Conforming Home LoansObtain a mortgage for a more expensive Metro Atlanta home with this conventional mortgage. Credit-eligible home buyers may obtain a mortgage up to $424,100 at a fixed rate of interest with as little as three-percent of the purchase price down. Generally, the expected monthly payment after settlement may not exceed 33% of the borrower’s gross income, the borrower’s total debt (including the new monthly payment) must be below 45% and the lender usually would like to see a few months of reserves after closing to meet the monthly payment obligations.
Non-conforming Home LoansLocal lenders also offer “Jumbo Loan” mortgages above $424,100 to well qualified home buyers with several months of reserves.
Every borrower is different, and there may be ways that a conventional mortgage can work for you. Please call (678) 775-2677 or write Solomon today for a list of local lenders who are ready to answer your questions.