Georgia FHA Loans

Team Newberry has helped hundreds of people get their perfect Georgia home loan through the FHA Mortgage program.  Government loans are a specialty of ours.  The FHA (Federal Housing Administration) helps individuals to purchase homes by insuring the loan.  FHA loans often allow us to offer a better deal than the traditional conventional mortgage to you, the buyer.  

The benefits to an FHA Loan include:

Low Down Payment  

Flexible Qualifying Guidelines –With lower credit score requirements, lower down payment requirements, a higher seller contribution allowance, and the ability for

Non-Owner occupied co-borrowers, a Georgia FHA loan is often the best path to homeownership for Georgia first time homebuyers.

Great Rates – Rates on a 30 Year Georgia FHA Mortgage are often lower than the rates on
Georgia Conventional 30 Year Mortgage.

Gift Funds – Georgia FHA guidelines allow for up to 100% of the funds necessary to close a loan to be gifts from immediate family members.

You can use a FHA loan for either a purchase or a refinance.  

Georgia FHA Loan for Purchase

You can purchase homes with one to four units with an FHA loan.  Georgia FHA loan users can put as little as 3.5% down.  There are less stringent underwriting requirements than a conventional loan program.  Lower credit score requirements, lower down payment requirements, a higher seller contribution allowance, and the ability for non-owner occupied co-borrowers (family members who won’t be living in the house can be on the loan with those who will be living in the house), the number of people who have access to homeownership has been greatly increased by the FHA since they began insuring mortgages during the Great Depression.

Homes with one to four units are allowable for purchase with FHA loans so long as the borrower is making one of those units their primary residence.  Loan limit for FHA loans in most of Georgia is $346,250.  These means there are thousands of homes that will qualify for this quality program.

One of the unsung benefits of a FHA mortgage is the FHA appraisal.  FHA only ensures loans for homes that meet a certain living standard.  FHA appraisers are specially trained to note anything in a house that would affect the safety of those living there or the soundness of the home.  This ensures that the borrower knows exactly what they are getting into with a house.

FHA mortgages hold out hope to those who have suffered through a bankruptcy or foreclosure.  Two years from the date of bankruptcy (with no foreclosure) or three years from the date of foreclosure you can be eligible for a FHA loan.  If you have made all of your court approved payments on time and worked to repair your credit, the FHA loan program could be a path to homeownership for you.

FHA Loan for Refinance

All the great qualities of a FHA purchase apply to a FHA refinance.  Wondering if all the news about today’s great interest rates means it’s time for you to refinance your home?  Those with conventional fixed rate mortgages or ARMS may be pleasantly surprised by how easy a FHA loan can be to obtain, despite the involvement of a government agency.
The Georgia FHA Streamline Refinance program exists to help those who are current on their Georgia FHA mortgages to lower their monthly payments.  The more income, assets, equity, and good credit that can be proved the better the rate you can get.  But for those who are underwater on their homes or who have changed jobs, this program provides a way for you to take advantage of today’s great rates!

Whether you are looking for an Atlanta Area first time home, a Coffee County refinance , or anywhere in-between, let a Team Newberry loan officer help get the best deal for you!  We work on FHA loans for people across the great state of Georgia every day.   We can’t wait to find the perfect mortgage for you!

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