Conventional loans, also referred to as conforming, offers a number of options to the borrower.  These are just a sample of the options you can find in a conforming loan:

• Flexible short or long term loans.
• Fixed-rate and adjustable rate loans.  These loans meet Fannie Mae and Freddie Mac loan limits, property and borrower guidelines.
• Loan limits are generally higher than FHA or VA loans.
• Maximum loan to value is currently 97%.
• On a fixed rate loan, the rate does not change over the life of the loan and principal and interest remains constant over the life of the loan.
• On an adjustable rate loan, the interest rate and payments can change periodically, based on the prevailing market's cost of money.

Terms available for 5, 10, 15, 20, 30 and 40 years.

The Georgia Dream Homeownership Program provides first time homebuyers with:

• Low, fixed interest rate, 30-35 year mortgages
• Up to 97% financing
• Flexible approval guidelines for Conventional, FHA, VA, or USDA-RD mortgage loans
• Interest Only, 35 Year First Mortgage (Affordable Advantage)
• Very low closing costs
• Involuntary unemployment, accidental disability, and accidental death and dismemberment insurance available

It's easy to qualify:

1. Your total annual household income cannot exceed the following limits based on the number of persons living in the home and location of the home.
   
   One or two persons:       $58,000 (Statewide)  $68,000 (Atlanta MSA)
   Three or more persons:  $67,000 (Statewide)  $78,000 (Atlanta MSA)
   
   
2. You must be a first time homebuyer or not have owned a home in the past three years, or purchase a home in a targeted area to qualify for first time mortgage financing.
   
   
3. The Purchase price of the home that will be financed by the Georgia Dream Program may not exceed the purchase price limits below:

Statewide    $200,000          Atlanta MSA   $250,000

For more information about the Georgia Dream Program visit:
http://www.dca.state.ga.us/housing/Homeownership/programs/GeorgiaDream.asp

How you finance the construction of your new home is one of the most important things to consider.  The Single Close Construction Loan takes you from groundbreaking to move-in in one easy process.  Trained construction mortgage specialists will be assisting you and your builder/contractor so that your home construction keeps moving smoothly with no surprises along the way.

• Choose from several loan programs, many at rates below what is normally charged for interim construction financing.
• Finance up to 95% of appraised value.  You may also finance closing costs for a zero or minimal down payment.
• Pay interest monthly or finance it into the loan balance during the interest-only phase.
• Lot equity or items paid in advance may be used as credit toward the down payment.
• Convenient - 12-18 months of interest-only payments, with time to build your new home and sell your current one.  No need to move twice.

This is the perfect loan program to finance the purchase of a residential lot for future construction of your dream home.  This program requires that you begin construction of your primary residence within one year of the purchase.  During the one year period, you are only required to pay monthly interest payments.  You will be approved for a Single Close Program in conjunction with your lot loan.

• Eligible properties are developed lots within non-rural areas; 5 acre limit.
• Financing available up to 80% LTV - $500,000 or up to 70 LTV - $750,000.

This program supports new doctors that need to be placed in their residency and was created with aggressive underwriting allowances.  Taking into consideration the specific need of new physicians, the program allows a limited employment history and the exclusion of deferred student loans.

Ideal for the self-employed and salaried borrowers who can not qualify for conforming programs based on their current incomes.  Typically, with these types of loans, borrowers may be able to qualify for 90% LTV loans (purchase or refinance).

Terms may vary.

These loans typically have lower interest rates, resulting in lower monthly payments which make qualifying easier.  Payments are based on a 30 year amortization with loan terms of 5, 7 or 10 years.   At the end of the 5, 7 or 10 year period you can either pay the balance in full or refinance the balance.  This loan is ideal for a borrower who does not intend to be living in the property beyond that initial 5-10 year period.

Term: 5-10 years

These loans delay repayment of the principal loan amount for a fixed period of time, giving you the opportunity to use these funds for other purposes. It allows you to take advantage of future income growth to purchase a bigger home now.  They may provide significant savings if you are planning to re-sell your home at the end of the interest-only period.  At the end of the interest-only period, the loan will amortize for the remaining term to include principal and interest.  As a result, payments will increase.

Term: 25-30 years

Government insured/guaranteed long-term, fixed rate and adjustable loans.  The maximum loan to value is currently 97%.

Loan amounts above $417,000 are considered Jumbo loans.  Generally the applicant can borrow up to 95% of the purchase price or value of the home.  Loan amounts above $1,000,000 are available.