Underwater Georgia, a program of HomeSafe Georgia, is a limited-time initiative to help Georgians who owe more than their homes are worth through a one-time principal reduction.

Based on current funding, an estimated 2,700-3,000 eligible Georgia homeowners will receive assistance.

If you believe you qualify, and would like to be considered for the program, please review the requirements on this page and take our quiz.

Eligibility Requirements

The term “Applicant” includes all homeowners and borrowers legally bound to the home, and the spouse (if applicable).
  • The program applies only to an applicant’s primary residence, which must have been purchased prior to January 1, 2012.
  • The total lien balance on all mortgages for the subject property must be less than $250,000.
  • The property must have a loan to value greater than 110%, which can be reduced to 100% - 125% with assistance from $5,000 to $50,000.
  • The mortgage must be less than 90 days delinquent.
  • The lender/servicer must be participating in the HomeSafe Georgia program or agree to participate.
  • Applicant(s) cannot currently own more than one home.
  • Applicant(s) cannot be in active bankruptcy and must be current on tax filings. (Tax liens, if any, must be less than $10,000 total and have a documented active payment plan in place.)
  • The total of liquid assets (of residing applicants) cannot exceed $50,000 or the amount of assistance needed, whichever is less.
  • The total gross household income (all income received by residing applicants) must be able to support the mortgage payment but not exceed 140% of the averaged Area Median Income of their county.
  • Additional criteria apply.

How the Application Process Works

Because of limited funds and expected interest in the program, a random third-party selection process will be used to generate the order in which applications will be reviewed based on the pre-applications submitted from September 28 through October 18. After pre-applications have been received, representatives from DCA will contact homeowners directly to complete a full application.

As of midnight on Tuesday, Oct. 18, 2016, the Underwater Georgia pre-application period has ended.  Any pre-applications received after 11:59 p.m. ET on that date will be considered after all pre-applications received between September 28 and October 18 have been processed.  Pre-applications will continue to be accepted until funds are exhausted.  However, given the number of pre-applications received and the limited funds available, we expect that we have received more initial pre-applications than we have funding to help.

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