The Georgia Department of Community Affairs (DCA) has announced an expansion of its Homeowner Assistance Fund with the introduction of the Georgia Mortgage Assistance (GMA) Refinance Loan program. The new option is intended to help homeowners who continue to face difficulties in making mortgage payments due to financial hardships brought on by the COVID-19 pandemic.
“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.”
The GMA Refinance Loan program provides loans at a 3 percent interest rate, with terms available for 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; under federal law, Georgia’s Homeownership Assistance Fund will end when funds are depleted or by September 2026, whichever comes first. More information about eligibility and additional programs can be found at www.georgiamortgageassistance.ga.gov.
The DCA works with communities across Georgia to support economic development, local government assistance, and affordable housing initiatives. The department uses both state and federal resources to help create jobs, develop neighborhoods, generate housing solutions, and prevent foreclosure and homelessness.
The Homeowner Assistance Fund is designed to provide financial aid to homeowners affected by the COVID-19 pandemic so they can pay their mortgages and other related expenses. Further details about this fund are available at www.dca.georgia.gov.
