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Types of Home Loans in Georgia

If you are looking for home loans in Georgia, it’s important to research all of your options. It’s very possible that you are eligible for discounts and financial assistance that you never knew about.

To help you get started in your research, following are the various types of home loans Georgia residents may be eligible for.

VA Loans

A VA loan is a mortgage that is backed by the U.S. Department of Veterans Affairs.  Veterans, active military personnel, and military spouses may qualify, and they are typically available throughout the United States.

Down payments and monthly mortgage insurance are not required. Applicants may benefit from competitive interest rates as well.

USDA-RD

With more than 40 percent of this state considered rural, individuals who are looking for home loans in Georgia may wish to research USDA-Rural Development loan options.

USDA loans are mortgages for homes in eligible rural areas. Backed by the United States Department of Agriculture, they are geared toward low-to-moderate income families.

Down payments are not required, and homebuyers may benefit from low interest rates and low monthly private mortgage insurance. Flexible credit guidelines also may make it easier to obtain financing.

FHA Loans

Ideal for first-time homebuyers, FHA mortgage loans are issued by federally qualified lenders and backed by the Federal Housing Administration.

They are designed for low-to-moderate income homebuyers who are unable to make a large down payment. Although a low down payment may be required, these loans are more flexible in credit and income requirements than conventional loans. Sellers may also pay up to 6 percent of the closing costs.

Jumbo Mortgages

Are you looking to go big? If so, a jumbo mortgage may be the ideal loan for your Georgia home.

A jumbo mortgage is for loan amounts of up to $2 million. They are designed to finance luxury homes as well as properties in highly competitive real estate markets.

Conventional Mortgage

A conventional loan is a popular option for our Credit Union members looking to purchase or refinance a home in Georgia. These loans are not guaranteed or insured by any government agency, and they conform to the loan limits set by the Federal Housing Finance Administration.

Homebuyers may benefit from low down payments, and second homes and income properties may be eligible.

VA loans through the U.S. Department of Veterans Affairs are among several options for home loans in Georgia.
VA loans through the U.S. Department of Veterans Affairs are among several options for home loans in Georgia.

Renovation and Refinance Loans

Rather than new home loans in Georgia, you may be looking to renovate or refinance an existing home. Assistance may be available for you as well, which is also through AmeriCU Mortgage and Georgia Heritage Federal Credit Union.

For a home renovation loan, members may choose from 203(k) Limited & Standard as well as HomeStyle products. Programs are available for major or minor renovations, and there may be a possibility of combining renovation costs with mortgage financing for your convenience. You may even be able to obtain financing for a whole home remodel.

If you are looking to refinance your Georgia home in order to lower monthly payments or shorten your loan term, we offer several specialized programs that may help you as well.

Georgia Dream Home Loans

The Georgia Department of Community Affairs acts as a secondary market for lenders who want to provide affordable mortgages for their consumers. Its Georgia Dream Home Loan program provides financing options and down payment assistance for homebuyers with low or moderate income.

Homeowners may apply for this program through participating lenders. The loans are secured or guaranteed by FHA, VA, USDA-RD, or conventional uninsured loans. Borrowers who are approved for this assistance must attend a homebuyer education workshop, individual housing counseling session, or an online homebuyer education course.

These loans are available to first-time homebuyers, homebuyers who have not owned a home in three years, and individuals who purchase a home in certain areas. Homebuyers also must fall within the income and savings threshold. Ask your lender about the specifics regarding these income limitations.

Contact Us

For home loans in Georgia through our Credit Union, make an appointment to speak with one of our associates. We will work with you to determine the best program for your financial future and make sure that all of your questions and concerns are answered.

Send us a message online or call us at (912) 236-4400 during normal business hours. For more information, visit www.gaheritagefcu.org.

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