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Georgia Home Loan Tips: 100% Home Mortgage with No Money Down

Home prices fell in August compared with a year earlier, the first such decline in more than a decade. The August price data came with a report issued yesterday by the National Association of Realtors that showed further evidence of deterioration in the housing market. The median existing-home in Georgia price fell 2.6 percent, to $184000, from July to August.

Atlanta home sales, Murrieta home sales, Savannah home sales, Atlantic home sales and home sales for other parts of Georgia are sluggish. As a result, many sellers are offering thousands of dollars in buyer incentives, including cash rebates, so they do not have to lower asking prices. Mark Zandi, the chief economist of Moody's Economy.com, estimated that incentives might now be equal to as much as 3 percent of the effective prices of houses across the country, on average.

To further entice buyers, mortgage companies have relaxed their qualification standards, allowing buyers more Georgia home buying opportunities with such loan packages as the 100% 1st mortgage, commonly known as the no money down home loan. This loan is also known as the 80-20 home mortgage because buyers will typically get a first mortgage covering 80% of the purchase price and a second mortgage for the remaining 20% balance. You need a second mortgage with your purchase or you will have to pay mortgage insurance.

Mortgage insurance, also known as private mortgage insurance (PMI), is costly and only benefits the lender--it protects them in case you default on the loan. There are also no tax deductibility benefits, as there are on the interest you pay on your mortgage loans. So, if you are looking to buy a house and lack the cash reserves for at least a 20% down payment, you may want to consider the 80-20 mortgage loan.

Similar to other mortgages, you can get a conventional 80-20 loan or a jumbo loan (a non-conforming loan that exceeds the 2006 Fannie Mae and Freddie Mac lending limits). These loans also come with a variety of options, including fixed interest rate, adjustable rate, interest only and even a payment option ARM (adjustable rate mortgage) which increases purchase power, so buyers can purchase larger homes for the money.

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