What are the benefits of an FHA loan? Well, in this week’s Mortgage Minutes, Travis Evans with Academy Mortgage explains one of the best mortgage options for Atlanta home buyers searching in the $150,000 to $200,000 price range.
Academy Mortgage offers several products for home buyers in this market, but currently, FHA loans seem to provide the most benefit for metro Atlanta new home buyers. FHA loans still require just three-and-a-half percent for a down payment. While many other government-backed loans have increased their down payments, the FHA has not.
January is a great time of the year to begin thinking about down payment options as prospective home buyers are receiving their W-2s and tax season is quickly approaching. If you are searching for a new Atlanta home and are fortunate enough to get a refund, placing that additional income into your down payment fund can potentially cover the majority of that upfront payment.
In addition to the low down payments that FHA loans provide, they still have the lowest interest rates that can be found for a 30-year fixed rate mortgage in most cases and no prepayment penalties. So, with an FHA loan, you can secure a 30-year loan with a low down payment while knowing what your monthly payment will be upfront, allowing you to set a budget and plan ahead.
For more information on FHA loans or other loan options, contact Academy Mortgage by calling 404-713-8662 or visit www.AcademyMortgage.com.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.