The Georgia Department of Community Affairs (DCA) has announced an expansion of its Homeowner Assistance Fund with the introduction of a new refinancing option under the Georgia Mortgage Assistance (GMA) Refinance Loan program.
This initiative is intended to help homeowners who continue to face difficulties making mortgage payments as a result of financial challenges brought on by the COVID-19 pandemic. The GMA Refinance Loan program aims to provide another form of relief for those unable to secure more affordable mortgage solutions through their current lenders.
“We’re looking to assist homeowners who have been unable to find a more affordable mortgage solution with their current mortgage or servicing company,” said Wesley Brooks, Deputy Commissioner for Homeownership at DCA. “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.”
Key features of the GMA Refinance Loan include a 3 percent interest rate, loan terms up to 40 years, and coverage for attorney fees, housing counseling services, and loan origination fees. The opportunity is time-limited; according to federal law, Georgia’s Homeownership Assistance Fund will end when funds are depleted or by September 2026—whichever comes first. Homeowners interested in applying can review eligibility requirements and learn about additional programs at www.georgiamortgageassistance.ga.gov.
The DCA works with communities across Georgia on economic development and housing initiatives using state and federal resources. Its programs focus on supporting job creation, planning efforts, downtown development, affordable housing solutions, and volunteerism. The agency also provides assistance for qualified residents with low or moderate incomes in buying homes or rental housing and helps prevent foreclosure and homelessness.
The Homeowner Assistance Fund offers support for eligible homeowners affected financially by the pandemic so they can pay mortgages or related expenses. More information about this fund is available at www.dca.georgia.gov.
