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Georgia Mortgage Rates

Georgia Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-07-30T01:01:28

Comparing

In order to help you see how Georgia mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in Georgia

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Georgia

In order to qualify for the best mortgage rates in Georgia it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Georgia

Georgia is the eighth most populous US state. According to the US census, as of 2017, there is an estimated population of over 10.3 million residents, which represents 3.2% of the US population. Based on 2015 HMDA data, Georgia compared to National loan program distribution, has a higher percentage of both FHA loans and VA loan.

According to Wikipedia, "there are 15 Fortune 500 companies and 26 Fortune 1000 companies with headquarters in Georgia, including such names as Home Depot, UPS, Coca-Cola, Delta Air Lines, Aflac, Southern Company, Anthem Inc. (one of the largest health benefits companies), Honeywell, and SunTrust Banks".

  1. FHA loan amounts in Georgia: (note:set the table to Georgia). There are 159 counties in the state of Georgia of which none of the single family units meet the Highest loan limit, currently at $636,150. 76% of the counties are at the Standard loan limit, currently at $275,665. The remaining 24% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Georgia and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 99% of the counties that fit this category. None of the counties have the Highest Loan limit of $636,150. The remaining 1% are between those two limits.
  3. The Georgia housing market was hard hit during the 2008 Great Recession. However, many homeowners were able to take advantage of low interest rates and refinance into HARP loans. Based on the FHFA Refinance Report for May 2017, Georgia accounted for 5% of all HARP loans (ranked fifth in the nation). Over 15% of Georgia HARP loans were over 125%.
  4. Georgia First Home Buyer Programs: The Georgia Department of Community Affairs (DCA) runs a number of homeowner programs including a hardest hit down payment assistance (HHF-DPA) which provides "$15,000 in down payment and closing cost assistance to eligible borrowers purchasing an existing home in ten of Georgia’s hardest hit counties", home counseling programs, and an home purchase program. Borrowers must meet eligibility requirements including credit, income and purchase limits.
  5. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for Georgia

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Georgia:

  • Mortgage Rates for Conventional Loans in One MSA in Georgia
  • Mortgage Fees in One MSA in Georgia
  • Loan Amount in Georgia for One MSA
  • LTV over 90% in One MSA in Georgia

Mortgage Rates for Conventional Loans in One MSA in Georgia

Mortgage Fees in One MSA in Georgia

Loan Amount in Georgia for One MSA

LTV over 90% in One MSA in Georgia for One MSA