Georgia mortgage rates: programs and options

If you want to buy a home in Georgia, mortgage rates are at historic lows

If you live in Georgia or want to move to the state, there are many programs available to help you pay for a home. Mortgage rates in Georgia are at historic lows. Average interest rates are as low as 2.6 percent for adjustable-rate mortgages and 3.25 percent for fixed rate mortgages.

Georgia Dream Homeownership Program

Georgia-mortgage-rates-programs-and-options-2You can save even more by utilizing a variety of programs offered in Georgia for qualified buyers. The Georgia Dream Homeownership Program offers 30-year fixed-rate mortgages at 3 percent for qualified buyers. To qualify for the program you must be either a first-time buyer or not have owned a home in the past three years. You can also qualify for the program by purchasing a home in a targeted area.

Some program criteria includes:

  • The home you buy must be $250,000 or less
  • You must have an annual income of $69,000 or less for one or two people
  • The annual income for a family of three must be $79,500 or less

FHA rehab loan

If you’re considering purchasing a foreclosed property, you can apply for a Federal Housing Administration 203(k) rehab mortgage loan, which allows you to include the purchase price and renovations to your mortgage. The program requires that renovation costs be held in escrow, with funds paid out as you repair the home. This can include repairing or replacing roofs, downspouts, gutters, heating, ventilation, air conditioning, plumbing, electrical components and more.

Loans for veterans

Georgia-mortgage-rates-programs-and-options-3Veterans considering Georgia new home financing can qualify for a Veteran’s Administration (VA) loan. Advantages of a VA loan include:

  • The seller can pay your closing costs
  • The VA limits the amount of closing costs
  • The loan requires no private mortgage insurance 
  • Lenders cannot charge a penalty for early repayment
  • You don’t have to be a first-time homebuyer

If you find you don’t qualify for special programs, many lenders offer Georgia mortgage rates that fit your budget. RealtyNow can help you find local mortgage brokers with competitive rates for all types of mortgages. Researching mortgage rates in Georgia before you make an offer on a home will make your home buying process quicker and easier.

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