What Every Georgia First Time Home Buyer Needs to Know

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georgia first time home buyerIf you’re a Georgia first time home buyer, you probably have a lot of questions. To point you in the right direction, we’ve put together a list of essentials that all first time home buyers in Georgia should understand. Check out these details.


The Housing Market in Georgia

For most people, a house is the most expensive thing they will ever buy, and the prices fluctuate regularly. However, there is also a lot of variety. The housing market in Atlanta has been booming for years, and at the time of writing, it shows no signs of slowing down. As of 2018, the median price of a home in Atlanta is $248,000, according to Zillow, but throughout the state, the median home price is just $179,200.


Money Saving Tips for the Georgia First Time Home Buyer

As a general rule of thumb, you tend to get less expensive prices in rural areas and more expensive prices in bustling urban areas with lots of great architecture and walkability to commercial centers. Of course, you can also save by buying a smaller home or choosing a fixer-upper. However, in all cases, you need to make sure that you select a home that is going to work for you over the next few years, and if you select a fixer upper, you should keep the long term costs in mind.


Programs for the Georgia First Time Home Buyer

There are special programs designed to help the Georgia first time home buyer. Here’s a look at some of the most popular programs in the area:

  • FHA Loans — These mortgages are designed to help people with slightly lower credit scores, and when you take out an FHA loan, you don’t have to provide that large of a down payment.
  • VA Loans — If you’re a Georgia first time home buyer who has been in the military, you should look into the low down payments and great interest rates associated with this program.
  • USDA Loans — Similar to the FHA and VA programs, the USDA also helps buyers get mortgages. You don’t have to be a farmer. You just need to buy in a small town or rural area.
  • The Georgia Dream Program — Designed just for people in Georgia, this program helps buyers get affordable mortgage rates and down payment assistance.
  • Georgia Standard Down Payment Assistance — If you qualify for the Dream program, you may be able to get down payment assistance from this program, but you have to live in the property for a certain amount of time to qualify.
  • Georgia PEN — Public protectors, educators, some healthcare providers, and military or National Guard members can save money on their down payment through this program.
  • Georgia Choice — The Choice program is for the Georgia first time home buyer who has a disability or who lives with someone with a disability.


Getting a Mortgage

When you’re a first time buyer, your mortgage lender can help you access and learn about the above programs. When you apply for a mortgage with us at BrightPath, we help you identify the best mortgage for your needs. Then, we can point you in the right direction to get down payment assistance or other help. To learn more, contact us directly.

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