With changes in requirements to get financing and the shortage of homes available in certain price ranges, it can seem overwhelming to try buying a home in Athens GA.
You may think you must have 20% down payment in order to get a mortgage but that’s not the case. Most first time buyers use FHA financing with a 3-1/2% down payment and ask the seller to pay closing costs. This makes it more affordable for you. Buying a $150,000 home may mean that you only have to save $5,250 for the down payment.
Another benefit to FHA financing is you are allowed to accept a “gift” to cover the down payment. the best way to learn about mortgages is to contact a local lender. We have worked with Russ Tanner at BOE Mortgage for many years and know that he will guide you in the right direction.
Other types of financing include 20% conventional mortgages. Some mortgage companies offer conventional mortgages with as little as 5% down.
USDA Rural Development offers 100% financing, but extra fees added may not make it as desirable. Also, the Rural Development USDA 100% loan restricts the areas that are available for these loans.
If you’d like to get more information on buying a home in Athens GA, just let us know. We can help you find a lender and get started with your home search.
This is a great post- house buying can seem so complicated, especially with the market in Athens. Seems like it is definitely a seller’s market here.