Georgia FHA Loans
FHA loan mortgage lending limits in GEORGIA vary based on the different housing types and the costs of local Georgia housing. FHA home loans are designed for borrowers who are unable to make large down payments. Georgia FHA loans are also typically an attractive option for first-time home buyers and Georgia teachers with bad credit. Check out the 2017 FHA Loan Requirements and Guidelines.
- The maximum Georgia FHA loans lending limit for a one-family (and condominium) residential home is 275,665 in most Georgia counties, however, there are around 35 Georgia counties exceed the FHA limit. Those counties have the highest FHA loan limit at $515,200.
- The minimum down payment for Georgia FHA loans is only 3.5%.
- The FHA home loan is a very popular loan program for Georgia home buyers and homeowners who are seeking an affordable mortgage because of the flexible underwriting guidelines and reduced credit score requirements. Monthly mortgage insurance is required for both purchase and refinances loans, however, the monthly premium is very affordable.
What exactly is the FHA?
The Federal Housing Administration (FHA) was founded during the Great Depression to support the housing industry. In fact, it is the largest insurer of mortgages in the world, insuring over 34 million properties since its inception in 1934. The FHA remains committed to help homeowners that do not satisfy typical financing needs, have a low credit score, or have an inconsistent income history. Borrowers that meet these criteria should also look into HUD Home programs by visiting the HUDHomestore.
What is the maximum loan amount/limit of 2020?
Indeed, the maximum loan amount varies by county for the traditional Georgia FHA Loans. The current base FHA loan limit in most Georgia counties for a one-family home is set at $275,665.00.
Georgia First-Time Home Buyer Loan
Overall, the Georgia FHA loan program was designed and created to help increase homeownership. The Georgia FHA loan program makes buying a home easier and less expensive than any other type of real estate mortgage home loan programs.
Are there income limits for Georgia FHA loans?
Do I need to be a first-time buyer?
Is the seller permitted to pay my closing costs or incentives?
Yes, they can absolutely help with that! The Federal Housing Administration (FHA) will allow the home seller to pay as much as 6% of the purchase price toward the buyer’s settlement costs
Do I need to have perfect credit for Georgia FHA loans?
The FHA credit score guidelines are the same in Georgia as they are anywhere else in the United States. You can even qualify for a Georgia FHA loan with less than perfect credit.
What advantages do homeowners have with an FHA loan in Georgia?
Firstly, FHA loans in Georgia have a much smaller down payment than conventional loans. This is often the reason that home buyers choose FHA loans over other types of mortgages. Conventional home loans usually require a down payment equal to 20 percent of the total value of the loan.
Secondly, it is easier if you can learn more by clicking here to read about the pros and cons of FHA loans.
Lending Limits for FHA Loans in GEORGIA Counties