In Savannah, Georgia, a state initiative dedicated to assisting low- to moderate-income families in purchasing their first homes is seeing an upward trajectory, as highlighted by state Representative Carl Gilliard, a key figure in the program’s leadership since its inception in 2016.

Gilliard collaborates with the Georgia Dream Homeownership Program to host “Come Get Your Keys,” a workshop designed to provide first-time homebuyers with both financial support and educational tools. This initiative offers up to $10,000, or 5 percent of the home’s purchase price, to cover down payments and closing costs.

“When we began ‘Come Get Your Keys’ in 2016, our goal was clear,” Gilliard shares. “We’ve since helped more than 300 individuals transition from renting to owning, fostering long-term stability.”

The Georgia Dream Homeownership Program is committed to facilitating the home-buying journey for eligible buyers by offering financial assistance for down payments and closing costs on both newly constructed and pre-existing homes. Additionally, the program provides essential guidance on the intricacies of purchasing a home, including collaborating with licensed Realtors, understanding home inspections, and navigating the complexities of underwriting.

“These workshops serve as a comprehensive educational experience,” Gilliard explains. “We ensure participants are equipped with trustworthy Realtors who can guide them every step of the way.”

To qualify, applicants must have a minimum credit score of 640, be first-time homebuyers and have liquid assets of no more than $20,000 or 20 percent of the home’s sales price. Eligible homes must cost $550,000 or less.

Gilliard said rising rent prices in Georgia highlight the importance of creating more pathways to homeownership.

“In America right now, and in Georgia, the rent is too high,” he said. “The average person renting a three-bedroom might be paying about $2,500. Why not have a mortgage for at least a third less than that and own that home?”

Gilliard said he plans to introduce the American Dream Act, which would establish a study committee to travel across the state and explore ways to expand homeownership opportunities and partnerships with lenders.

The homebuying process typically takes about 60 days. Program representatives recommend applying at least 10 business days before the intended closing date.

More information about the program is available by clicking or tapping here. You can also call this number 912-436-5325.