Mortgage Loan Options for Georgia Homeowners

In Georgia, the peach state, there are many homeownership programs for homeowners. First-time homebuyers are those who haven’t bought a home in the last three years. They can look for Georgia Dream Homeownership programs to get help in home loan financing. Georgia Dream Program sets the rates and fees for mortgages. Buyers can get in touch with Georgia mortgage lenders to know more about these programs. They can tell you about the ideal programs according to your requirements. However, we have also listed the national first-time home buyer programs in this blog to give you an idea about them. In addition, you can learn about the federal programs by the government and determine the best suitable for you. Scroll through this brief guide to get information about major national programs for a mortgage in Georgia. 

What are some Georgia homebuyer programs?

Conventional mortgage national program

This type of loan is best for limited mortgage insurance premiums and loan down payments. The federal government does not guarantee or give insurance to this kind of home loan. Know what are the potential first time home buyer requirements. Conventional home loans that match the requirements provide down payments of 3% for home buyers with lower income or first-time purchases. The best mortgage advisors can tell you more about the provisions of this loan. It allows the buyers to cancel or avoid their home loan insurance at once if they pay a 20% down payment. 

FHA Loans 

These types of loans are best for low down payment and credit score. It is insured by the federal housing administration, which provides lenient qualification requirements, especially with credit scores and down payments. For example, you can be eligible for an FHA mortgage if you have a credit score of 500. Along with it, you will also need to pay a 10% down payment. Additionally, if your credit score is 580 or above, you will be eligible to pay a down payment as low as 3.5 %. In all cases, you will need mortgage insurance to get FHA loans. 

VA loans National Program

These kinds of mortgage programs are best for the military and low down payments. This program helps veterans, service members, and surviving spouses get home loans with the help of the US Department of Veterans Affairs. Georgia mortgage lenders can allow VA loans with a generous and competitive interest rate. Generally, this program does not require buyers to pay any down payment for mortgage insurance. Additionally, there is no official minimum credit score requirement, but VA-approved buyers need scores of at least 640. 

Mortgage Brokers In Georgia

There are many top-rated and best mortgage advisors in Georgia who can help buyers ot for the right mortgage programs. Some of the renowned brokers include-

• Rocket Mortgage
• New American Funding
• Quicken loans 
• Chase
• Loan Depot
• SunTrust

You can also find an advisor near your area on a recognized platform like Preferred Rate. 

Resource Box

Find a list of trusted mortgage lenders specialists in your city. If you want to get in touch with the recognized lenders in your area, it is easy with Preferred Rate. Search your preferred advisor either by their name or the locality of the area.