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Frequently Asked Questions
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| Where do I begin when buying a home? |
| Knowing how much you can afford and what the monthly payment will be is an industry term known as being "PRE-QUALIFIED". Buyers can be "PRE-QUALIFIED" in a very short time. The experienced loan specialists at Georgia Union Mortgage will be happy to answer your questions, call 1-800-749-9838 between 9 a.m. and 5 p.m. eastern time. You may be pre-qualified online by completing the questionnaire on our secure website. |
| What is the difference between FHA, VA and Conventional loans? |
- FHA allows non-military borrowers more flexibility based on income and credit, compared to a conventional loan.
- VA is a benefit for present or former military buyers providing 100% financing on purchases. We will be happy to assist Active and Non-active military buyers with the forms to obtain their required Certificate of Eligibility and Pre-Qualification.
- Conventional loans are guaranteed by government agencies such as Freddie Mac, Fannie Mae and others. In general, Conventional Loans have higher down payments, lower interest rates, and less paperwork.
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| What if I have credit problems? |
| Less than perfect credit does not always mean you will not qualify for a mortgage loan. However, it does mean the borrower will usually be expected to pay higher interest and down payments, than normal. "Non-Conforming" or "Subprime" loans are very different programs. It is best to "shop" several lenders before you decide. Ask for a good faith estimate before you sign up. |
| What will it cost me to get a home loan? |
| "Closing Cost" are funds that are required to close your loan. These funds are in addition to your down payment. Either the seller or the buyer may pay closing cost. A Good Faith Estimate is the best way to compare closing cost among lenders. Total cost will vary depending on the loan amount. Ask Georgia Union Today. |
| What is the processing flow of a home loan? |
- Get Pre-Qualified with Georgia Union Mortgage.
- Find your new home based on your pre-qualification results.
- Enter into a purchase agreement with guidance from your real estate agent.
- Once your loan is fully approved, a date is set to sign the papers and you can move in.
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| Who is involved in getting a home loan? |
- Builders and their Suppliers
- Buyers
- Agents:
- Real Estate
- Insurance - Attorney's and Title companies
- Sellers
- Lenders
- Home Inspectors
- Appraisers
- Surveyor's
- Pest Control Companies
- Others
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| Can I get a loan if I do not make a lot of money? |
Qualifying a borrower based on income and down payment will be different with each loan program. In general,
- VA loans provide 100% loans to value (Appraised or Purchase value, whichever is less).
- FHA requires a down payment of 3% of the purchase price, which can be a family gift.
- Both programs allow for the mortgage payments including taxes and insurance (P.I.T.I.) and other monthly payments (auto, credit cards) to be as much as 41% of the borrowers gross monthly income. In some cases, this ratio can be higher.
- Conventional loans use an income to debt ratio of around 36%, but in many cases, may be much higher.
Please contact our office for full program details. 1-800-749-9838, or Apply Online! |
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