From Atlanta to other bustling cities in Georgia, it is impossible to fail to notice the sprawling residential neighborhoods of suburbia. It is these kind of housing schemes that perhaps drive borrowers to the FHA home loan Georgia which is the easiest program, other than VA and USDA. The current picture of the state shows that the rates are the same as the rest of the federal union. Of particular interest are the thirty-year fixed rate and fifteen-year fixed rate as well, which stand at 3.75 percent and 3 percent respectively, with an appreciation of 3.925 percent and 3.308 percent, respectively.
A closer look at the Atlanta offer shows that applicants can access the FHA home loan Georgia to the tune of the county’s limit, and with the 3.5 percent money down. The low rate is possible because the lending institutions are already guaranteed by the government. Thanks to the government guarantee, the lenders are willing to face the risks of default that no longer exist anyway because the government is absorbing this risk.
Another feature concerns the two types of policy covers for the FHA home loan Georgia. The upfront insurance is just 1 percent of the entire sum, and is payable at closing or one can roll it into the principal. The other is the 30-day insurance payment, which currently comes at 0.9%. This is alongside the interest rate.
At some point, it is possible to refinance the existing mortgage to a lower rate whereby the interest is reduced and the balance rolled into the fresh arrangement. This is known as refinancing and carries the following benefits.
- The property needs no new appraisal since it is not a new dispensation but a continuation of the existing loan scheme.
- Qualification becomes null and void for the paper work is already available in the FHA office where one did apply for the previous program.
- The entire process can take place online within a short period, especially when one is transferring from an adjustable rate mortgage into a refinance scheme.
The FHA home loan Georgia also caps limits on income and property values. The tangible determinant is the county of residence. The current upper margins for the single family unit in 2013 are as follows, for the first three counties:
| County name | Single Family ($) |
|---|---|
| Appling | 271050 |
| Atkinson | 271050 |
| Bacon | 271050 |
In fact the same figures apply to all other counties in the state, revealing an income-distribution parameter that is astonishingly uniform. The California case is rather different, where some counties like Los Angeles have higher limits than, say, San Diego. But even where limits are uniform, there are always some special provisions especially for some prime areas where borrowers can get more than the above.
Before applying for an FHA home loan Georgia, one may need to visit a loan officer or if not, get relevant advice from a certified home loan professional. The credit score though not as important as in other credit schemes is essential for increasing chances of getting a loan.