This week we turn the spot light to the Georgia Dream NSP Purchase Program, a forgivable second mortgage program of up to $14,000 for qualified purchasers of foreclosed homes in certain counties in Georgia. As with any targeted loan program, the devil is in the details, so let's first find out who might qualify:

* Buyers must purchase a property that has been foreclosed and the title transferred to the mortgage lien holder or an eligible agency. In other words, the property buyer must be buying from a bank, a government entity, or an eligible non-profit. But you don't have to be a "first-time buyer" to qualify - even rental property owners are eligible.

This requirement is reflective of the targeted nature of this program. As we have said before, metro Atlanta is awash in bank-owned homes, and they tend to drag down property values over time. The NSP part of the program name stands for "Neighborhood Stabilization Program." The specific goal of the program is to stimulate sales of these "post-foreclosure" homes, and hopefully help return the market to a position of equilibrium.

* In addition, buyers must purchase a bank-owned home in a county that has been identified as an "area of greatest need."

This list of counties was complied based on volume, and does indeed include all metro Atlanta counties.

* Finally, eligible buyers must have a total household income less than 120 percent of the area median income.

Unfortunately, this criteria is determined on a county by county basis, and the list of maximum incomes is available at the Georgia Dream website. As an example, a family of four who wished to qualify for a purchase in DeKalb or Cobb counties would have to have family income under $85,450.

In contrast to the Federal First Time Buyer program, the Georgia Dream Loan is an actual second mortgage, in an amount up to ten percent of the home's purchase price. The loan may not exceed $14,000.  Instead of assistance being in the form of a credit, this is a loan which is designed to be forgiven over a period of five and a half years, provided the borrower actually lives in the house.

The really good news is that this program may be combined with the Federal credit for a total benefit of up to $22,000 on a house being purchased for $140,000, and the second mortgage proceeds can even be used for the down payment and closing costs, so an eligible buyer may not need any downpayment whatsoever.

To learn more, visit the list of participating lenders at the Georgia Dream Loan website, or visit money99.com for a detailed list of frequently asked questions and answers.

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