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GEORGIA FIRST TIME BUYER PROGRAMS

First time Georgia home loan programs are for home buyers seeking a home as primary residence. First time Georgia loan applicants with not much money for a down payment will find that the FHA government insured or VA guaranteed Georgia home loans are easier and less expensive for many first time Georgia home buyers. Below you will find detailed information on Georgia first time home buyer loan programs.


FHA MORTGAGE LOANS FOR FIRST TIME GEORGIA HOME BUYERS- The FHA loan program is a perfect first time Georgia loan program for the buyer with less than perfect credit and not much money for a down payment and or closing cost. The FHA loan provides Georgia first time home buyers and Georgia bad credit mortgage applicants low down payment and easy credit qualifying. First time Georgia home buyers will find these FHA loans are the easiest of all Georgia home loans to qualify for. The FHA – Federal Housing Administration does not lend money to first time home buyers rather the FHA insures private FHA approved Georgia mortgage lenders against loss through its mortgage insurance fees. FHA loans are available to Georgia first home buyers and moving up buyers to purchase a home as their primary residence.


• VA LOANS FOR GEORGIA FIRST TIME HOME BUYERS- VA first time homebuyer loans differ from FHA in that the VA guarantees this loan to eligible veteran first time homebuyers. As a result of the VA loan guaranty Georgia mortgage lenders is protected against loss if the borrower fails to repay the VA loan. The VA loan guarantee is a true 100% financing option available only to qualifying first time homebuyer veterans. In additions, with the VA laon and the seller can pay up to 4% to cover the first time VA home buyer prepaid taxes, insurance, closing cost. With a VA guaranteed loan Bad credit Georgia mortgage appliants usually receive a lower interest rate than is ordinarily available with other Georgia first time homebuyer loan programs.


• USDA-GEORGIA FIRST TIME HOME BUYER LOAN PROGRAM- The USDA loan is one of the most attractive and flexible first time Georgia home buyers loans available to low and moderate income first time Georgia homebuyers purchasing a Georgia home in designated rural areas. Under this first time Georgia homebuyer program 100% financing is available with NO monthly mortgage insurance premium charged to the first time Georgia home buyer. The upfront 2% USDA Guarantee fee may be added to the USDA loan amount. In Georgia, the maximum USDA loan amount is $417,000.


• NO CREDIT SCORE MORTGAGE- FIRST TIME GEORGIA HOME BUYERS- As a Georgia mortgage company specializing in first time homebuyer loan programs we are happy to be able to provide no credit score Georgia mortgage programs for those without a credit score or insufficent credit. For Georgia no credit score first time home buyers with no credit score or minimal trade lines. Unlike most Georgia mortgage lenders we can approve Georgia first time home buyers and no credit score using nontraditional trade line payment histories from direct service providers. 12 montths of acceptable non traditional payment documenation include electric company, water company, insurance, cell phone just to name a few.


• BAD CREDIT GEORGIA – FIRST TIME HOME BUYER LOANS- Bad credit first time Georgia home buyers and bad credit moving up buyers that have suffered a bankruptcy or foreclosure in the past might qualify for a good Georgia mortgage after reestablishing timely payment history. First time Georgia home buyers must wait 3 years after a Foreclosure, 2 years after a chapter 7, and 12 months after a chapter 13 bankruptcy to qualify for a first time Georgia FHA mortgage. Otherwise the last resort for bad credit first time Georgia loan applicants is hard money Georgia lender.


• HARD MONEY GEORGIA LENDER – FIRST TIME HOME BUYER LOANS – Hard money Georgia mortgage lenders provide first time home Georgia home buyer loans based on the quick sale value of the home. The quick sale value varies among private hard money Georgia lenders but is usually 60-70% of the purchase price or appraised value. Georgia hard money lenders base this number off the purchase price or appraised value, usually the lesser of the two. We have access to private hard money Georgia lenders in every city and county in Georgia. Private Georgia hard money lenders usually charge 3-5 points upfront and fixed interest rates range from 8-12%.


• FIRST TIME GEORGIA HOME BUYER LOANS WITH DOWN PAYMENT ASSISTANCE- There are many Georgia first time homebuyer down payment assistance programs available for first time Georgia homebuyers in conjunction with the Georgia mortgage programs outlined on this site. Keep in mind if you do qualify for a Georgia down payment assistance program you will still need to pay for an appraisal, home inspection and closing cost. Luckily each of these government first time Georgia homebuyer loans: FHA, VA, USDA allow the seller to credit up to 6% of the price of the sales towards your closing cost and prepaid taxes and insurance. You will want to make sure you negotiate the seller paid closing cost up front and to include this aggreement into your purchase agreement.


WHAT IS HUD DEFINITIONS OF A FIRST TIME HOME BUYER?

A. Is an individual who has not had an ownership interest in a principal Georgia home during the last 3 years. This includes a spouse they are considered Georgia first-time Georgia home buyers.

B. Single parents are first time home buyers if they have only owned a Georgia home with a former spouse while married or a single parent who has only owned with a former spouse while married is also considered a first time Georgia home buyer.

C. A first time Georgia home buyer is one who is one who has been a displaced homemaker and has only owned a Georgia home with a former spouse.

D. A first time Georgia home buyer is an individual who has only owned a principal Georgia home not permanently affixed to a permanent foundation in accordance with applicable regulations.

E. A Georgia first time home buyer is an individual who has NOT owned a Georgia home that was in compliance with Georgia State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent Georgia home.