Mortgage in Georgia
Georgia has seen an influx of residents in recent years. Known as The Peach State, its population grew by 100,000 people between 2018 and 2019. Fuelled mostly by a desire for a warm climate and a booming economy, Georgia has become one of the top destinations for talent in the United States. Its attractive housing prices help too . The median home price is typically less than its competition down south, Florida. You can use the Georgia mortgage calculator to see how big a home you can afford in this state!
Georgia Mortgage Calculator: See What Home You Can Afford!
Assuming you're looking to buy a primary residence in The Peach State, there are three primary mortgage types available to you.
- Georgia conventional mortgage: Most people who plan on living in Georgia will purchase their home using a traditional mortgage. Since many Georgia homes fall under the conforming loan limit, most of these loans will receive backing from Freddie Mac or Fannie Mae. That means these loans are easier to obtain. They require a minimum credit score of 620, a debt-to-income ratio of no more than 50%, and a minimum down payment of 5% (preferably 20%, though).
- Georgia FHA mortgage: Since housing in Georgia tends to be less expensive, FHA loans are attractive for would-be homebuyers. With as little as 3.5% down, an FHA mortgage can often mean you can be a homeowner for as little as $10k. On top of that, as we'll see, there are plenty of homebuyer programs in Georgia, so you might be able to have that $10k covered by the state!
- Georgia VA mortgage: Veterans have access to one of the best mortgage programs in the United States. With as little as zero down and no private mortgage insurance, the VA loan is worth considering if you are a veteran!
For those looking to move to Georgia, the above three loan types are the most common. There are also homebuyer programs to make moving even easier!
First-Time Homebuyers in Georgia
The Department of Community Affairs offers the Georgia Dream program, which helps people afford their first home.
Georgia Dream Down Payment Assistance
Eligible homebuyers will receive up to $5,000 as a deferred loan for down payment assistance. Protectors, educators, and nurses receive up to $7,500. Those who have a disability or live with someone who has one will also receive the higher amount.
Eligibility Criteria: Income and purchase price limitations apply. You must meet the loan credit requirements. Also, you must have liquid assets of no more than $20,000 or 20% of the purchase price (whichever is greater). You will also need to take a homebuyer class.
Georgia Dream Loans
Eligible homebuyers can receive conventional, VA, and FHA loans at a discounted rate.
Eligibility Criteria: The same limitations apply to these products as the ones above. Note that neither of these programs is directly from DCA. You'll need to work with an approved lender to get you the mortgage.
Georgia Mortgage Calculator: The Peach State Awaits!
With affordable housing, a robust economy, and plenty of attractions, Georgia is a beautiful place to live. Using our Georgia mortgage calculator, you can see how much you'll pay if you choose to move to or within The Peach State!