Having a second home is becoming more and more of a necessity than a luxury. It is an idea well worth your consideration because the second home will not just be a vacation spot for you but you can also use it to yield returns. How so? Well, whenever you aren’t vacationing in it, you can always rent it out. According to statistics, the rent paid by tenants has increased by 5% nationwide in the past year. Among the people who have benefited most are homeowners with vacation rentals.
Today's Georgia Mortgage Rates
30 Yr. Fixed6.875%APR 7.369%
15 Yr. Fixed6.000%APR 6.538%
30 Yr. Fixed FHA6.125%APR 7.068%
30 Yr. Fixed VA6.000%APR 6.459%
Mortgage Rates as of December, 22 2024 See All Rates | See Rate Assumptions
Conventional Rates shown assume a purchase transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value ratio of less than or equal to 95%; a minimum FICO score of 760, lock days at 30.
Term
Loan Amount
LTV
Points
30yr Fixed
$351,000
95.0%
1
15yr Fixed
$351,000
95.0%
1
30yr Jumbo
$750,000
75.0%
1
30yr FHA
$275,000
96.5%
1
30yr VA
$300,000
100.0%
1
Rates may be higher for loan amounts under $351,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply. Ask for details.
Moreira Team | MortgageRight is an Equal Opportunity Lender
“Rate Over X%” Assumptions
Rates shown assume a refinance transaction.
Annual Percentage Rate (APR) calculations assume a purchase transaction of a single-family, detached, owner-occupied primary residence; a loan-to-value of 75%; a minimum FICO score of 740; a Loan Term of 360 months; and a loan amount of $300,000 for conforming loans.
Rates may be higher for loan amounts under $275,000. Please call for details.
Rates are subject to change without notice.
Closing Costs assume that borrower will escrow monthly property tax and insurance payments.
Subject to underwriter approval; not all applicants will be approved.
Fees and charges apply.
Payments do not include taxes and insurance.
Rates based on information gathered from OptimalBlue.
Mortgage insurance is not included in the payment quoted. Mortgage insurance will be required for all FHA and USDA loans as well as conventional loans where the loan to value is greater than 80%.
Restrictions may apply.
Moreira Team | MortgageRight is an Equal Opportunity Lender
One of the best places to have your second home is Georgia. Like other states in the US, a house in Georgia is only considered a second home if you spend a considerable number of days in it per year. If your mortgage loan is backed by Fannie Mae or Freddie Mac you have the liberty to rent the property out for up to 180 days without it being considered as an investment property. But you will have to report the rent income to the IRS.
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The first thing you will need to know is financing. Unless you have all the cash required, you will have to take a second mortgage for your secondary home. That calls for very careful planning because of the associated costs. They include repaying the principal, interest, taxes, and insurance. There are also maintenance costs like repairs, furnishings, and utilities. Ideally, you need a Georgia mortgage expert to do a cost-benefit analysis for your second home. The Moreira Team can help with that.
The next consideration is your eligibility. In Georgia, the requirements for a second mortgage are not the same as for a first. The lender will likely ask for a down payment that is at least 20% of the loan amount. If you have a good credit score and sufficient income and assets you can qualify with 10%. Speaking of credit score, Fannie Mae and Freddie Mac loans require a FICO score of at least 620. But of course like all other loans, if you have a good real estate agent behind you, you can negotiate for less stringent requirements. For more information on how to buy a second home in Georgia, contact Moreira Team and we will help you achieve your housing needs.
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