If you prefer to go with a 3% down loan, look for homes at homepath.com. This is a Fannie Mae website that offers 3% down with no mortgage insurance. The appraisal is already done, so you save money from you pocket on that account. It's a little harder to qualify for versus FHA but it's available to those who qualify.
You may also look outside of Atlanta in the USDA location to see if you qualify for 100% financing.
You may also qualify for GA Dream which will give you up to $5000 for down payment assistance.
For an FHA mortgage, the minimum down payment is 3.5%, not 3%. The only time that less than 3.5% is allowed is if you are purchasing a HUD REO. On HUD REO's, HUD allows a down payment of only $100. FHA loans allow the seller to contribute up to 6% of the sales price toward your closing costs/pre-paids. On HUD REO's though, HUD will only pay 3%.
You location says Baton Rouge. Are you planning on relcating to Atlanta? If you are relocating and starting a new job, FHA does have additional requirements that must be met.
Rodney Mason, NMLS #151088
Sr Loan Officer
825 Juniper St NE, Atlanta, GA 30308
Office: (404) 591-2453
Apply Online at http://www.rodneymason.com
Licensed in Alabama & Georgia
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing
Brandmortgage offers loan programs from 0 down on up. Be sure you negotiate with the seller to pay the closing costs so you'll have minimum out of pocket expense. Call me to see which program best fits your needs.
Senior Mortgage Banker
Click here to visit my web site and apply on line: http://kdjones.brandmortgage.com
3328 Peachtree Rd. Suite 200 Atlanta, GA. 30326
NMLS# 75615 | 545217
You'll find that many of the homes under $50K will need repairs. If that is the case, the FHA 203K program allows you to add the rehab costs to your mortgage. I specialize in rehab mortgages.
Another note: If you are looking to finance a home with a price under $50K, you'll need the seller to pay most, if not all, of your closing costs. This is to avoid the High Cost Loan limits.
You can reach me at firstname.lastname@example.org.
I look forward to your reply and to assisting you.
Elizabeth 'Beppy' Walton
C/404 234 9418