By 
The first time home buyer programs in Georgia can help you get the house of your dreams. The program will offer assistance to those who have never owned a home before and are making their first purchase. There are many different types of programs that exist, so it is important to know what type will work best for you.
For instance, some programs offer down payment assistance or grant money that can be used towards closing costs and other expenses associated with purchasing a new home. The morirateam goes over these benefits more in-depth as well as some state-specific resources available to homeowners.
Table of Contents
Qualifying First Time Home Buyer Georgia
First time home buyer programs in Georgia are a good choice for those who have never owned a home before.
The program will offer assistance to first time buyers by providing down payment assistance or grant money that can be used towards closing costs and other expenses associated with purchasing your new house.
These programs are great for the individual who doesn’t qualify for traditional loans but wants to enter into homeownership regardless. Like with any homeownership program, good credit will be necessary to qualify.
The Georgia Dream Program Helps People Buy Homes
The Georgia Dream Program is a first time home buyer program in Georgia that provides loan options for those who have a credit score of 640. To be eligible, there are other requirements such as income and property location. This program may not provide the full amount needed for your purchase but it could help you with what most people need – the down payment.
The Georgia Dream Program is a perfect way to buy your first home. If you have good credit, you can get a second mortgage with zero percent interest. You will also get up to $10,000 in help for buying your first home.
The Georgia Dream Program makes monthly payments and can last for up to 30 years. It also includes a tax credit worth $15,000 a year.
Georgia First Time Home Buyer FHA Loans
What about FHA loans? In Georgia, buyers are lucky because they can get 100% financing for their first home and the FHA doesn’t need mortgage insurance. With this type of loan, buyers only need to put down about three percent upfront which is sometimes less than you would have to lay out with private lenders from bigger name banks.
The FHA loan also has a low-interest rate when compared to other types of loans. There are many options available for first time home buyers in Georgia, however, the FHA loan makes it possible for them to get into a home with little money down.
First Time Home Buyers Should Talk with a Professional
No matter which direction you may go, it is always a good idea to talk with a professional. You may have more options than you realize. By exploring your options with a professional, you may save money or even qualify for a better rate!
The experienced professionals at the moreirateam can help navigate your options. We compare your loan to over 22 lenders and banks, so you can be confident that we will deliver on our promise to get you the best deal.
Comments