Georgia Dream Delivery Best Practices

Here are some tips on how to get your Georgia Dream loan submissions through our Compliance Review for fastest decisions

Ensure that you have included all the exhibits in your file submission per the Underwriting Package Checklist and that they are accurate and complete.  We focus on the following 3 major items from a review standpoint which helps us render a decision to our lenders more quickly:

1. Borrower Ability to Repay - Does the AUS reflect either a DU Approve/Eligible, LPA Eligible/Accept, or USDA GUS Accept/Eligible with credit score equal to or greater than 640?
2. Has the borrower met the tenets of our bond issuance guidelines:
   1. Does the borrower fall within our MSA/county income limitations?  See Seller Guide 308.1 for Standard & Peach Select or Seller Guide 706 for Peach Plus
   2. Does the borrower fall within our MSA/county sales price limitations?  See Seller Guide 403 for Standard & Peach Select or Seller Guide 707 for Peach Plus
   3. If requesting DPA funds, does the borrower meet the lesser of 5% of the sales price or $10,000 or if PEN/CHOICE DPA for the lesser of 6% of the sales price or $12,500, does the employer meet our Seller Guide 401.2b or 401.2c requirements?
   4. Is the borrower a true first-time homebuyer having owned no other property in the past 3 years?
3. Are all the numbers matching used for the AUS approval, Lender’s Loan Approval, FHA LT/VA Loan Analysis/Conv’l or USDA 1008, and Prelim CD or Loan Estimate for borrower’s funds needed to close matching?   When we see all matching numbers, that tells us from an underwriting standpoint the lender’s underwriter exercised due diligence in their review, that the borrower knows from a TRID standpoint what they need to bring to closing with verified funds, and that we can allow for a high level expedited streamline review.
   1. Here is what we compare for consistency on all documents:
      1. LTV/CLTV
      2. Sales Price
      3. Appraised Value
      4. Note Rate
      5. Total Income
      6. Total Expense Ratio
      7. PITIA/Proposed Payment
      8. Funds Required to Close
      9. Funds Available/Verified