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You probably do not need 20% down
The 20% figure is the most expensive myth in residential real estate, because it keeps people renting for years while prices move.
What actually exists: conventional loans with as little as 3% down, FHA at 3.5%, and VA and USDA loans with zero down for those who qualify. Below 20% you generally pay mortgage insurance — a real cost, not a penalty, and on a conventional loan it is typically removable once you reach sufficient equity. FHA mortgage insurance behaves differently and often persists for the life of the loan, which is why the cheaper-sounding option is not always cheaper.
The right question is not how to get to 20%. It is what each option costs you per month, and what it costs over the years you will actually own the house. You get that comparison in writing.
Georgia Dream, and why its reputation is wrong
Georgia's Department of Community Affairs runs down payment assistance programs that most buyers assume they earn too much for. The current limits say otherwise.
Georgia Dream supports sales prices up to $625,000, with income limits around $137,555 for one to two person households and $158,188 for three or more. Peach Plus reaches a $725,000 sales price with income limits near $206,333 and $237,282 — and it does not require you to be a first-time buyer. Peach Advantage is open to first-time and repeat buyers, with income up to 150% of area median income.
Limits vary by county and the programs change; these figures were checked against DCA in September 2026 and must be confirmed with a participating lender. The point is that a lot of buyers in this market rule themselves out of assistance they actually qualify for.
The due diligence period is the most important thing in your contract
In a Georgia purchase, the due diligence period is a negotiated window during which a buyer can terminate — and it is the main protection you have. Inside it you do your inspections and decide whether to proceed, ask for repairs, or walk. Once it expires your position changes substantially.
Two things first-time buyers get wrong: shortening due diligence to win a bidding war without understanding what was given up — it is a legitimate tool, and it is the protection you are handing back, so make that trade knowingly. And scheduling the inspection late in the window — if the inspector finds something needing a structural engineer or a roofer, you need days left to get them out. Book it immediately, not on day eight of ten.
The property tax detail nobody tells first-time buyers
Georgia assesses property at 40% of fair market value. To claim a homestead exemption you must own and occupy the home as your legal residence as of January 1, and file by April 1.
Practical effect: closing in late December and filing in March gets you the exemption for that year. Closing in early January means waiting a full year. If your timing is flexible near year end, that is worth real money.
Also — and this surprises nearly everyone — the tax figure on the listing is the seller's, not yours. Under HB 581 a long-time owner's taxable value may be capped near an older base year, and that cap resets when the property sells. Budget for your own number.