The Georgia Department of Community Affairs (DCA) has announced an expansion of its Homeowner Assistance Fund with the introduction of a new refinancing option, the Georgia Mortgage Assistance (GMA) Refinance Loan program. The initiative is intended to help homeowners who continue to face challenges making mortgage payments as a result of financial hardships caused by 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, loan terms extending up to 40 years, and coverage for attorney fees, housing counseling services, and loan origination fees. This opportunity is time-limited; federal law requires that Georgia’s Homeownership Assistance Fund end when allocated funds are exhausted or by September 2026, whichever comes first. More information on eligibility and other available assistance programs can be found at www.georgiamortgageassistance.ga.gov.
The DCA supports communities across Georgia by promoting economic development and providing resources for affordable housing solutions. It also assists qualified residents with home purchases, rental housing access, foreclosure prevention, and homelessness support.
The Homeowner Assistance Fund was created to provide financial aid to eligible homeowners affected by the pandemic, helping them pay mortgages and related expenses.
