The FHA mortgage program has been a lifesaver for many Americans since its inception. The loan is insured by the Federal Housing Administration (FHA) and offered by mortgage lenders. Its popularity is fueled by its affordability coupled with relaxed qualification standards. If you are in Georgia and thinking of buying a home it should be among your mortgage considerations. Moreira Team can help you apply for a Georgia FHA loan and ensure that you qualify for it.
Qualifying for a Georgia FHA loan is not hard. You only need to make a down payment of 3.5% of the total loan amount and have a credit score of at least 580. If you increase your down payment to up to 10% most Georgia lenders will consider offering you the loan even with a credit score of 500. But that will depend on your negotiating power, something that Moreira Team can gladly help you with.
Other than low credit score and down payment requirements, Georgia FHA loans also have fairly low-interest rates. In fact, the current market is more buyer-friendly than it has been in a long time. Plus the FHA allows sellers to pay up to 6% of the closing costs. Other loans have a maximum of 3%, so depending on how you negotiate with the seller, you can reduce the costs of your loan significantly.
In Georgia, the base maximum limit for FHA loans is $275,665, but there are counties with higher limits. For example, Clarke, Madison, Oconee, and Oglethorpe have a limit of $320,850. In Barrow, Bartow, Dawson, Forsyth, Jasper and 24 other counties the limit is $358,800. Greene County has the highest limit at $515,200.
No matter what county you are in, if you need help applying for a Georgia FHA loan Moreira Team can help. Give us a call or apply today.
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