Intro: Getting the Best Mortgage Rates as a GA First Time Home Buyer
If you’re considering buying a house in Georgia as a first time home buyer, you may be surprised to hear that the average cost of a Georgia home is now $158,500, according to Zillow.
These rising costs mark an increase of 6.7 percent throughout the past year, with Zillow experts predicting an additional increase of 4.4 percent in 2018.
With rising prices and terms lasting up to 30 years, first time home buyers in Georgia should be prepared to explore all of their options and requirements before signing up for a first time Georgia home loan, like the first time home buyer programs detailed below.
First Time Home Buyer Programs in GA
One of the most popular first time home buyer programs in GA is the Georgia Dream Homeownership Program, which aims to make homeownership both affordable and accessible.
Through the Georgia Dream Program, GA first time home buyers can receive first mortgage loans, down payment assistance, and home buyer education.
First time home buyers in Georgia can benefit from the Georgia Dream Program through the following terms of eligibility:
- Must be buying a house in Georgia as a GA first time home buyer, or
- Have not owned a home within the past three years, or
- Purchase a home in a targeted area
- Further eligibility requirements for a GA first time home buyer include a middle credit score of 640, limited liquid assets, and they must meet income and price limits.
In addition to the Georgia Dream Program, there are plenty of first time home buyer programs in GA that can help ease the mortgage process for first time home buyers in Georgia.
See below for a few more first time home buyer programs in GA that a Georgia first time home buyer may be able to benefit from.
- FHA Loan—Issued by the Federal Housing Authority with smaller down payments and lower credit requirements
- FHA 203(k)—Allows first time home buyers in Georgia to include renovation funds for fixer-upper homes
- USDA Loan—Offered by the U.S. Department of Agriculture for homes in certain rural areas
- VA Loan—For active-duty military members, veterans, and surviving spouses
- Energy Efficient Mortgage—Designed to help first time home buyers in GA build an energy-efficient home
- Native American Direct Loan—A type of VA loan that helps Native American veterans purchase homes on federal trust lands
- Good Neighbor Next Door Program—Sponsored by HUD, this program provides aid for law enforcement officers, firefighters, emergency medical technicians, and teachers from pre-k through 12th grade
Tips for First Time Home Buyers in GA
Buying a home is equal parts exciting and nerve-wracking. After all, any GA first time home buyer will find themselves making one of the most significant—and expensive—financial decisions of their lives.
As a first time home buyer in GA there are plenty of new procedures and paperwork that you will have to be prepared for, which can certainly make the process confusing.
Below, we have compiled a few tips to help make process as effective as possible first time home buyers in Georgia.
- Take the time to explore different neighborhoods to find the right location
- Prioritize your preferences like condition, location, size, neighborhood, and price
- Be prepared to make sacrifices on your conditions as a GA first time home buyer
- Discuss your options with a lending professional to get exact numbers on your budget, monthly mortgage payment, and closing costs
- Be prepared to accept defects and make your own renovations later on
- Take the time to educate yourself about the local real estate market
- Explore your options for first time home buyer programs in GA
- Get prequalified for a Georgia first time home buyer loan before talking to a seller
Conclusion – Finding the Best Mortgage as a GA First Time Home Buyer
First time home buyers in GA should be prepared to take their time when buying a house in Georgia.
Finding the best mortgage as a GA first time home buyer takes time to get the best rates and flexible terms to fit your unique financial needs.
As mentioned above, there are plenty of programs in place to help first time home buyers in GA find the best mortgage possible.
While evaluating mortgage products for Georgia first time home buyers, don’t forget that the Georgia Dream Program—or any other first time home buyer programs in GA—can provide affordable options for anyone who qualifies.
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