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FHA MORTGAGE

Georgia Mortgage lenders .com provides Georgia first time FHA mortgage applicants and current Georgia home owners the ability FHA mortgage with less than 3.5% down payment and/or FHA refinance with bad credit scores. If you own a Georgia home you could FHA cash out refinance up to 96.5% of your Georgia home value.  Georgia-Mortgage-Lenders.com will show you the advantages of how to qualify for an Georgia FHA mortgage if you have bad credit, no credit or a Georgia mortgage with collections and judgement s. Also, learn about Georgia FHA mortgage lenders minimum credit requirements, or get pre-approved today. 

FHA MORTGAGE LENDERS SERVING ALL GEORGIA!

100% GEORGIA FHA DOWN PAYMENT ASSISTANCE MORTGAGE LENDERS

GEORGIA FHA DOWN PAYMENT ASSISTANCE MORTGAGE LENDERS EXPLAINED-The GEORGIA Down Payment Assistance Mortgage Lenders (DAP) is a competitively priced government loan program that does not require a minimum down payment from the home buyer(s), exclusively offered from GEORGIA Down Payment Assistance Mortgage Lenders . GEORGIA Down Payment Assistance Mortgage Lenders  provides you) with a choice of a 3%, 4%, 5%, or 6% DAP.

100% NO MONEY DOWN KEY POINTS FOR GEORGIA HOME BUYERS

  • No requirement to  be a first time home buyer.
  • Must have a minimum 640 credit score.
  •  Must have Max Debt to income of 45%.
  • Must meet Income Limits (up to 140% AMI)
  • First lien is a 30-year fixed term with full amortization
  • 203(b) in accordance with FHA guidelines
  • Primary residence 1-4 units single family is allowed.
  • DAP funds available, 3% to 6% of the first mortgage loan amount.
  • What if I live rent free? Yes (If Borrower does not have current housing history, then 3
    months reserves (PITIA) are required)

GEORGIA DOWN PAYMENT ASSISTANCE PROGRAM EXPLAINED- The program is designed to increase GEORGIA homeowner ship opportunities families. GEORGIA down payment assistance  funds available, 3% up to 6% of the first mortgage loan amount. This home loan program is a purchase money first lien mortgage with Down Payment Assistance is in the form of a soft second lien with a 5-year term, forgiven at month 61, as a 0% interest second lien. GEORGIA down payment assistance mortgage applicants(s) must remain current on their first GEORGIA mortgage for the second mortgage to be forgiven.• Must meet Income Limits (up to 140% AMI) listed below.• First lien is a 30-year fixed term with full amortization• 203(b) in accordance with FHA DOWN PAYMENT ASSISTANCE guidelines
• 1-4 units allowed• Primary residence only.• Cooperative housing (co-op) not eligible• Manufactured housing eligible under the GEORGIA Down Payment Assistance Mortgage Lenders FHA DOWN PAYMENT ASSISTANCE MH program TRID Disclosures are not applicable for the second lien.• 1 Partial Exemption Disclosure required at initial disclosure.• Program eligible All GEORGIA..

FHA DOWN PAYMENT ASSISTANCE DOWN PAYMENT ASSISTANCE MORTGAGE LENDERS LOAN TYPES AND TERMS
Loan Types
:• FHA DOWN PAYMENT ASSISTANCE; in accordance with FHA DOWN PAYMENT ASSISTANCE guidelines.
Loan Term:
• 30-year fixed term with full amortization. Loan Amount:
• Conforming FHA DOWN PAYMENT ASSISTANCE loan limits apply as applicable to geographic location. Max LTV/CLTV:
FHA MORTGAGE LENDERS SERVING ALL GEORGIA!

SAME DAY GEORGIA FHA MORTGAGE APPROVALS!    CALL NOW 954-667-9110

WHY ARE FHA MORTGAGE LOANS SO GREAT?

  • GEORGIA FHA APPROVALS WITH MINIMAL REQUIREMENTS:
    • Down payment only 5%of the purchase price.
    • Gifts from family or FHA Grants for down payment assistance and closing costs OK!
    • Sellers can credit the buyer’s up to 6%of sales price towards buyers costs and pre-paid.
    • No reserves or future payments in account required.
    • FHA regulated closing costs.
  • GEORGIA FHA MORTGAGE LENDERS MAKE QUALIFYING EASIER BECAUSE:
    • 12 months after a chapter 13 Bankruptcy FHA mortgage Lender approvals!
    • 24 months after a chapter 7 Bankruptcy FHA mortgage Lender approvals!
    • 3 years after a Foreclosure FHA mortgage Lender approvals!
    • No Credit Score Georgia FHA mortgage Lender approvals!
    • 580 required for 96.5% financing or 3.5% down payment FHA mortgage Lender approvals.
    • 500 required for 90% financing or 10% down payment FHA mortgage Lender approvals.
    • Bad Credit with minimum 500 FICO credit score with 10% Down Payment FHA. For FHA mortgage applicants with credit scores between 500 and 579 must make down payments of at least 10% down!
  • GEORGIA FHA MORTGAGE LENDERS ALLOW EASIER JOB QUALIFYING
      • FHA allows higher debt ratio’s than any conventional mortgage loan programs.
      • Less than two years on the same job is OK!
      • Self-employed buyers can also qualify with FHA Mortgage Lenders.

WHO CAN USE AN FHA MORTGAGE? FHA loans can be only be used to purchase owner occupied Georgia homes only. Meaning you will have to live in the home as your principal residence.  FHA mortgage applicants may be eligible for more than 1 FHA mortgage if they can properly document that they are relocating to a new job OR have an increase in family size! 

WHAT IS THE MAXIMUM GEORGIA FHA LOAN AMOUNT? Georgia FHA loan limits vary from county to county. FHA loan limits start at $275,665 for most of Georgia counties and go up to 358,800, meaning any loan amounts over the loan limit would require the borrower to make up the difference. 

$275,665 IS THE MAXIMUM FHA LOAN LIMITS for Counties Appling, Atkinson, Bacon, Baker, Baldwin, Banks, Ben Hill, Berren, Bibb, Bleckley, Brantley, Brooks, Bryan, Bulloch, Burke Calhoun, Bamden, Bandler, Catossa, Charlton, Chatham, Chattooga, Clay, Clinch, Coffee, Colquitt, Colubia, Cook, Crawford, Crisp, Dade, Decatur, Dodge, Dooly, Dougherty, Early Echols.

$358,800 IS THE MAX FHA LOAN LIMITS for the GA counties of Barrow, Butts, Carroll, Cherokee, Clayton, Cobb, Dawson, Dekalb, Bouglas. 

WHAT IS AN FHA MORTGAGE LENDER? For Example, you could think of FHA mortgage program as a giant insurance company. The FHA is a deportment within the HUD the housing and urban development. The FHA mortgage program does not make the actual loans. Rather this department within HUD insures Georgia FHA mortgage lenders against financial loss in case the borrower defaults on mortgage loan. The result of tens or millions in reserves mean that FHA approved mortgage lenders can approve many low down payment borrowers  with only 3.5% down and less than perfect credit.Without the FHA mortgage programs many Georgia FHA mortgage applicants including first time buyers would be locked out of home ownership.        

WHAT THE MINIMUM CREDIT SCORE AND DEBT TO INCOME REQUIREMENT? Some FHA mortgage lenders will provide mortgage approvals down to a 500 Fico. But there are alot of overlays and conditions that must be met to qualify for borrowers with a 500 Fico. Some FHA mortgage lenders may require a minimum credit score as low as 580 or as high as 640 and even higher depending on the Georgia FHA mortgage lender you apply with. The lower the credit score the tighter the DTI or debt to income ratio requirements. The debt to income ratio is maximum amount of monthly debt the FHA mortgage lender will allow you to have compared to your income. For example if you make $6000 per month. and your car payment, credit cards, student loans and your new projected housing payment equal $2400 per month, you have a debt-to-income ratio of 40%. That is about the maximum debt if you have a credit score below a 620!

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