First Time Home Buyer Georgia

First Time Home Buyer Georgia Benefits:

  • FHA Loan Starting At 3.5% Down
  • HomeReady Loans Starting at 3% Down
  • VA Loan – Zero Down Payment
  • Fast Close As Fast as 21 Days!
  • Home Loans for Business Owners – No Doc
  • Foreign National and ITIN Loans
  • Jumbo Loans with great rates!

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First Time Home Buyer Georgia – Georgia’s  #1 First Time Home Buyer lender!. Helping borrowers in Georgia qualify for the best First Time Home Buyer loan to meet their borrowing requirements.  First time homebuyer loans require lower minimum credit scores and down payments to make it easier to qualify.

First Time Home Buyer Georgia Programs

FHA First Time Home Buyer and HomeReady Program Terms

  • A credit score of at least 580 for a 3% down home loan
  • A credit score of 500 to 579 for a 10% down payment
  • FHA loan with 3.5% down payment requirement
  • Mortgage insurance that is offset due to lower FHA interest rates than a conventional loan.
  • FHA Debt to income ratio of 50% or less

Qualify for a 3% down Home Loan in Georgia. Use this application to pre-qualify and start shopping for your new home today! Purchase, Refinance or Cash Out Refinance.

Apply now to see how much of Loan you can qualify for.

CambridgeHomeLoan.com has a number of First time home buyer loan programs from simple W2 employees to full 2 year tax returns, self employed loans, non QM loans or statement loans for self employed that require a slightly higher down payment. 

Contact us today to craft the loan that best fits your needs. Some qualifications below.

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Benefits of Being A First Time Home Buyer In Georgia

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GEORGIA FIRST TIME HOME BUYER

GEORGIA VA HOME LOANS

FHA HOME LOANS FOR GEORGIA FIRST TIME HOME BUYERS

FHA Loan Q&A Everything You Wanted To Know about FHA Loan

For FHA loans, we know that the waiting period is either two years (Chapter 7) or twelve months (Chapter 13). If you’re planning on taking out a conventional loan, you’ll have a four-year waiting period unless you can show extenuating circumstances. If you’re looking to get a VA loan, you’ll need to wait two years after Chapter 7 or one year after Chapter 13. For a USDA loan, you’ll need to wait three years after Chapter 7 or one year after Chapter 13.

 

Bankruptcy does not automatically disqualify a borrower from receiving an FHA loan Florida. If your bankrupcy was discharged 2 years ago you may be eligible today for an FHA loan program. If you bankruptcy was discharged less than two years ago and you have extenuating circumstances you might still be eligible to qualify.  You can find out more by applying here!.   Same rule applies for borrower with chapter 13 bankruptcy.

A chapter 13 has some different requirements as a chapter 13 bankruptcy may still qualify if the  lender is willing to do a manual underwriting and the borrower has a satisfactory history of payments under their Ch 13 plan.

Charge-off accounts are not included in borrowers’ debt.

 

For non-medical collection accounts when the cumulative outstanding balance is greater than $2,000 borrower may either pay-off the balance or, for the purpose of debt-to-income ratio (DTI), provide proof of a payment plan. If neither are an option, the lender must use 5% of the outstanding balance and include it in the borrower’s DTI calculation.

 
 
 

Delinquent child support must be paid current or in a payment plan.

 
 
 
 

Borrowers with delinquent tax debt are ineligible unless currently in payment plan.

 
 
 
 
 

Borrowers with delinquent tax debt are ineligible unless currently in repayment plan. Repayment plan tax liens are not required to be paid in full if documentation is provided indicating the borrower is in a valid payment plan.

The following is required:

  1. The borrower must have made a minimum of 3 months of scheduled payments and documentation of the payments is required.
  2. The payment must be included in the DTI / Debt to income calculation.
  3. The borrower cannot prepay the payments to meet the 3-month payment requirement NOTE: Borrowers with delinquent taxes may or may not have a tax lien. Borrowers currently in a repayment plan, and the IRS has not filed a tax lien, are not required to meet the minimum 3-month payment requirement. The payment to the IRS will be included in the DTI calculation.

Foreclosure waiting period is measured from the date of title transfer. Three (3) years must have elapsed from the time title transferred. If the foreclosed loan was an FHA loan, the 3-year waiting period is based on the date the FHA claim was paid (e.g. foreclosure 11/12/14, FHA claim dates was 7/12/15, the 3-year waiting period ends 7/13/18).

Borrowers with foreclosure/Deed in Lieu within 3 years of case number assignment that was due to documented extenuating circumstances may be eligible if the borrower has re-established good credit since the foreclosure. A downgrade to manual underwriting is required. If the foreclosure was included in the bankruptcy, the foreclosure waiting period still applies. HUD treats the foreclosure and Bankruptcy  independently, not as a single event.

The three-year waiting period from date of title transfer still applies unless they were current at the time on short sale. Speak to your loan officer for specifics. 

 

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

 

Borrowers with student loans that are in deferment or not fully amortized will be required to calculate 1% of the outstanding balance as minimum monthly payment that will be added in their debt-to-income ratio (DTI) calculation.

The Maximum debt-to-income (DTI) ratio varies based on overall credit history and assets.  Typically, the DTI cannot exceed 45% of the borrower’s gross income.  However, in some cases borrowers with as high as 54.9% DTI may be eligible and in other cases borrowers may be capped at 43% DTI. Due to our volume size we can allow for higher DTI which enables you to receive a higher loan amount even if you have significant debt. 

 

First Time Home Buyer Georgia – Get the best rates & terms with CambridgeHomeLoan.com

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First Time Home Buyer Georgia

Why get a home loan in Georgia?

ABOUT GEORGIA, United States, Georgia is a southeastern U.S. state whose terrain spans coastal beaches, farmland and mountains. Capital city Atlanta is home of the Georgia Aquarium and the Martin Luther King Jr. National Historic Site, dedicated to the African-American leader’s life and times. The city of Savannah is famed for its 18th- and 19th-century architecture and leafy public squares.

Housing costs that are below the U.S. average, low taxes, and an affordable cost of living make Georgia a great place to live and invest.. Median sale prices of a home in Georgia have increased 17% in 2022 while inventory is down 30% to just 1.4 months.

Georgia is the 8th most populated state in the US and is bordered by Florida, Alabama, Tennessee, N and South Carolina as well as the Atlantic Ocean and is home to more than ten  million residence.

The median home value in Georgia is $269,441 as of October 2021.  Over the past 5yrs the average home value has increased by over 61%.. Atlanta, Sandy Springs and Athens-Clarke are among the fastest growing places in the country.

First Time Home Buyer Georgia

To view and learn more about our commercial real estate financing, visit www.CambridgeCapital.org