This is the regular Fannie Mae or Freddie Mac loan.
Maximum Loan Amount: $726,200 (with some exceptions)
Terms: The most common is 30 year fixed, followed by 15 year fixed, but almost any term is possible now.
Down-payment choices start at 3%, then 5%, then 10% with some benefits as down payment increases to each level. At 20% down, you can eliminate the PMI – Private Mortgage Insurance.
This is a government loan insured by HUD and is probably the most popular lower down payment program available.
Maximum loan amount: $420,680 – in most Georgia counties; $471,500 – Metro Atlanta counties.
The minimum down payment is 3.5% and can come from a gift. The minimum middle credit score required is 620, although lower scores can be approved with additional requirements and the Seller is allowed to pay 6% of the sales price towards closing costs.
Mortgage Insurance for FHA consists of both an up-front premium of 1.75% added to the loan amount, plus a .55% of the loan amount (annual) divided by 12 for the monthly amount to be included in your payment.
This is a loan benefitting qualified Veterans, including spouses of deceased veterans, and is a 100% loan. There is no limit to the Sales Price and Loan Amount on a VA loan, and you can still do 100%. The VA Funding Fee (Mortgage insurance) is required and consists only of an up-front premium added to the loan and this premium varies based on number of previous uses and if the Veteran has a service-connected disability, in which case there is no Funding Fee.
This is a 100% loan in targeted in more rural areas and does have income limitations. The minimum middle credit score is 620 and the Seller is allowed to pay all the closing costs.
To determine both the geographic boundaries and the income limits, visit the Rural Development website here. Borrowers may generally not own other real estate, and Mortgage Insurance is required.
A Reverse Mortgage allows borrowers age 62 and older to use the equity in your home to enhance your retirement years. The proceeds are generally available either in a lump sum, a line of credit or monthly payments. There are some credit and income requirements to ensure the taxes and insurance will be paid on the property. Typically, a reverse mortgage is a refinance, although a Reverse for Purchase program allows you to buy a home on a Reverse Mortgage. Click here for more information on Reverse Mortgages.
A Jumbo loan program is a loan over $726,200, the Conforming Fannie Mae limit. You can go to 90% or more for Owner-Occupied loans and 80% for 2nd homes. They are available in various fixed rate terms as well as ARM programs.
Condominium financing has become more restrictive over time but we still specialize in financing them on Conventional, FHA and VA loan programs. They typically involve a little more paperwork, such as Condo Questionnaires as well as a budget and other condo documents. Most of the condo complexes on St. Simons, for instance, are eligible for normal financing.