The Georgia Department of Community Affairs (DCA) has expanded its Homeowner Assistance Fund by introducing a new refinancing option under the Georgia Mortgage Assistance (GMA) Refinance Loan program. This initiative aims to help homeowners who continue to face financial difficulties with their mortgage payments as a result of the COVID-19 pandemic.
According to Wesley Brooks, Deputy Commissioner for Homeownership at DCA, “We’re looking to assist homeowners who have been unable to find a more affordable mortgage solution with their current mortgage or servicing company. The new GMA Refinance Loan program will help fill that gap and assist more of our fellow Georgians who need help to remain in their homes.”
The GMA Refinance Loan program offers several features, including a 3 percent interest rate, loan terms up to 40 years, and coverage for attorney fees, housing counseling services, and loan origination fees. The program is available for a limited time. Under federal law, Georgia’s Homeownership Assistance Fund will end when funds are depleted or by September 2026.
Homeowners interested in the program can find eligibility requirements and further details on the official website: www.georgiamortgageassistance.ga.gov.
The DCA works with communities across Georgia to support economic development and provide safe and affordable housing solutions. The agency also assists qualified residents with buying homes, accessing rental housing, and preventing foreclosure and homelessness through various programs. More information about these efforts is available at dca.georgia.gov.
The Homeowner Assistance Fund was created to support those financially affected by the pandemic in meeting their mortgage obligations and related housing expenses. Details about this fund can be found at www.dca.georgia.gov.
