Georgia FHA
Mortgage Lenders- MIN 580 FICO
Many Georgia home buyers have noticed that the average price
of Georgia homes in your area has dropped in recent months. Partly due to the
slowing Georgia economy and the usual cyclical nature of the Georgia housing
market itself, GA housing prices are definitely lower now than they were a few
years ago. If you're in a financial position to do so, now would be a great
time to buy your first Georgia house! If you've been thinking about becoming a
homeowner but are concerned about qualifying for a traditional loan, you should
consider considering the Georgia FHA Mortgage program.
Georgia FHA mortgage loans are insurance by the Federal
Housing Administration, are a great alternative to loan products that you can
get at any bank. Where traditional mortgage loan approvals require excellent
and extensive credit, the Georgia
FHA mortgage loan program has slightly relaxed standards, making it easier
for people with a few credit blemishes or even, in some cases, bankruptcy
qualify for a loan.
Additionally, while most conventional loans require 20% of
the purchase price as a down payment, Georgia FHA Mortgage lenders require as
little as 3.5%. The significantly reduced amount of down payment required makes
it substantially easier for many people to buy a house, and to do so earlier in
their lives which can lead to increased equity and an easier time retiring if
they can pay off the loan before leaving their job.
An important consideration to research before going to your Georgia
bank to obtain a Georgia FHA mortgage loan, however, is that the Georgia FHA
mortgage program does have an upper limit on the amount of money it will loan
for a new Georgia home. Based upon the median cost of Georgia housing for the
country, the maximum Georgia FHA mortgage loan limits are set each year and
then adjusted in areas where the cost of living might be higher than average.
The cost of living adjustment allows even those who live in
areas with an expensive Georgia housing market to be able to afford a Georgia FHA
mortgage under this program. While most of Georgia's FHA mortgage loan limit is
$271,050 for a single family Georgia home, suburbs of Georgia's FHA mortgage
loan limit of $346,250. Check with your FHA moorage lender to get the exact
loan maximum for the area you're considering, and be sure to notify him or her
if you are planning on purchasing a multi-family dwelling since the limit might
be higher or lower.
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