Mortgage Approval in Georgia
If you have finally decided that Georgia is where you plan to buy your permanent home to settle down, you need to know that it is not something you can do overnight. While you may be able to find your dream home quickly, you will have to do some research to find the right mortgage loan to use to buy it.
This is because Georgia has many mortgage lenders offering various loans to choose from. There are lenders offering conventional loans, FHA loans, VA loans and even jumbo mortgages all with their independent criteria for qualification. In addition, there are also individual mortgage approval requirements to be met for each type of mortgage.
Most Georgia lenders also use a debt-to-income ratio to check your loan repayment abilities, and while the qualifying ratio varies between programs, conventional loans need a maximum ratio of 28% with 36% overall debt ratio.
A good credit score will also increase your chances for approval and lower interest rates. Currently, Freddie Mac mortgages require a minimum credit score of 620, which is the standard most conventional lenders abide by. If you have less than perfect credit, there is also a chance of qualifying for government backed-loans like FHA and VA even with low credit or no credit at all.
With so many mortgage approval requirements to be met, it may be difficult for a non-specialist to gather the necessary information to successfully get a mortgage approval in Georgia. We at Moreira Team want to help you here.
Our team of experts will help and guide you to collect all the required information needed to get you into your dream house. With our experience and network, we will be able to achieve this much quicker than you would on your own.
Georgia County Mortgage Service Areas