Additionally, at a workshop, they should also share information about downpayment assistance programs that you may qualify for, such as Georgia Dream, county government programs or NeighborhoodLIFT. Some of the downpayment assitance programs can also be used on closing costs. They cannot usually be used for the earnest money deposit however, which you pay at the time of placing a contract on a home.
For City of Atlanta downpayment assistance programs, visit the Invest Atlanta website - http://www.investatlanta.com/buildDev/HomeOwnershipAndMortga
â€¢ Earnest money deposit: Typically $1,000, one-percent of the purchase price or $500 for a HUD property under contract for less than $50,000
â€¢ Appraisal fee: Up to $500 except in the case of HUD-owned properties (rarely a fee since the appraisal is usually already done)
â€¢ Optional (but highly recommended) home inspection: Up to $350
â€¢ Cushion: The remainder to cover any remaining down payment, closing costs, utility connection, other required inspections, etc.
Of course, you will also need the down payment if you do not qualify for down payment assistance. In addition, the lender will likely want to see savings, reserves and possibly more.
Georgia Real Estate Brokers Associate, REALTORÂ®, Certified Affordable Housing Counselor
Keller Williams Realty Atlanta Partners
If you want to avoid putting money down, find a home that's been sitting on the market for over 6 months located in the USDA area and buy it. USDA loans offer 100% financing with no mortgage insurance. Although you may have to pay for an appraisal, because it's a closing cost, you can reimbursed for it if negotiated properly by your Realtor through the seller. Other fees not usually talked about that can catch you off guard if working with a loan officer who's inexperienced:
Home owner's insurance policy for 1 year
Home Owner's Association dues (if applicable)
Home Owner's Association set up/application fees (if applicable)
Termite Letter (if seller doesn't pay)
Inspection (optional in some states, like GA)
Misquoted property tax escrow deposit
Title requests (adding someone to title)
Polack & Associates, LLC
404 644 3295
The EMD will be credited back to you at closing. That money can then go toward any down payment, closing costs, or pre-paids due from you. The only two 100% financing programs are USDA (for rural areas) and VA. An FHA mortgage will require a 3.5% minimum down payment. Depening on your credit score, a Conventional mortgage would require at least 3% down.
If you are looking to purchase a property, working with a knowledgeable and seasoned loan officer is critical in today's market. Getting Pre-Qualified is the only way for you to find out your mortgage options. To get Pre-Qualified for your purchase, you can submit your request online at http://www.rodneymason.com.
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 with over a decade of mortgage lending experience.
Prospect Mortgage offers a full selection of mortgage programs including:
Conventional | FHA | FHA 580-639 FICO | FHA 203K Renovation (Streamline & Consultant) | HomePathÂ® | HomePathÂ® Renovation | HomeStyleÂ® Renovation | VA | USDA | GA Dream | Jumbo Financing.
RE/MAX Greater Atlanta
An Atlanta Real Estate Expert Serving Clients Since 1979
CRS, CRB, ABR, MSRE, CDPE, e-PRO, ESQ
Certified Residential Specialist
Certified Real Estate Broker
Accredited Buyers Agent
MS Real Estate and Urban Affairs
Certified Distressed Property Expert
Certified Investment Agent Specialist
203K Certified Specialist
2050 Roswell Road
Marietta GA 30062
404-386-3682 Assistant Robin
678-760-6266 Buyerâ€™s Agent Adam
The LinkedIn Realtor
Tyler Willis, REALTORÂ®
Keller Williams Realty Intown Atlanta
621 North Ave NE, Suite C-50
Atlanta, GA 30308