What will my downpayment be? Mortgage banker Travis Evans with Academy Mortgage hosts this week’s mortgage minutes, where he discusses how down payments for Atlanta real estate varies depending on the type of mortgage you get.
Travis states that there is no specific amount that you can expect to pay on the down payment for your home until you determine the type of mortgage you will have. For example, FHA loans currently require a 3.5 percent down payment. In a home priced in the $300,000 range, you can expect to pay around $10,500 for your down payment. However, conventional loan rates are currently at 3 percent, which would mean a down payment of around $9,000.
However, Travis believes that it is important to note that the 3 percent rates on conventional loans will only be available for a short amount of time. The government regulatory agencies, Fannie Mae and Freddie Mac, will be increasing their required down payments to 5 percent.
At Academy Mortgage, home buyers can still receive the 3 percent down payment amount. Academy, which is the No. 2 lender in Georgia for new home purchases, is a very strong, financially sound mortgage company that has offices nationwide. As a direct servicer with Frannie Mae and Freddie Mac, Academy Mortgage is able to be more aggressive with the mortgage products they offer, which enables them to put more people in houses.
For more information, call 404-719-8662, where a local loan officer will be ready to help you secure a mortgage so that you can now own your own piece of Atlanta real estate. You can also 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.