Whether you come from Atlanta or any other part of this southern state, FHA mortgage Georgia will always remain a great choice for the first time borrowers who want to own a home at an affordable rate. Not only will you remit negligible down payment of just 3.5% but you will access funds with low Monthly Insurance Premium (MIP) of 2%. Some good news for those who already applied for this program before June of 2013; if you have reached payment of 78 percent of total costs, you may no longer need to remit premiums. This provision lasted until the middle of 2013 thanks to a provision from HUD to this effect.
First-time home buyers, however, have great prospects if they apply for FHA mortgage GA through FHA Home Loan Group (www.fhahomeloangroup.com), due to the current low interest margins and the presence of competitive lenders.
The Seller Can Pay Part of the Closing Costs
We help first-time applicants to negotiate an amicable interest rate with the retailer in the following manner:
- The seller can settle as much as 6% of the closing costs.
Settling the Down Payment
The other essential guideline if you are applying for the first time is to know how to meet the major upfront cost of FHA mortgage Georgia: the down payment. There are three ways to settle this negligible cost:
- Use your own funds.
- Seek help via a government grant that can offer up to 6% of the total funds you need for the money down.
- Receive a token or gift from friends, family or a non-governmental organization.
Did you know that due to the low deposit, this is the only program alongside VA and USDA where you can receive more than 97% of funding?
How Much Funding Can I Expect?
There are three determinants of the amount you are likely to get through FHA mortgage Georgia. These include:
- Your gross income. The Housing Department (HUD) stipulates that only 30% of your earnings can represent housing costs. Thus, the higher your earnings, the greater the lending amount!
- The county in which the property lies: FHA mortgage GA comes with different amounts for counties. If you come from an average-cost area including Hancock, you can receive as high as $271050, while a high-cost area like Greene County attracts the highest amount of $662500 for the single-unit residence.
- Size of residence. If you wish to reside in a four-unit residence, the highest amount is $1 274 050, in Greene County, whereas Hancock comes with the average $521250.
How to Make Your Application
If you are a first-time or second-time homebuyer, here is how to remit your application for FHA mortgage GA:
- 1. Submit a request and pass a simple pre-qualification test.
- 2. Find a lender with an attractive interest rate.
- 3. Select a home that meets HUD standards. Applicable types include condos and existing residences, planned developments and mobile homes.
- 4. Select either a 15-year or 30-year amortization and settle closing costs.
Indeed the time to make a difference in your life is now! Send us your application, especially if you are applying for the first time and we won’t disappoint. We have been facilitating FHA mortgage Georgia for a long time, making us the right avenue for you.
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