Georgia FHA Loans –  Requirements and Loan Limits for 2020 – Georgia FHA Lenders

georgia fha lenders

Georgia home buyers who need a small down payment or have poor credit scores may be able to purchase a home with an Georgia FHA loan. There are many FHA lenders in Georgia who offer FHA loans, but not all of them participate in all of the FHA loan options available.

We will take you through the Georgia FHA loan requirements, detail what is needed to qualify, then help you to get pre-qualified. If you already know that an FHA loan is right for you, then click to connect with an Georgia FHA lender whether you live in Atanta, Columbus, Savannah, Sandy Springs, or anywhere else.

Georgia FHA Down Payment Requirements

The down payment requirements for an FHA loan is the same in every state. The minimum requirement for an FHA loan is 3.5% of the purchase price. However, if your credit score is below 580, then the down payment requirement will be 10%.

If you do not have the down payment needed, you can also use gift funds from a relative.

Georgia FHA Down Payment Assistance

There are various down payment assistance programs in every state. Below is a list of just a few down payment assistance programs that may be available to you in Georgia. Home buyers will need to contact, and arrange for these programs independently. Lenders will accept the funds from these programs for your down payment but they will not arrange for the down payment assistance.

Gwinnett County Down Payment Assistance Program

Georgia Dream Home Ownership Program

Georgia FHA Loan Requirements for 2020

These are the basic FHA loan requirements for this year. All of these must be met to be approved for an FHA loan. If you are not positive on whether you meet these standards or have questions, an FHA lender can help.

  • Down payment of 3.5% or 10% if your credit score is below 580
  • 2-year employment history with some exceptions allowed
  • Fully document your income for the past two years
  • Minimum FICO score requirement of 500 – down payment will vary
  • Mortgage Insurance Premium (MIP) is required for every FHA loan
  • Maximum debt to income ratio of 43% with exceptions up to 56%
  • The home must be your primary residence
  • No bankruptcies or foreclosures in the past two years

Georgia FHA Loan Benefits

These are the benefits of an FHA loan versus a conventional loan:

  • Lower credit scores permitted
  • Lower down payment requirement
  • FHA interest rates are lower than conventional rates
  • Gift funds allowed
  • Seller closing cost contributions are allowed
  • FHA loans are assumable
  • Co-signers allowed
  • Higher debt to income ratios permitted

Top Georgia FHA lenders

These lenders are just a few options for you to consider. Please note that each lender is different and it is possible that none of these options are best for you depending upon your scenario.

  1. Carrington Mortgage Services
  2. Bank of England Georgia
  3. Flagstar Bank
  4. Quicken Loans
  5. Home Point Financial
  6. Georgia’s Own Credit Union

Let us help you to find the best Georgia FHA lenders in your area by completing this FHA loan scenario form with some basic loan scenario information. No credit report will be pulled and we can connect you with the best option.

Georgia FHA Loan Limits

Every county in the United States has specific maximum loan limits that are set for single family homes, as well as 2-4 unit properties. The limits are set based upon the average home sales value in that county. The base FHA loan limit for single family residences in Georgia for most counties is $331,760. Use this FHA loan limit lookup tool to see what the FHA loan limits are in your county.

County Name Single Family 2 Units 3 Units 4 Units
APPLING $331,760 $424,800 $513,450 $638,100
ATKINSON $331,760 $424,800 $513,450 $638,100
BACON $331,760 $424,800 $513,450 $638,100
BAKER $331,760 $424,800 $513,450 $638,100
BALDWIN $331,760 $424,800 $513,450 $638,100
BANKS $331,760 $424,800 $513,450 $638,100
BARROW $401,350 $513,800 $621,050 $771,850
BARTOW $401,350 $513,800 $621,050 $771,850
BEN HILL $331,760 $424,800 $513,450 $638,100
BERRIEN $331,760 $424,800 $513,450 $638,100
BIBB $331,760 $424,800 $513,450 $638,100
BLECKLEY $331,760 $424,800 $513,450 $638,100
BRANTLEY $331,760 $424,800 $513,450 $638,100
BROOKS $331,760 $424,800 $513,450 $638,100
BRYAN $331,760 $424,800 $513,450 $638,100
BULLOCH $331,760 $424,800 $513,450 $638,100
BURKE $331,760 $424,800 $513,450 $638,100
BUTTS $401,350 $513,800 $621,050 $771,850
CALHOUN $331,760 $424,800 $513,450 $638,100
CAMDEN $331,760 $424,800 $513,450 $638,100
CANDLER $331,760 $424,800 $513,450 $638,100
CARROLL $401,350 $513,800 $621,050 $771,850
CATOOSA $331,760 $424,800 $513,450 $638,100
CHARLTON $331,760 $424,800 $513,450 $638,100
CHATHAM $331,760 $424,800 $513,450 $638,100
CHATTAHOOCHEE $331,760 $424,800 $513,450 $638,100
CHATTOOGA $331,760 $424,800 $513,450 $638,100
CHEROKEE $401,350 $513,800 $621,050 $771,850
CLARKE $379,500 $485,800 $587,250 $729,800
CLAY $331,760 $424,800 $513,450 $638,100
CLAYTON $401,350 $513,800 $621,050 $771,850
CLINCH $331,760 $424,800 $513,450 $638,100
COBB $401,350 $513,800 $621,050 $771,850
COFFEE $331,760 $424,800 $513,450 $638,100
COLQUITT $331,760 $424,800 $513,450 $638,100
COLUMBIA $331,760 $424,800 $513,450 $638,100
COOK $331,760 $424,800 $513,450 $638,100
COWETA $401,350 $513,800 $621,050 $771,850
CRAWFORD $331,760 $424,800 $513,450 $638,100
CRISP $331,760 $424,800 $513,450 $638,100
DADE $331,760 $424,800 $513,450 $638,100
DAWSON $401,350 $513,800 $621,050 $771,850
DECATUR $331,760 $424,800 $513,450 $638,100
DEKALB $401,350 $513,800 $621,050 $771,850
DODGE $331,760 $424,800 $513,450 $638,100
DOOLY $331,760 $424,800 $513,450 $638,100
DOUGHERTY $331,760 $424,800 $513,450 $638,100
DOUGLAS $401,350 $513,800 $621,050 $771,850
EARLY $331,760 $424,800 $513,450 $638,100
ECHOLS $331,760 $424,800 $513,450 $638,100
EFFINGHAM $331,760 $424,800 $513,450 $638,100
ELBERT $331,760 $424,800 $513,450 $638,100
EMANUEL $331,760 $424,800 $513,450 $638,100
EVANS $331,760 $424,800 $513,450 $638,100
FANNIN $331,760 $424,800 $513,450 $638,100
FAYETTE $401,350 $513,800 $621,050 $771,850
FLOYD $331,760 $424,800 $513,450 $638,100
FORSYTH $401,350 $513,800 $621,050 $771,850
FRANKLIN $331,760 $424,800 $513,450 $638,100
FULTON $401,350 $513,800 $621,050 $771,850
GILMER $331,760 $424,800 $513,450 $638,100
GLASCOCK $331,760 $424,800 $513,450 $638,100
GLYNN $331,760 $424,800 $513,450 $638,100
GORDON $331,760 $424,800 $513,450 $638,100
GRADY $331,760 $424,800 $513,450 $638,100
GREENE $515,200 $659,550 $797,250 $990,800
GWINNETT $401,350 $513,800 $621,050 $771,850
HABERSHAM $331,760 $424,800 $513,450 $638,100
HALL $331,760 $424,800 $513,450 $638,100
HANCOCK $331,760 $424,800 $513,450 $638,100
HARALSON $401,350 $513,800 $621,050 $771,850
HARRIS $331,760 $424,800 $513,450 $638,100
HART $331,760 $424,800 $513,450 $638,100
HEARD $401,350 $513,800 $621,050 $771,850
HENRY $401,350 $513,800 $621,050 $771,850
HOUSTON $331,760 $424,800 $513,450 $638,100
IRWIN $331,760 $424,800 $513,450 $638,100
JACKSON $331,760 $424,800 $513,450 $638,100
JASPER $401,350 $513,800 $621,050 $771,850
JEFF DAVIS $331,760 $424,800 $513,450 $638,100
JEFFERSON $331,760 $424,800 $513,450 $638,100
JENKINS $331,760 $424,800 $513,450 $638,100
JOHNSON $331,760 $424,800 $513,450 $638,100
JONES $331,760 $424,800 $513,450 $638,100
LAMAR $401,350 $513,800 $621,050 $771,850
LANIER $331,760 $424,800 $513,450 $638,100
LAURENS $331,760 $424,800 $513,450 $638,100
LEE $331,760 $424,800 $513,450 $638,100
LIBERTY $331,760 $424,800 $513,450 $638,100
LINCOLN $331,760 $424,800 $513,450 $638,100
LONG $331,760 $424,800 $513,450 $638,100
LOWNDES $331,760 $424,800 $513,450 $638,100
LUMPKIN $331,760 $424,800 $513,450 $638,100
MACON $331,760 $424,800 $513,450 $638,100
MADISON $379,500 $485,800 $587,250 $729,800
MARION $331,760 $424,800 $513,450 $638,100
MCDUFFIE $331,760 $424,800 $513,450 $638,100
MCINTOSH $331,760 $424,800 $513,450 $638,100
MERIWETHER $401,350 $513,800 $621,050 $771,850
MILLER $331,760 $424,800 $513,450 $638,100
MITCHELL $331,760 $424,800 $513,450 $638,100
MONROE $331,760 $424,800 $513,450 $638,100
MONTGOMERY $331,760 $424,800 $513,450 $638,100
MORGAN $401,350 $513,800 $621,050 $771,850
MURRAY $331,760 $424,800 $513,450 $638,100
MUSCOGEE $331,760 $424,800 $513,450 $638,100
NEWTON $401,350 $513,800 $621,050 $771,850
OCONEE $379,500 $485,800 $587,250 $729,800
OGLETHORPE $379,500 $485,800 $587,250 $729,800
PAULDING $401,350 $513,800 $621,050 $771,850
PEACH $331,760 $424,800 $513,450 $638,100
PICKENS $401,350 $513,800 $621,050 $771,850
PIERCE $331,760 $424,800 $513,450 $638,100
PIKE $401,350 $513,800 $621,050 $771,850
POLK $331,760 $424,800 $513,450 $638,100
PULASKI $331,760 $424,800 $513,450 $638,100
PUTNAM $331,760 $424,800 $513,450 $638,100
QUITMAN $331,760 $424,800 $513,450 $638,100
RABUN $331,760 $424,800 $513,450 $638,100
RANDOLPH $331,760 $424,800 $513,450 $638,100
RICHMOND $331,760 $424,800 $513,450 $638,100
ROCKDALE $401,350 $513,800 $621,050 $771,850
SCHLEY $331,760 $424,800 $513,450 $638,100
SCREVEN $331,760 $424,800 $513,450 $638,100
SEMINOLE $331,760 $424,800 $513,450 $638,100
SPALDING $401,350 $513,800 $621,050 $771,850
STEPHENS $331,760 $424,800 $513,450 $638,100
STEWART $331,760 $424,800 $513,450 $638,100
SUMTER $331,760 $424,800 $513,450 $638,100
TALBOT $331,760 $424,800 $513,450 $638,100
TALIAFERRO $331,760 $424,800 $513,450 $638,100
TATTNALL $331,760 $424,800 $513,450 $638,100
TAYLOR $331,760 $424,800 $513,450 $638,100
TELFAIR $331,760 $424,800 $513,450 $638,100
TERRELL $331,760 $424,800 $513,450 $638,100
THOMAS $331,760 $424,800 $513,450 $638,100
TIFT $331,760 $424,800 $513,450 $638,100
TOOMBS $331,760 $424,800 $513,450 $638,100
TOWNS $331,760 $424,800 $513,450 $638,100
TREUTLEN $331,760 $424,800 $513,450 $638,100
TROUP $331,760 $424,800 $513,450 $638,100
TURNER $331,760 $424,800 $513,450 $638,100
TWIGGS $331,760 $424,800 $513,450 $638,100
UNION $331,760 $424,800 $513,450 $638,100
UPSON $331,760 $424,800 $513,450 $638,100
WALKER $331,760 $424,800 $513,450 $638,100
WALTON $401,350 $513,800 $621,050 $771,850
WARE $331,760 $424,800 $513,450 $638,100
WARREN $331,760 $424,800 $513,450 $638,100
WASHINGTON $331,760 $424,800 $513,450 $638,100
WAYNE $331,760 $424,800 $513,450 $638,100
WEBSTER $331,760 $424,800 $513,450 $638,100
WHEELER $331,760 $424,800 $513,450 $638,100
WHITE $331,760 $424,800 $513,450 $638,100
WHITFIELD $331,760 $424,800 $513,450 $638,100
WILCOX $331,760 $424,800 $513,450 $638,100
WILKES $331,760 $424,800 $513,450 $638,100
WILKINSON $331,760 $424,800 $513,450 $638,100
WORTH $331,760 $424,800 $513,450 $638,100

FHA 203k Loans in Georgia

FHA 203k loans are a great program which will allow you to borrow the money needed to purchase the home plus additional funds needed to rehabilitate or remodel the home. This program is also available in your state and we work with lenders that help with your FHA 203k loan.

If you would like to fully understand how this program works, we suggest reading our article on FHA 203k loans.

FHA Streamline Refinance in Georgia

The FHA streamline refinance program is available to existing homeowners who would like to refinance for a lower rate while eliminating some of the refinance costs such as an appraisal. You may also get a discount on the mortgage insurance premium which is another advantage.

For more information, please read our article on the FHA streamline refinance.

Georgia FHA Loan Pre-Approval Process

If you are looking for an FHA loan, there is an optimal process you should follow to get pre-approved.

  1. The first step is to make sure you have the minimum down payment needed to qualify
  2. check your credit and try to cleanup anything that is pulling down your scores
  3. Get a copy of your tax returns for the past two years
  4. Get copies of your pay stubs for the past month
  5. Get copies of your last two months’ bank statements
  6. Speak to an FHA lender about your loan scenario

Speak to a lender early in the process because they can identify opportunities to help with your FHA approval. This should be done months before you start looking for a home. Read more about how to get pre-approved for an FHA loan.

What to Look for in an FHA Lender

We take a few things into consideration when looking at which lenders we work with. Some of these also may be, or should be very important to you as you continue shopping for an FHA loan.

A good FHA lender will:

  • Allow for credit scores as low as 500
  • Provide FHA 203k loans
  • Offer competitive rates and fees
  • Have a great processing and underwriting team
  • Work closely with you throughout the loan process
  • Communicate well and will provide you with updates along the way

Georgia FHA Loan Calculator

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Frequently Asked FHA Questions

Can I get an FHA loan with a bankruptcy?
In general, you will need to wait two years before applying for an FHA loan after a bankruptcy. However, there are some exceptions which may allow you to apply sooner. Read our article on the bankruptcy waiting period.

Are all FHA lenders the same?
Not all lenders who offer FHA loans are the same. They all do not offer all of the FHA programs and their rates and fees may also vary. Most importantly, the individuals who help to process and underwrite your loan will have a huge impact on your FHA loan experience.

Can I use gift funds for an FHA loan?
FHA loans do allow for gift funds to cover your down payment as well as your closing costs. The gift funds must come from a relative or a close friend as approved by the lender. You will need to provide the lender with a gift letter that is signed by the donor.

Do I need an appraisal for an FHA loan?
The FHA does require an appraisal and inspection before your loan can be approved. The FHA inspection has clear guidelines on what needs to be repaired before your loan can close. They want to make sure home buyers are moving into a home that is safe and operational.

Can I get an FHA loan for an investment property?
FHA loans are for primary residences only and if your goal is to purchase an investment property, you cannot use FHA insured financing for that purchase. However, if you are currently living in a home that is financed with an FHA loan, you can move to a new home and keep the current home as an investment.