We live in one of the best cities in the country, Atlanta.  And, one of the things that makes Atlanta so inviting and intriguing is that housing is so affordable.  Oh, and I’m not referring here to the great weather (try South Dakota in January), the sports (Go Falcons, and Tech, and Braves…and, what is the name of that basketball team again?).  The attractions and night life and shows are terrific, too (love to go to the Fox).

No, let’s just focus on housing affordability.  We have a generally highly paid workforce with dynamic job creation, low home prices, and, for now, low interest rates.  And those three things make for very high housing affordability.

Now let’s add one more thing to the mix: A low down payment.  That’s right, Atlanta FHA loans go as high as $346,250, with only a 3.5% down payment.  That’s just $12,250 down on a $350,000 home.  And you can buy a LOT of house for $350K!  Compare that to conventional financing, and you will need 10% down minimum – and that’s IF your credit score is high enough to get PMI on conventional financing.  If not, you’re putting 20% down.

But let’s say you’re good, and you qualify for a conventional loan at 10% down.  That’s $35,000 on that same house.  FHA financing allows you to keep $22,750 in your pocket instead of putting it down on the home. How much furniture will that buy?

Oh, and I nearly forgot to mention that you get the same interest rate on an FHA loan if you have a 620 credit score as you do with an 800 credit score.  Nice!

Let’s recap why, if you are buying in Atlanta, you should consider an Atlanta FHA loan:

• The lowest down payment possible
• Low, fixed interest rates
• Lower MI payments, and easy to qualify for
• High loan limits
• No upper income limits
• Lower credit scores to not get penalized