Georgia Home Loans



Unless you have all the cash up front, it is certain that before you own a home in Georgia, you will have to get a loan. There are several Georgia home loans to choose from and the more you know about each one the better you’ll be able to pick the right one for you.


Your first decision will be choosing between an adjustable-rate mortgage (ARM) and a fixed-rate mortgage (FRM). ARMs have interest rates that change from time to time depending on the performance of the real estate market. When interest rates drop you stand to enjoy a reduction in your mortgage payments. For FRM loans, your interest rates will remain the same over the duration of the loan. The benefit of that is that your payments will not be affected by interest rate fluctuations.

Government vs. conventional loans

Your Georgia mortgage loan can either be government-backed or conventional. A government loan is insured by the federal government, which allows lenders to relax their lending terms, interest rates, and limits. The three main government loans available in Georgia are FHA, VA and USDA mortgage loans. Conventional loans are not backed by the government. Even so, nowadays many affordable conventional loans come with low-interest rates and flexible qualification criteria.

Jumbo vs. conforming loans

Lending guidelines are usually stipulated by Fannie Mae and Freddie Mac for conventional loans or the government for government-backed loans. One such guideline is the maximum amount that you can get. If you apply for a loan that is within the set limit, then you will get a conforming loan. The current limit for Georgia is $424,100 for a single unit. But depending on your qualifications, you can apply for a mortgage loan whose amount is well more than that limit. In that case, your loan will be a jumbo mortgage loan. Jumbo loans are great for high-cost housing. Note that all jumbo loans are conventional mortgages and not government loans.

At Moreira Team we are more than pleased to tell you everything you need to know about home loans in Georgia. Be sure to send any specific questions our way and visit our site frequently for latest updates on interest rates and changes in loan policies.



Georgia City Mortgage Service Areas