Georgia Mortgage Rates
March 29, 2015 06:22 PM Eastern
Georgia Mortgage Rates and Home Loan Options
The Peach State hosted the Olympic Games in 1996 and has since gained worldwide acclaim as the home of southern hospitality. Georgia is a prime destination for those looking for a great combination of affordable housing, public services, and quick access to metropolitan areas like Atlanta, Augusta, and Savannah. In particular, Atlanta has grown to be the largest city in the state, while still offering residents a good mix of both urban and suburban locales.
Jumbo Loans and Mortgage Interest Rates in GA
Most Georgia lenders consider any loan above the FHA conforming loan limit of $417,000 a jumbo loan. Jumbo loans are typically harder to obtain than conventional conforming loans, because the higher loan amount requires a correspondingly higher loan payment. Jumbo loans require lenders to sustain a higher level of risk, so they put stringent qualification requirement in place. Nevertheless, many lenders in the state of Georgia offer jumbo loans at or slightly above market interest rates. Research current GA mortgage interest rates for jumbo loans before applying.
Predatory Lending and Georgia Mortgage Rates
Predatory lending practices have been a problem throughout the country in the past few years. Short term adjustable rate mortgages offered to borrowers who could barely afford the payments have forced many homeowners into default and foreclosure. As a result, Georgia has led the charge in combating predatory lending, providing potential homeowners with counseling and educational opportunities to help them recognize predatory lending companies and potentially disastrous mortgage rates.
Down Payment Assistance for GA Mortgage Loans
Georgia's Dream Homeownership Program allows participants to obtain second mortgages that cover the first lender's required down payment and closing costs, up to certain limits for which the borrower may qualify. Participants can include:
• home buyers
• home builders
• homeowners facing foreclosure
The American Dream Down Payment Initiative (ADDI) is another program offered at the county level that assists first time home buyers and families with incomes below 80 percent of the median income for their area. The funds can be used to pay part of the upfront costs and down payment requirements of the mortgage lender. Funds can also be used for limited property rehabilitation.
Georgia Home Loan Options and Interest Rates for Seniors
The Georgia Department of Human Services and its Division of Aging Services assists senior citizens who own and occupy single-family homes or want to buy such property. Loans through its lending partners can provide funds to incorporate more accessible features for the elderly and handicapped, as well as help them find the best current GA mortgage interest rates.