Georgia Dream Standard Down Payment Assistance: This program offers eligible borrowers a zero-interest loan up to $10,000.You can get a conventional, FHA, VA or USDA loan through this program, provided you qualify. Georgia Dream mortgages: Available through participating lenders, these mortgages require a credit score of at least 640 and for the borrower’s income to fall within certain limits.The Georgia Department of Community Affairs (DCA) helps connect first-time homebuyers with more affordable loans, as well as down payment assistance, through the Georgia Dream program. A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent. Georgia VA loans : If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA).If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580. Georgia FHA loans : If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA).If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well. Georgia conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you’re looking to get a mortgage in Georgia, there are several options: Georgia mortgage rate trendsĪs of September 2023, mortgage rates nationally and in Georgia were at their highest levels since 2000, according to Bankrate’s national survey of lenders. Check out Bankrate’s guide to cash-out refinancing to learn more. While mortgage refinance rates are much higher than the lows of 20, Georgia borrowers who saw their home equity rise during the pandemic might still be interested in refinancing as a way to tap those funds. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons - and maximizing your savings potential.Īs of Tuesday, December 12, 2023, current mortgage interest rates in Georgia are 7.27% for a 30-year fixed mortgage and 6.60% for a 15-year fixed mortgage.Įlevated mortgage rates continue to make housing affordability a challenge for Georgia homebuyers, and refinances far less desirable for homeowners. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers.
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