Georgia FHA Loan
Real estate is booming in Georgia, especially in Atlanta and the oh-so-coveted beach front properties along the Gulf of Mexico. Whether you're a season home buyer or you're a first time home buyer, you're looking to invest in a solid property opportunity in Georgia! There's no better way than with a Georgia FHA home loan, a very low risk Georgia FHA mortgage.
With us, becoming a homeowner can become an reality! We offer traditionally more flexible underwriting terms with our FHA loan program for buying a home in Georgia. Unlike our competitors, many or whom have heavy restrictions on FHA underwriting in Georgia, our program is designed as FHA had intended; to assist those home buyers and streamline refinance customer who might not otherwise qualify for traditional financing, to get a great low rate with a government insured loan. Just a few questions to ask yourself before applying for a Georgia FHA mortgage:
- You should show the ability to afford the proposed new mortgage payment
- Your credit must have been fairly decent for at least the past year
- The property you're interested in buying or refinancing should meet FHA underwriting guidelines
Lucky for most first time home buyers who want to purchase a home in Georgia, and buyers with low credit scores, the Federal Housing Authority, also known as FHA, is a division of the Department of Housing and Urban Development, commonly referred to as HUD. These groups make it their mission to assist first time and low credit buyers in achieving financing for a property they can afford that is also livable. Georgia Mortgage lenders and Mortgage Brokers who are not approved by the FHA do not have to adhere to strict HUD guidelines and must place marginal borrowers in high interest rate, higher risk loan programs, such as subprime mortgages. The reality is, with an FHA insured mortgage, these standards have a high probability of protecting your from a perceived home bargain that turns out to be a money pit.
Due to regulations on the FHA in Georgia, there are also a number of benefits to obtaining a GA FHA loan, including, but certainly not limited to:
- Down payment assistance programs - You may use down payment assistance in paying your down payment on a new or existing home
- Even if you have a higher debt to income ratio, we may still be able to help you with that Georgia FHA loan due to flexible underwriting
- You are not typically required to have any cash reserves with a Georgia FHA home loan
- Limited and no credit history means you can still qualify for an FHA home loan
- There are no minimum or maximum income requirements
It's always important to find an Georgia FHA mortgage lender, like us, that will be fair and offer you the most competitive FHA mortgage rates available in the market. But more importantly, there are several things that you should know about FHA loans and mortgages and the Georgia market that could affect you and your purchase decision:
- FHA loans are not originated by the FHA in Georgia, FHA only insures the loans underwritten and funded by HUD approved Georgia FHA lenders like is Be careful of any Broker or Lender who is Not approved by HUD to originate the FHA Loan. They are under far less scrutiny and cannot offer you the FHA Loan.
- Georgia FHA mortgage comes with an up front MIP premium which is added into the amount you finance. However, this means your monthly mortgage insurance premium is typically half that of traditional conventional loan programs.
- The monthly FHA mortgage insurance premium you pay, does not just protect the lenders against your default. With an Georgia FHA Loan, you get a wide range of Foreclosure prevention options from HUD that you will NOT get with a conventional mortgage. In today's uncertain job market, this can be VITAL in whether you keep your home during rough times in your life, or become just another foreclosure statistic in the news.
- You are limited in the type of loan you can get. The Georgia FHA loan program only allows for Full Documentation and offered only a Fixed Rate, and a 1/1 ARM program which is designed for marginal home buyers to qualify and then refinance in one year, using the extremely low cost streamline refinance process, into a safe and stable FHA fixed rate loan.
- Compared to traditional financing, the Georgia FHA insured loan typically will offer home buyers and home owners, a lower interest rate than conventional financing.
- The Georgia FHA loan allows a home seller to pay up to 6% of your closing costs. Good negotiations tied with a good down payment assistance plan and you can create a no money down scenario using the Georgia FHA loan program!
A good Georgia FHA mortgage lender, like is, will know and be able to explain all of the benefits a traditional GA FHA mortgage has. Not only this, but they will make you aware of:
- Closing costs - you'll be responsible for all of your closing costs including attorney's fees in some states, title search and title insurance. They will also pre-counsel you so you know what to ask for in concessions from a seller - before you go shopping for a home.
- Homeowner's Insurance - this can be a costly requirement for all homeowners in Georgia due to flood and wind damages that may occur during hurricane season. A good Georgia FHA lender will tell you to shop insurance on a home BEFORE you contract
- Other associated costs with FHA loans, like origination fees will be fully disclosed on the good faith estimate
- Will your lender will offer you the most competitive FHA mortgage rate in Georgia, or try to increase the rate and blame your credit
- Will explain your choice between variable and low 30 year fixed rates
- Will counsel you on the risks associated with your Georgia financing options
Once you have found the right Georgia FHA mortgage lender for you, it's time to pick out your perfect property, whether it's in the hot, bustling condominiums and nearby suburbs of Atlanta or along the beautiful beach front of the Gulf Coast. We hope you pick us!