The Georgia Department of Community Affairs (DCA) has expanded its Homeowner Assistance Fund by introducing a new refinancing option through the Georgia Mortgage Assistance (GMA) Refinance Loan program. This move aims to support homeowners who continue to face financial difficulties with their mortgage payments as a result of the COVID-19 pandemic.
Wesley Brooks, Deputy Commissioner for Homeownership at DCA, stated, “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 loans at a 3 percent interest rate with terms up to 40 years. The program also covers attorney fees, housing counseling services, and loan origination fees. This opportunity is available for a limited time, as federal law requires that Georgia’s Homeownership Assistance Fund end when funds are depleted or by September 2026.
Homeowners interested in learning about eligibility requirements and other available programs can visit www.georgiamortgageassistance.ga.gov for more information.
The DCA works with communities across Georgia to promote economic development and provide affordable housing solutions. It also assists qualified residents in buying homes, accessing rental housing, and preventing foreclosure and homelessness. More details about the department’s initiatives can be found at dca.georgia.gov.
The Homeowner Assistance Fund was created to help eligible homeowners impacted financially by the pandemic pay their mortgages and related expenses. Additional information is available at www.dca.georgia.gov.
