Types of Mortgage Loans Available in Atlanta
Griffin Funding is proud to serve the community, offering Georgia home loans for different types of borrowers. Some of our top Atlanta mortgage loan programs include the following:
- Conventional loans: We offer fixed- and adjustable-rate mortgages (ARMs) to help borrowers get the best rates. These loans are most popular with borrowers with good credit who can afford a larger down payment with a stable job and consistent income.
- USDA loans: USDA loans are designed for individuals who can’t afford a significant down payment for homes located in designated rural areas. These loans are guaranteed by the US Department of Agriculture (USDA), which allows you to secure a mortgage with zero percent down.
- First-time home buyer loans: FHA loans for first-time home buyers can help your dreams of buying a home become a reality. Unlike conventional loans, the lending criteria for FHA loans is less stringent and allows individuals without extensive credit history and lower down payments to purchase a home.
- VA loans: VA loans are backed by the Department of Veterans Affairs to help active duty service members, veterans, and surviving spouses secure a home loan with a zero percent down payment and lower credit scores.
- Bank statement loans: Bank statement loans are ideal for self-employed borrowers and business owners who take deductions on their tax returns, reducing their taxable income. Instead of reviewing pay stubs and W2s, we look at bank statements to determine your ability to repay the Atlanta mortgage loan.
- Asset-based loans: Asset-based loans are similar to bank statement loans. However, you can use various assets to prove your income, including bank accounts, CDs, investment accounts, and money market accounts.
- DSCR loans: DSCR loans for real estate investors allow you to qualify based on rental property income instead of job history or personal income.
- Interest-only loans: With interest-only loans, borrowers can avoid paying down their principal balance for the first few years of homeownership, making an Atlanta mortgage more affordable in the short-term.
What Is The Current Mortgage Rate in Atlanta?
As of Tuesday, January 31, 2023, the current Atlanta mortgage rates are 6.45% for a 30-year fixed-rate mortgage and 5.60% for a 15-year fixed mortgage. However, mortgage rates change daily based on the economy, inflation, national US debt, and other factors. Additionally, mortgage lenders in Atlanta, GA, may determine your particular interest rate based on the type of loan you apply for, your credit score, and other financial factors.
Atlanta Mortgage Qualification Requirements
Atlanta mortgage qualification requirements vary depending on the loan. However, the main factors mortgage lenders in Atlanta consider to determine your eligibility include the following:
- Income: Mortgage lenders use your income to determine your ability to repay an Atlanta home loan. To verify income, they’ll ask for documentation, such as tax returns, W2s, and bank statements. Additionally, lenders will verify your job history, and they usually like to see that you’ve been in the same position or company for at least two years.
- Down payment: Down payments for loans vary depending on loan type. However, the larger your down payment, the better your loan terms tend to be.
- Credit score: Most lenders have a minimum credit score required to be eligible for a loan, but these scores vary depending on the loan type and lender.
What Is the Minimum Credit Score Needed for a Mortgage in Atlanta?
Atlanta home loan lenders like seeing that potential borrowers have a credit score of at least 620. Your credit score is one factor they use to determine how likely you are to make regular payments and repay your debts on time. A higher credit score means lenders will find you less likely to default on a loan, allowing you to secure better terms and lower interest rates.
Griffin Funding offers several loan options for those with credit scores as low as 500, including recent credit even loans. Therefore, while your credit score is an important determining factor, there are other factors we consider to determine your Atlanta home loan eligibility.
How Much Is the Down Payment for an Atlanta Home Loan?
The down payment for a home loan depends on the type of loan you apply for. Many loans require at least 10% down, while some require as high as 20% down for the best terms. For conventional mortgages, you must put down at least 20% of the home’s purchase price to avoid private mortgage insurance (PMI), which will increase your monthly mortgage payment. However, the VA loan doesn’t require a down payment, and you won’t have to pay PMI.
As you can see, understanding down payments can be challenging since there are so many different Atlanta mortgage loan options available. Therefore, we recommend working with a lender who can walk you through the process and help you find the best loan based on your unique financial situation.
How to Get a Home Loan in Atlanta
Griffin Funding prides itself on customer service excellence. We have a simple process for helping you secure an Atlanta home loan. When you’re ready to apply, the process looks something like this:
- Discovery meeting: We’ll meet with you in person or via phone or video conference to discuss your unique situation and determine which loan options are best for you.
- Application: Once you’ve decided on a loan type, you can complete our online application by submitting the requested documents. Once your application is received, we’ll verify your information to determine your eligibility for the loan.
- Lock in your rate: Once approved for the loan, you can lock in your interest rate to get the most competitive one possible.
- Appraisal & pest inspection: We order the appraisal to determine the home’s value.
Loan approval & signing: Once your loan is approved, we can finalize it by signing documents and answering any additional questions you have before releasing the funds.
Work With a Mortgage Lender in Atlanta
Griffin Funding is a premier mortgage lender in Atlanta. Our team can help you find the best loan for your unique situation to help you become a homeowner in no time. Are you ready to become an Atlanta homeowner? Take the next steps on your home buying journey by completing our online application or calling us to discuss your options and learn a few home buying tips to make the process that much easier.
Not ready to buy a house yet? Review our mortgage tips and trends to learn more about available mortgage opinions and market trends.