New Home Source Georgia (2024)

FAQs

How long does it take to get approved for a house in Georgia? ›

The average Georgia Dream process takes about 60 days from application to closing. A delay may occur if the applicant does not provide the documentation necessary for the lender to complete the application and process the loan.

Traditionally, Georgia homebuyers have had to raise 10% to 20% of the total loan amount as down payment. But in today's real estate market that is not always the case. Depending on other factors like your credit score and type of loan, you can get a mortgage with as little as 3.5% down payment.

The months from March to June are the best time to buy a house in Georgia. This is due to the higher inventory, increased competition among sellers, and potentially lower asking prices.

Building a home in Georgia takes an average of seven months, but numerous factors can influence the time it takes to complete your build. These include the materials you use for your house, the design's complexity, the availability of labor, the permitting process, and the weather.

FHA and VA loans: Most Georgia lenders will require a credit score of at least 580. However, for these two types of loans, to get the best rate and qualify for flexible underwriting a 620 is ideal. USDA, Jumbo, and Conventional loans: This category commands the highest credit score requirement at 640.

All eligible home buyers may qualify for $5,000 in assistance. Need help with your down payment? Often the biggest obstacle to homeownership is being able to afford the down payment. The Georgia Dream Homeownership Program can help qualified borrowers clear this hurdle!

If you bring the national average down payment of 6% to closing and have a 7.69% rate on a 30-year fixed mortgage, that's just shy of $1,700 a month in principal and interest. What does $1,500 buy with those same terms? About $225,000 worth of house, give or take.

With $2,000 per month to spend on your mortgage payment, you are likely to qualify for a home with a purchase price between $250,000 to $300,000, said Matt Ward, a real estate agent in Nashville. Ward also points out that other financial factors will impact your home purchase budget.

Buy in November for a better price

The window between late fall and early winter is the best time for buyers on a budget. Keep in mind, fewer homes are for sale in the cold winter months and around the busy holiday season, so the selection of for-sale homes will be limited.

Will home prices drop in 2024 in Georgia? ›

In 2024, Atlanta's real estate market is expected to experience the following: Average home values in the metro area are forecasted to see hikes of as much as 6%, mirroring national trends. However, some neighborhoods may see price drops, highlighting the importance of local market conditions, according to Atlantafi.

Competition levels may also be lower than spring and summer, especially if you're searching in an area that's popular among families with kids. If getting the lowest price possible is your main priority, consider searching for a home in November or December.

How much does it cost to build a 2000 sq ft house in Georgia? Building a 2,000 square foot house in Georgia costs approximately $273,860 on average, based on a construction cost of $136.93 per square foot.

In most cases, building a house in Georgia is cheaper if you own the land. You will bear only the cost of building the home. Plus, you can customize your home to your requirements! » Land For Sale By Owner in Georgia: Buy land to build a house near you.

From application to approval and closing, getting a mortgage can take anywhere from 30 days to 60 days. However, some home purchases can take longer, depending on factors unique to the purchase transaction and the home loan processing time.

From the time that all parties sign the contract, expect the closing to happen about 30 to 45 days later. During that time, the buyer, buyer's real estate agent, buyer's lender, and the closing attorney will all be working towards the closing.

Buying a house in Georgia FAQ

Having a good credit score, typically around 620 or higher for conventional loans, is essential. It's necessary to demonstrate stable income and employment to prove mortgage repayment capability, with lenders evaluating the debt-to-income ratio for manageable monthly payments.

Underwriting is the process where a mortgage lender evaluates a borrower's income, credit history and the value of a property to determine whether to approve a mortgage loan and under what terms. Underwriting can take a few days to a few weeks before you'll be cleared to close.