2021 FHA Loans for First time Homebuyers in Georgia
The Federal Housing Administration offers loans for first-time homebuyers in Georgia (and Florida) if you meet the following requirements:
2021 FHA Loan Requirements for First Time Homebuyers
- Credit score: Home Financing with a minimum credit score of 500, however a credit score greater than 580 will help you get approved for a lower down payment.
- Down Payment – 3.5% for credit scores above 580, 10% down payment if your credit score is between 500 – 579
- Debt/Income Ratio is less than 50%
- The home will be your primary residence and must meet the FHA’s minimum property requirements.
- Mortgage Insurance – YES – An FHA loan is a mortgage that is insured by the FHA, or Federal Housing Administration. This allows borrowers to finance homes with down payments as low as 3.5%, and are a favorite loan for first-time homebuyers in Georgia, Florida, and most states across the United States of America.
First-time homebuyers who do not have enough money for a 10% down payment will find FHA loans helpful. People who have had bankruptcy or foreclosures may qualify for an FHA backed mortgage.
If you’re interested in applying for an FHA Loan, talk with a Hannon Properties LLC Georgia real estate agent today to find out if you’re eligible to receive an FHA loan.
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