November 17, 2021

This is a government loan insured by HUD and is probably the most popular lower down payment program available.

Maximum loan amount: $420,680 – in most Georgia counties; $471,500  – Metro Atlanta counties.

The minimum down payment is 3.5% and can come from a gift. The minimum middle credit score required is 620, although lower scores can be approved with additional requirements and the Seller is allowed to pay 6% of the sales price towards closing costs.

Mortgage Insurance for FHA consists of both an up-front premium of 1.75% added to the loan amount, plus a .55% of the loan amount (annual) divided by 12 for the monthly amount to be included in your payment.