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If you’re considering purchasing a home in the beautiful state of Georgia, FHA loans might be the perfect solution for you. We are proud to offer a range of FHA loan options tailored to meet the diverse needs of homebuyers across the state. With flexible credit requirements and competitive terms, FHA loans can make the dream of homeownership a reality for many Georgians.
FHA Program Highlights
1. Purchase Options
– For those looking to purchase a home, FHA loans in Georgia offer flexibility with credit scores. Buyers with a FICO score of 550 can secure a loan at 90% Loan-to-Value (LTV), while those with a score of 580 can enjoy up to 96.5% LTV. This means you can own a home with a minimal down payment, making it easier to step into the housing market.
2. Cash-Out Refinance
– Homeowners in Georgia looking to tap into their home equity can benefit from the cash-out refinance option. With a FICO score of 580, you can refinance up to 80% LTV, providing you with the financial flexibility to meet other needs, whether it’s home improvements, debt consolidation, or other personal expenses.
3. Manual Underwriting
– For those who may not fit the standard automated underwriting criteria, manual underwriting is available with a FICO score of 600 at 80% LTV. This option allows for a more personalized review of your financial situation, potentially opening doors that automated systems might not.
4. Flexible Credit and Income Requirements
– FHA loans in Georgia are designed to accommodate a variety of financial situations. With no minimum credit history required for Automated Underwriting System (AUS) approval, and the ability to use blended ratios with a non-occupant co-borrower, these loans offer flexibility for diverse borrower profiles. Additionally, W2-only income verification is available, simplifying the process for many applicants.
5. Loan Specifics
– The minimum loan amount for FHA loans in Georgia is set at $75,000, ensuring that even modestly priced homes are within reach. Furthermore, only one FICO score is required, making it easier for individuals with limited credit history to qualify.
Our team is dedicated to providing personalized service and expert guidance throughout the mortgage process. Whether you’re a first-time homebuyer or looking to refinance, our FHA loan options are designed to offer you the best possible terms and support. Contact us to learn more about how we can help you achieve your homeownership goals in the Peach State.
