Getting a home loan can seem like a daunting process. For a first-time home buyer in Georgia, all of the options can become confusing. However, once you know the differences and understand the qualification requirements, getting a home loan can be quick and easy. Learn about the different types of loans in our latest blog post! 5 Different Types of Loans You Can Use:FHA Loans:FHA loans are a popular choice among recent college grads, and people just starting out in the real estate world. They are appealing because they only require 3.5% down as opposed to a conventional loan which requires 20%. You must meet certain requirements such as having a credit score over 580. If your score is lower, you can still be eligible for an FHA loan, you will just need to make a higher down payment. You will also need to have 2 lines of credit, open and in good standing. As far as the property, it needs to be used as your primary residence. It will be subject to an inspection by your lender. Fixed Rate Mortgage:Fixed-Rate Mortgages are the most popular type of home loan available. Typically a 20% down payment is required. A fixed-rate mortgage means your payment will be the same every month. This makes things easy, and lets you plan accordingly. However, if rates drop, you will be stuck at your old rate. You can always refinance, but that will cost you as well. A fixed rate mortgage requires that you have 3 open lines of credit, all in good standing. There are also income, and credit requirements that will need to be met. Adjustable Rate Mortgage:An adjustable rate mortgage is a bit riskier as your interest rate will change when the market fluctuates. These loans are great for people with some buying and selling experience. First-time buyers might want to steer clear as these loans can be a lot more involved. VA Loan:VA Loans are given to Veterans and active duty members of the US Armed Forces. Members of the National Guard may also qualify once they have served for 6 years. In addition, widows of Veterans may also qualify if their partner lost their life while serving. VA Loans offer a ton of benefits including:
USDA Loans:THE USDA offers mortgages in rural areas of the United States. Before you dismiss this, take note that over 95% of US is eligible. These loans require zero down and have low insurance rates. You must have great credit to apply and there are strict income limits. A 4 member household cannot exceed $75,650 per yer. (And no single person can have income exceeding $49,900 per year.) When you begin shopping for your Atlanta home, you should be aware of all of the resources available to you. There are grants, down payment assistance and government sponsored resources that can help you become a homeowner right now! The process does not need to be as overwhelming as people make it out to be! Once you know what is out there, you can take steps to reach your goals!
If you want to learn more about the loan options available to you, give us a call or send us an email! We are happy to help point you in the right direction! 678-337-1165The post 5 Different Types of Loans You Can Take Advantage of in Georgia appeared first on Fresh Start Home Sales. via Blog – Fresh Start Home Sales https://www.freshstarthomesales.com/different-types-of-loans-in-georgia/
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AboutFresh Start Home Sales was created to help individuals and families rent to own homes in good areas with great schools. We help people who have damaged or bruised credit or are self-employed and cannot qualify for a mortgage to rent to own a beautiful home in a great neighborhood for up to 3-5 years. They will agree to take that time to improve their credit and save for a more substantial down-payment to buy the house they are already living in and enjoying. We also help people who are relocating to our area who want to live in a great home with the possibility of owning that home in the future. These potential home owners like the flexibility of rent to own homes because they are unfamiliar with the areas so don’t want to get tied into a mortgage until they are sure they want to buy the house. It is somewhat of a try it before you buy it arrangement that suites everyone involved. Should any of our tenant-buyers choose not to buy the house they simply have to after 1 year give 60 days’ notice leave the home in good condition and get their security deposit back and are fully relieved from any obligation to buy that home. Contact:
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March 2023
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