Griffin Funding a wide variety of home loan options in Georgia to suit your unique situation. Whether you’re trying to purchase your first home or looking for the right loan for you, our team of dedicated loan officers can help you learn about our available offers and pair you with the best loan.
We offer competitive interest rates no matter where you want to live, whether you’re looking for FHA lenders in Atlanta, GA, or VA loan providers in Augusta, GA.
Areas We Serve
Whether you prefer bustling cities or the quiet country, we can help you secure a loan. We operate in:
- Johns Creek
- Sandy Springs
- And more!
How Do Home Loans Work in Georgia?
Whether you’ve purchased a home before or you’re new to the process, buying a home is very similar in every state. The only differences you’ll find are the requirements depending on the lenders in Georgia.
New homebuyers should learn more about their mortgage options so that they know whether or not they’re choosing the right loan at the right time.
Luckily for first-time homebuyers, the process of buying a home is simple as long as you stay organized. As far as your loans are concerned, our loan officers can answer any of your questions and provide you with details about the information we need from you to approve your loan.
Once you’re ready to apply, you’ll fill in all of your information in our online application.
Once your loan application is reviewed and approved, you’ll agree to the terms of the loan, which will then be finalized by one of our loan officers.
Requirements to Buy a Home in Georgia
The requirements for buying a home in Georgia vary from lender to lender and the type of loan you’re applying for. There are a few prerequisites that are standard for most home loans.
A minimum credit score of 580
Depending on your lender and the type of loan, you’ll typically need to have a credit score of 6200 or above, at least. Some lenders may require higher credit scores depending on the type of loan. Your credit score directly impacts whether or not you’ll qualify for the loan and affects your interest rate. To ensure that your credit score is the best it can be before applying for a home loan in Georgia, check your credit score and make sure that you’ve done everything you can to improve it.
However, having a less-than-optimal credit score does not have to hold you back. Griffin Funding offers flexible underwriting requirements, including accepting lower credit scores (580) on some of our loans.
When you fill out your loan application, you will be asked for your income. This income will be verified by our underwriters, so make sure that it’s accurate and can be substantiated. We verify income in a number of ways, including W2s and bank statements. The type of verification we require for your income will depend on the type of loan you’re applying for.
Debt-to-income (DTI) ratio
Your DTI is how much money you bring in from your job versus how much debt you’re required to repay every month. Most lenders want your DTI to be at or below 43%. However, there are types of loans that allow a higher DTI.
Make sure that you’ve saved enough money for your down payment. While the percentage that you put down will depend on the type of loan, the more you put down, the better. Putting down more money allows you to save in the long run because you won’t need as much of a loan.
Down payments typically are 0%, 3%, 3.5%, 5%, 10%, or 20% depending on the type of home loan you’ve secured. However, in some cases, like a VA home loan or USDA home loan, you may not be required to put any money down.
Mortgage Rates in Georgia
Georgia mortgage rates change daily depending on the economy, inflation, national US debt, mortgage backed securities (MBS), 10 year treasury, and unemployment rate. The interest rate on your loan specifically will be influenced by your credit score and other financial factors.
Georgia Mortgage Programs
All of our home loan options offer competitive rates and a dedicated loan officer so that we can guide you through the mortgage process. Some of our most popular loan programs include:
- DSCR Loans: DSCR loans allow real estate investors and mortgage brokers to qualify for financing based on their debt service coverage ratio (DSCR) rather than through traditional means. By calculating the DSCR, lenders can measure a potential borrower’s operating income in relation to their mortgage debt, and thus determine whether they will be able to repay a loan.
- Asset-Based Loans: When you take out an asset-based loan, you’re borrowing against the value of your assets. The more valuable your assets are, the more financing you can receive. This enables borrowers to tap into the equity of their assets and access financing.
- Traditional Home Loan Products: Traditional home loans typically refer to a conventional loan. These are best for borrowers with good credit, who can verify income with their W2s, and who can afford a 5-20% down payment.
- FHA Loans for First-Time Home Buyers: FHA loans are the most popular among first-time homebuyers because you can buy a home with only 3.5% down. Griffin Funding accepts credit scores of 580 and above, so if you’re looking for FHA lenders in Atlanta, GA, or elsewhere, we offer competitive loan opportunities.
- VA Home Loans: Qualifying veterans and active-duty military members can get a VA loan to receive lower interest rates and secure a loan with 0% down.
- USDA Loans: If the home you want to purchase is located in a rural area, you may qualify for a USDA loan with a credit score as low as 600.
Talk to one of our loan officers to find out which loan is best for you. We can even provide you with resources to help you make a final decision.
Buying a House in Georgia
Purchasing a first, second, or third house in Georgia is easy to do. Through our fast approval process, we can fund your loan in as little as thirty days. If you’re a new homebuyer, follow these simple steps for buying a house:
- Save for a downpayment
- Apply for a home loan with Griffin Funding and get pre-approved
- Find a house
- Make an offer on the house
- Complete appraisals and inspections
- Close on the house
Apply for a Georgia Mortgage
The mortgage loan approval process doesn’t have to be grueling. When you choose Griffin Funding as your home loan provider, we can help you understand the different types of loans available to you based on your unique circumstances. We’ll help you through the entire process so getting approved for your Georgia mortgage is as smooth as possible.
Begin the application online or request a free home loan quote today!