The Georgia Department of Community Affairs (DCA) has expanded its Homeowner Assistance Fund with a new refinancing option called the Georgia Mortgage Assistance (GMA) Refinance Loan program. This initiative aims to help homeowners who continue to face financial difficulties in paying their mortgages due to the economic effects of the COVID-19 pandemic.
Wesley Brooks, Deputy Commissioner for Homeownership at DCA, said, “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 features a 3 percent interest rate and loan terms up to 40 years. It also covers attorney fees, housing counseling services, and loan origination fees for eligible applicants. The program is available for a limited time while funds last.
According to federal law, Georgia’s Homeownership Assistance Fund will end when all funds are used or by September 2026, whichever comes first. Interested homeowners can review eligibility requirements and other assistance programs at www.georgiamortgageassistance.ga.gov.
The DCA works with communities across Georgia on community development and affordable housing initiatives using state and federal resources. Its programs support job creation, local government planning, downtown development, affordable housing solutions, volunteerism, home buying assistance for low- and moderate-income residents, rental housing access, foreclosure prevention, and homelessness reduction.
The Homeowner Assistance Fund provides financial support for eligible homeowners impacted by the COVID-19 pandemic so they can pay mortgages or related expenses. More information is available at www.dca.georgia.gov.
