Securing a First Time Home Buyer Loan in Georgia
If you’re a first time home buyer in Georgia, you can take advantage of a number of opportunities that are available to help you finance your first home. It can be difficult to get the loan you need if you’re not sure how the mortgage process works. We’re here to help you through it.
Georgia First Time Home Buyer Information
Some of the steps in the process of taking out a home mortgage loan may be unfamiliar to you if you’ve never been through the process before. Our first time home buyer checklist will take you through all the steps in detail. If you don’t have time for that, at least check out the five primary steps, which are listed here.
- Know your financial abilities. You need to know how much money you can afford to borrow before you approach your lender and before you start looking for a home. Find a home that meets your income and financial abilities. Don’t try to match your income to a mortgage that’s too big for you to handle.
- Research loan types. Did you know that there are numerous different types of mortgages? One of the most significant mortgage types designed to help first time home buyers is the FHA mortgage, discussed below.
- Get your credit score in order. If you have bad credit, it’s highly advisable that you repair it before you try to qualify for a mortgage.
- Contact multiple lenders to shop around. Interest rates change on a daily basis, and different lenders offer different rates. Compare the rates offered by multiple lenders before you choose one to work with.
- Make sure you’re preapproved as soon as possible. Your lender will need information related to your credit, your income, and your employment in order to approve you for the loan you need. Preapproval is simply the process of getting approved before you’ve found a home to purchase. Preapproval makes it easier and less stressful to search for a home.
Follow these five steps, and you’ll be in good shape. If you want more information, refer to the checklist that we linked to above.
You can also use the following mortgage calculator to get an idea of what your monthly payment will be.
1st Time Home Buyer Loan Programs
The Georgia FHA loan is a mortgage program specifically designed to aid homebuyers who haven’t had the time or ability to build up large cash reserves or high credit. These loans are backed by the Federal government, which makes them highly advantageous to first time home buyers who qualify.
Some of the benefits include a low down payment amount and light or moderate credit score requirements. These are some of the best mortgages to pursue if you’ve never owned a home before. Find out if your loan fits within the limits of the FHA program by checking Georgia FHA loan limits in your county.
For additional information, check out the Georgia page of the FHA website.
In Georgia, the homeownership rate is 67.5% and the median home price is $111,200. This is low compared to the national averages of 66.2% and $119,600, respectively. Buy your first time home in Atlanta or any of the other beautiful Southern cities in Georgia.