peach Plus only for first-time homebuyers?
No. Peach Plus is available to eligible first-time and repeat homebuyers.
Is Peach Plus for buyers who make too much for Georgia Dream Standard?
That's one of the primary reasons the program exists. Peach Plus offers higher household income and purchase price limits than the traditional Georgia Dream program, although Peach Plus still has income limits and other eligibility requirements of its own.
How much down payment assistance does Peach Plus provide?
Eligible borrowers may currently receive 3.5% of the purchase price up to $10,000. Eligible PEN and CHOICE borrowers may qualify for 4% up to $12,500.
Is Peach Plus down payment assistance a grant?
No. The assistance is provided as a 0% interest deferred second mortgage with no monthly payment.
Can I use Peach Plus with FHA?
Yes. In fact, Peach Plus currently uses FHA financing for the first mortgage.
What credit score do I need?
Peach Plus currently requires a minimum 640 credit score for borrowers with a credit score. Additional FHA, Georgia Dream and underwriting requirements apply.
How much do I have to contribute?
Peach Plus currently requires at least $1,000 from the applicant toward the purchase transaction.
Continue Learning
Peach Plus is one of several options available through Georgia Dream.
If you're trying to understand the program as a whole, start with:
Georgia Dream Homeownership Program: Everything You Need to Know
You can also read:
Georgia Dream Standard Program Explained
Georgia Dream Peach Select VA Loan Program
These guides can help you see why the right Georgia Dream option depends on more than simply whether you want down payment assistance.
Talk Through Your Options
You don't need to determine which Georgia Dream income table or program applies to you before reaching out.
If your income appears to be too high for Georgia Dream Standard, I can review your household income and financing goals to see whether Peach Plus or another option is worth considering.
Official Georgia Dream Resources
Georgia Dream income limits, purchase price limits, rates and program requirements can change. Current program information should always be confirmed through the Georgia Department of Community Affairs.
Final Thoughts
Peach Plus fills an important gap in the Georgia Dream program.
If your household income is too high for Standard, you may still have an opportunity to use Georgia Dream through Peach Plus.
It also opens the door to repeat homebuyers who might assume Georgia Dream is only for someone purchasing their first home.
The important part is figuring out which rules actually apply to you. A quick review of your household income, credit, purchase plans and financing can usually tell us whether Peach Plus deserves a closer look.
Could Peach Plus Be a Fit?
If your household income is too high for Georgia Dream Standard, Peach Plus may be worth a closer look.
Loan programs, eligibility requirements, interest rates, and closing costs vary based on individual circumstances, credit profile, property type, and market conditions. Georgia Dream program guidelines are subject to change.