You might be moving to Georgia from another state or buying your first home in Georgia. No matter what, you should learn about Georgia home loans before you look for a house and a mortgage. This article tells you what you need to know before buying a home in Georgia:
Georgia has a median home price of $111,200, and homes in Georgia appreciate at a rate that is less than half of the average rate of appreciation for homes across the country. Georgia has a much slower rate of job growth than the rest of the country as a whole. In fact, in many parts of Georgia, people don't make enough money to buy a median-priced home with a traditional loan.
The average interest rate on a mortgage in Georgia is only.01 percent more than the average interest rate across the country. Different zip codes in Georgia can have very different home prices. For example, the median price of a home in Snellville, Georgia, in the summer of 2005 was $148,000. In Buckhead, Georgia, the median price of a home was $450,000.
Georgia has the most strict rules about lending money for a house out of all 50 states. The Georgia Fair Lending Act says that credit insurance and debt cancellation coverage can't be financed, and it limits late fees and fees for paying off debts. Georgia puts limits on all home loans, while other states with similar programmes to stop predatory lending only limit high-cost loans.
Georgia's Second Mortgage Loan Program gives police officers, firefighters, teachers, and health care workers loans for a down payment with no interest. Georgia also has a Fair Housing Law that says no one can be turned down for a mortgage based on their race, colour, gender, religion, family situation, or country of origin.
