Obtain a mortgage for a desirable Metro Atlanta home with with little-to-no money down. These Federally insured mortgages may be the right match for credit-eligible home buyers looking to buy a home in Metro Atlanta. Some may even be eligible for local home buying programs that make home ownership even more affordable.
Obtain a mortgage of up to $358,800 at a fixed rate of interest with as little as zero percent of the purchase price down when buying a HUD-owned home or as little as three and one-half percent down on others. Credit-eligible borrowers may also be able to obtain an FHA repair loan that can be coupled with the purchase loan to make repairs to a property being considered for purchase.
Generally, the expected monthly payment after settlement may not exceed 31% of the borrower’s gross income, the borrower’s total debt (including the new monthly payment) must be below 43% and the lender usually would like to see a few months of reserves after closing to meet the monthly payment obligations.
Credit-eligible active duty, veteran and honorably discharged military personnel may be able to obtain a mortgage at 100% of the purchase price up to $424,100 (no required down payment) with lower closing costs. Some of the local home buying programs may also be used with this mortgage toward a down payment if the borrower chooses.
Every borrower is different, and there may be ways that a government-insured 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.