Georgia Government Home Loans
As far as mortgaging is concerned, the first decision that you will have to make is which type of loan to take. There are two categories to choose from, government loans and conventional loans. Government loans are insured by the Federal government through administrative bodies like the FHA, VA, and USDA. On the other hand, conventional loans are not backed by the government in any way. They are usually regulated by Fannie Mae and Freddie Mac. While both types of loans have their unique benefits and downsides, government loans are generally easier to qualify for. They also have lower down payment, income, and credit score requirements compared to conventional loans.
The Georgia government home loans that are available for you to choose from are:
- FHA loans: these loans are offered by the Federal Housing Administration (FHA). You can qualify easily with a down payment as low as 3.5% and 580 credit score. That makes it perfect for Georgia first time home buyers.
- VA loans: the Veterans Affairs (VA) offers mortgage loans to eligible military service people and their spouses. It is arguably the best loan program available because you don’t have to make any down payment or pay mortgage insurance. You can get up to 100% financing. This is your best bet if you are a Georgia-based veteran.
- USDA loans: offered by the US Department of Agriculture (USDA), these loans are meant for Georgia residents who want to live in a rural or suburban setting. It is well worth your consideration considering two-thirds of Georgia’s land is actually arable.
Georgia City Mortgage Service Areas