One can qualify for this loan easily as a low down payment (3.5% Min.), less debt-to-income ratio and FICO® score of 620 is required. Some lenders also go up to a FICO score of 580. There is a loan limit for an FHA loan which is usually $356362 in most of the counties. However, in some of the counties of GA the limit is $412850. In a few countries, the limit is $391000. These loans carry an upfront mortgage insurance premium which elevates closing costs. You can get an FHA loan from any FHA-approved moneylender. These loans are safeguarded by the Federal Housing Administration (FHA), which simply implies that the FHA shields lenders against misfortune from property holders who default on their advances. These loans do not have strict guidelines to be followed as compared to conventional loans.

These loans are accessible and ensured through private lenders, including banks, credit unions, contract moneylenders, or through government-sponsored undertakings. For qualifying, the borrower must submit an official mortgage application with the required documents and current credit score. These costs less than FHA loans over a long time as private mortgage insurance can be avoided if the down payment is 20% or more. These loans have fixed Mortgage rates (the same rate in the whole duration of the loan). Also, these follow stricter guidelines in lending criteria as it is not backed up by the federal government.

These loans are specially designed for US veterans – widowed military spouses, active-duty service members to purchase their home. These are issued by private lenders and are supported by the US Department of Veterans Affairs. They offer the opportunity to buy a home without any down payment or Insurance.

These loans exceed the limit of conventional loans as set by the Federal housing finance agency. The conforming jumbo loan limit in all counties of GA is $584,250 and has strict guidelines to be followed with a higher down payment and debt ratio. These are mainly for financing luxury or investment properties/homes. These loans have options of fixed or Adjustable rates during the duration of the loan.