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Georgia FHA Home Loans

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2017 Georgia FHA Loan Requirements

Georgia FHA Loan | Requirements | Limits | Application

Our goal is to provide you with all of the information and tools you need in order to determine if a FHA loan is right for you. On this page, you can view the 2017 Georgia FHA loan guidelines, view loan limits by county, and calculate your monthly payment.  These guidelines include the FHA requirements related to credit history, income, employment, and the type of property you want to purchase.  After reading the loan requirements and loan limits, you can use our detailed FHA calculator, which will allow you to see what your monthly payment, mortgage insurance, and monthly escrow will be.

One of the most common questions people ask is regarding where in Georgia FHA loans are available. They are available throughout every county of the state, and you can view the max lending limits for your county below.  FHA mortgages are especially popular in cities and larger towns, such as: Albany, Alpharetta, Athens, Augusta, Columbus, Johns Creek, Macon, Marietta, Roswell, Sandy Springs, Savannah, and Valdosta. You can finance a home purchase with a FHA loan in a rural area as well though.

Georgia FHA Loan Requirements

Keep in mind that each application is looked at individually, and FHA loans have a considerable amount of leniency in what is required for an approval. There are some concrete loan requirements set out by the FHA though, which dictates what loans they will insure. The following information is written in the context of buying a home with a FHA loan. If you already have a FHA loan, or if you wish to refinance into a FHA loan, please click here to learn about FHA refinancing.

The mandatory Georgia FHA loan requirements for a home purchase are as follows:

  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. The FHA does not insure investment properties. Multifamily homes are allowed, which can have up to 4 units, but you must occupy at least one of them for it to be eligible for a FHA home loan in Georgia.
  • Credit Score – A credit score of 580 or higher is needed for FHA loans.  This includes first time home buyer mortgages, repeat buyer loans, and any FHA refinance program.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistency of income.
  • Income Documentation – Paystubs and tax returns are required to show employment income, as well as bank statements, including your checking or savings accounts.
  • DTI Ratio – Your monthly debts, including your new mortgage payment, must not exceed 43% of your bring home income.  What you want to do is calculate all of your current monthly debts (do not include anything that does not show on your credit report – only those that appear on a credit report are counted).  Then, take the total of your current debts, plus what your expected new mortgage payment, and get a total.  Let’s say your current monthly debts are $750 and your new mortgage payment will be $1,000/month.  Your total monthly debts would be $1,750.  Compare this amount to your monthly income to calculate your DTI ratio.  Your monthly debts compared to your monthly income shall not exceed 43% for you to qualify for a FHA loan.

You can calculate your new FHA payment below. Not sure what your FHA interest rate will be?  We can provide you with a free consultation and rate quote.

FHA Mortgage Calculator

%

Total Monthly Payment

$0

FHA base loan amount$0
FHA upfront MIP 1.75%$0
FHA total loan amount$0
Principal & interest$0
FHA MIP 0%$0
Monthly escrow$0
Down payment0%

  • Price of Home – Enter the price of the home you want to buy. If you do not have a home in mind yet, just add in a number in the range you expect to want to buy a home for.
  • Mortgage – The second field titled “mortgage”, is by default on a 30 year fixed loan schedule.  This is the most common loan repayment schedule selected for FHA loans.  You can change it to 20 years, 15 years, or 10 years if you want a shorter loan amortization.
  • Interest Rate – The interest rate a borrower receives depends on their credit, income, and other qualifying factors.  To get an actual rate quote, you will need to speak with a licensed loan officer.  You can call 1-800-731-3560 to speak with a loan specialist and receive a rate quote.
  • Down Payment – FHA loans require a 3.5% down payment.  If you would like to put more down, add in more into the down payment field.  Please note that not everyone will qualify for a 3.5% down payment, and of course, not all applicants are approved for a loan at all.  The 3.5% is the amount that many FHA loan applicants will be allowed as a minimum down payment.
  • Property Taxes – Add the annual taxes for the home you want to buy.  To find out how much the annual property taxes are, check with the county accessor.  You can also ask a real estate agent to help you find out what the exact annual property taxes are for a home you are interested in.
  • Annual Insurance – The amount that the annual homeowners insurance will cost depends on the property you intend to buy, your homeowners insurance claim history (if you have owned a home before, and had to make a claim), and the specific homeowners insurance company that you select to insure your home.
  • Down Payment – This is the percentage that is calculated based upon the home purchase price and the down payment amount.

After summiting information into these fields, it will calculate how much the FHA mortgage payment will be based upon these numbers.  The next set of data presented on the right side and shows under the total monthly payment is as follows:

  • FHA Base Loan Amount -This is the amount of your loan after subtracting your down payment from the total, but prior to adding in the FHA upfront mortgage insurance premium (UPMIP).
  • FHA Upfront MIP – All FHA loans require a 1.75% upfront mortgage insurance premium to be paid. This is calculated from the base loan amount. This 1.75% is the same for any borrower and on any type of FHA loan. It does not vary from one FHA lender to another.
  • FHA Total Loan Amount – This is the combined total of your FHA base loan amount (after subtracting the down payment), along with the FHA UPMIP. You have the option to pay the FHA UPMIP amount out of pocket, or you can wrap it into the loan amount.  Most decide to include it in the loan amount, so we have it automatically added on the calculator.
  • Principle and Interest – This is the amount of your mortgage payment before adding mortgage insurance, and property taxes, and property insurance.
  • FHA MIP – This is the monthly mortgage insurance premiums required on all FHA loans.   The amount depends on the type of loan, how many years the repayment schedule is (such as 15 years or 30 years), and the loan-to-value (LTV) ratio.  A 15 year loan with a LTV less than 90%, the monthly MIP will be 0.45%.  A 15 year loan with a LTV greater than 90%, the monthly MIP will be 0.70%.  For a 30 year loan with a LTV less than 95% the monthly MIP is 0.80%.  For a 30 year loan with a LTV greater than 95%, the monthly MIP is 0.85%.
  • Monthly Escrow – This is how much your property taxes and property insurance is after taking the annual amounts and dividing them by 12 monthly payments.

Would you like to receive more information or apply for a FHA loan?

Georgia FHA Loan Limits for 2017

Use this table to determine the max lending limits for your county. The four columns and amounts for each represent the highest loan amount the FHA will insure based on the number of units.  Keep in mind, these maximum loan limits are the ceiling amount that can be financed with a FHA loan.  The limit to how much you can personally borrow will depend on your credit, income, and how much debt you currently have.

County Single Family 2 Family 3 Family 4 Family
APPLING COUNTY $275,665 $352,950 $426,625 $530,150
ATKINSON COUNTY $275,665 $352,950 $426,625 $530,150
BACON COUNTY $275,665 $352,950 $426,625 $530,150
BAKER COUNTY $275,665 $352,950 $426,625 $530,150
BALDWIN COUNTY $275,665 $352,950 $426,625 $530,150
BANKS COUNTY $275,665 $352,950 $426,625 $530,150
BARROW COUNTY $358,800 $459,300 $555,200 $690,000
BARTOW COUNTY $358,800 $459,300 $555,200 $690,000
BEN HILL COUNTY $275,665 $352,950 $426,625 $530,150
BERRIEN COUNTY $275,665 $352,950 $426,625 $530,150
BIBB COUNTY $275,665 $352,950 $426,625 $530,150
BLECKLEY COUNTY $275,665 $352,950 $426,625 $530,150
BRANTLEY COUNTY $275,665 $352,950 $426,625 $530,150
BROOKS COUNTY $275,665 $352,950 $426,625 $530,150
BRYAN COUNTY $275,665 $352,950 $426,625 $530,150
BULLOCH COUNTY $275,665 $352,950 $426,625 $530,150
BURKE COUNTY $275,665 $352,950 $426,625 $530,150
BUTTS COUNTY $342,700 $438,700 $530,300 $659,050
CALHOUN COUNTY $275,665 $352,950 $426,625 $530,150
CAMDEN COUNTY $275,665 $352,950 $426,625 $530,150
CANDLER COUNTY $275,665 $352,950 $426,625 $530,150
CARROLL COUNTY $358,800 $459,300 $555,200 $690,000
CATOOSA COUNTY $275,665 $352,950 $426,625 $530,150
CHARLTON COUNTY $275,665 $352,950 $426,625 $530,150
CHATHAM COUNTY $275,665 $352,950 $426,625 $530,150
CHATTAHOOCHEE COUNTY $289,800 $371,000 $448,450 $557,300
CHATTOOGA COUNTY $275,665 $352,950 $426,625 $530,150
CHEROKEE COUNTY $342,700 $438,700 $530,300 $659,050
CLARKE COUNTY $320,850 $410,750 $496,500 $617,000
CLAY COUNTY $275,665 $352,950 $426,625 $530,150
CLAYTON COUNTY $342,700 $438,700 $530,300 $659,050
CLINCH COUNTY $275,665 $352,950 $426,625 $530,150
COBB COUNTY $342,700 $438,700 $530,300 $659,050
COFFEE COUNTY $275,665 $352,950 $426,625 $530,150
COLQUITT COUNTY $275,665 $352,950 $426,625 $530,150
COLUMBIA COUNTY $275,665 $352,950 $426,625 $530,150
COOK COUNTY $275,665 $352,950 $426,625 $530,150
COWETA COUNTY $342,700 $438,700 $530,300 $659,050
CRAWFORD COUNTY $275,665 $352,950 $426,625 $530,150
CRISP COUNTY $275,665 $352,950 $426,625 $530,150
DADE COUNTY $275,665 $352,950 $426,625 $530,150
DAWSON COUNTY $342,700 $438,700 $530,300 $659,050
DECATUR COUNTY $275,665 $352,950 $426,625 $530,150
DEKALB COUNTY $342,700 $438,700 $530,300 $659,050
DODGE COUNTY $275,665 $352,950 $426,625 $530,150
DOOLY COUNTY $275,665 $352,950 $426,625 $530,150
DOUGHERTY COUNTY $275,665 $352,950 $426,625 $530,150
DOUGLAS COUNTY $342,700 $438,700 $530,300 $659,050
EARLY COUNTY $275,665 $352,950 $426,625 $530,150
ECHOLS COUNTY $275,665 $352,950 $426,625 $530,150
EFFINGHAM COUNTY $275,665 $352,950 $426,625 $530,150
ELBERT COUNTY $275,665 $352,950 $426,625 $530,150
EMANUEL COUNTY $275,665 $352,950 $426,625 $530,150
EVANS COUNTY $275,665 $352,950 $426,625 $530,150
FINNIN COUNTY $275,665 $352,950 $426,625 $530,150
FAYETTE COUNTY $342,700 $438,700 $530,300 $530,150
FLOYD COUNTY $275,665 $352,950 $426,625 $530,150
FORSYTH COUNTY $342,700 $438,700 $530,300 $659,050
FRANKLIN COUNTY $275,665 $352,950  $426,625 $659,050
FULTON COUNTY $342,700 $438,700 $530,300 $530,150
GILMER COUNTY $275,665 $352,950 $426,625 $530,150
GLASCOCK COUNTY $275,665 $352,950 $426,625 $530,150
GLYNN COUNTY $275,665 $352,950 $426,625 $530,150
GORDON COUNTY $275,665 $352,950 $426,625 $530,150
GRADY COUNTY $275,665 $352,950 $426,625 $530,150
GREENE COUNTY $515,200 $659,550 $797,250 $990,800
GWINNETT COUNTY $342,700 $438,700 $530,300 $659,050
HABERSHAM COUNTY $275,665 $352,950 $426,625 $530,150
HALL COUNTY $275,665 $352,950 $426,625 $530,150
HANCOCK COUNTY $275,665 $352,950 $426,625 $530,150
HARALSON COUNTY $342,700 $438,700 $530,300 $659,050
HARRIS COUNTY $289,800 $371,000 $448,450 $557,300
HART COUNTY $275,665 $352,950 $426,625 $530,150
HEARD COUNTY $342,700 $438,700 $530,300 $659,050
HENRY COUNTY $342,700 $438,700 $530,300 $659,050
HOUSTON COUNTY $275,665 $352,950 $426,625 $530,150
IRWIN COUNTY $275,665 $352,950 $426,625 $530,150
JACKSON COUNTY $275,665 $352,950 $426,625 $530,150
JASPER COUNTY $342,700 $438,700 $530,300 $659,050
JEFF DAVIS COUNTY $275,665 $352,950 $426,625 $530,150
JEFFERSON COUNTY $275,665 $352,950 $426,625 $530,150
JENKINS COUNTY $275,665 $352,950 $426,625 $530,150
JOHNSON COUNTY $275,665 $352,950 $426,625 $530,150
JONES COUNTY $275,665 $352,950 $426,625 $530,150
LAMAR COUNTY $342,700 $438,700 $530,300 $659,050
LANIER COUNTY $275,665 $352,950 $426,625 $530,150
LAURENS COUNTY $275,665 $352,950 $426,625 $530,150
LEE COUNTY $275,665 $352,950 $426,625 $530,150
LIBERTY COUNTY $275,665 $352,950 $426,625 $530,150
LINCOLN COUNTY $275,665 $352,950 $426,625 $530,150
LONG COUNTY $275,665 $352,950 $426,625 $530,150
LOWNDES COUNTY $275,665 $352,950 $426,625 $530,150
LUMPKIN COUNTY $275,665 $352,950 $426,625 $530,150
MACON COUNTY $275,665 $352,950 $426,625 $530,150
MADISON COUNTY $320,850 $410,750 $496,500 $617,000
MARION COUNTY $289,800 $371,000 $448,450 $557,300
MCDUFFIE COUNTY $275,665 $352,950 $426,625 $530,150
MCINTOSH COUNTY $275,665 $352,950 $426,625 $530,150
MERIWETHER COUNTY $342,700 $438,700 $530,300 $659,050
MILLER COUNTY $275,665 $352,950 $426,625 $530,150
MITCHELL COUNTY $275,665 $352,950 $426,625 $530,150
MONROE COUNTY $275,665 $352,950 $426,625 $530,150
MONTGOMERY COUNTY $275,665 $352,950 $426,625 $530,150
MORGAN COUNTY $342,700 $438,700 $530,300 $659,050
MURRAY COUNTY $275,665 $352,950 $426,625 $530,150
MUSCOGEE COUNTY $289,800 $371,000 $448,450 $557,300
NEWTON COUNTY $342,700 $438,700 $530,300 $659,050
OCONEE COUNTHY $320,850 $410,750 $496,500 $617,000
OGLETHORPE COUNTY $320,850 $410,750 $496,500 $617,000
PAULDING COUNTY $342,700 $438,700 $530,300 $659,050
PEACH COUNTY $275,665 $352,950 $426,625 $530,150
PICKENS COUNTY $342,700 $438,700 $530,300 $659,050
PIERCE COUNTY $275,665 $352,950 $426,625 $530,150
PIKE COUNTY $342,700 $438,700 $530,300 $659,050
POLK COUNTY $275,665 $352,950 $426,625 $530,150
PULASKI COUNTY $275,665 $352,950 $426,625 $530,150
PUTNAM COUNTY $275,665 $352,950 $426,625 $530,150
QUITNAM COUNTY $275,665 $352,950 $426,625 $530,150
RABUN COUNTY $275,665 $352,950 $426,625 $530,150
RANDOLPH COUNTY $275,665 $352,950 $426,625 $530,150
RICHMAN COUNTY $275,665 $352,950 $426,625 $530,150
ROCKDALE COUNTY $342,700 $438,700 $530,300 $659,050
SCHLEY COUNTY $275,665 $352,950 $426,625 $530,150
SCREVEN COUNTY $275,665 $352,950 $426,625 $530,150
SEMINOLE COUNTY $275,665 $438,700 $530,300 $659,050
SPALDING COUNTY $342,700 $352,950 $426,625 $530,150
STEPHENS COUNTY $275,665 $352,950 $426,625 $530,150
STEWART COUNTY $275,665 $352,950 $426,625 $530,150
SUMTER COUNTY $275,665 $352,950 $426,625 $530,150
TALBOT COUNTY $275,665 $352,950 $426,625 $530,150
TALIAFERRO COUNTY $275,665 $352,950 $426,625 $530,150
TATTNALL COUNTY $275,665 $352,950 $426,625 $530,150
TAYLOR COUNTY $275,665 $352,950 $419,425 $530,150
TELFAIR COUNTY $275,665 $352,950 $426,625 $530,150
TERRELL COUNTY $275,665 $352,950 $426,625 $530,150
THOMAS COUNTY $275,665 $352,950 $426,625 $530,150
TIFT COUNTY $275,665 $352,950 $426,625 $530,150
TOOMBS COUNTY $275,665 $352,950 $426,625 $530,150
TOWNS COUNTY $275,665 $352,950 $426,625 $530,150
TREUTLEN COUNTY $275,665 $352,950 $426,625 $530,150
TROUP COUNTY $275,665 $352,950 $426,625 $530,150
TURNER COUNTY $275,665 $352,950 $426,625 $530,150
TWIGGS COUNTY $275,665 $352,950 $426,625 $530,150
UNION COUNTY $275,665 $352,950 $426,625 $530,150
UPSON COUNTY $275,665 $352,950 $426,625 $530,150
WALKER COUNTY $275,665 $352,950 $426,625 $530,150
WALTON COUNTY $342,700 $438,700 $530,300 $659,050
WARE COUNTY $275,665 $352,950 $426,625 $530,150
WARREN COUNTY $275,665 $352,950 $426,625 $530,150
WASHINGTON COUNTY $275,665 $352,950 $426,625 $530,150
WAYNE COUNTY $275,665 $352,950 $426,625 $530,150
WEBSTER COUNTY $275,665 $352,950 $426,625 $530,150
WHEELER COUNTY $275,665 $352,950 $426,625 $530,150
WHITE COUNTY $275,665 $352,950 $426,625 $530,150
WHITFIELD COUNTY $275,665 $352,950 $426,625 $530,150
WILCOX COUNTY $275,665 $352,950 $426,625 $530,150
WILKES COUNTY $275,665 $352,950 $426,625 $530,150
WILKINSON COUNTY $275,665 $352,950 $426,625 $530,150
WORTH COUNTY $275,665 $352,950 $426,625 $530,150

 

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