FHA Loan Calculator for Georgia

FHA Loans in Georgia

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On Georgia's median home of $285,000, that's a minimum down payment of $10,000.

FHA Loan Limits in Georgia

FHA loan limits vary by county and are tied to conforming limits. In most Georgia counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. No Georgia counties currently qualify for high-cost conforming limits, though metro Atlanta values are approaching the threshold.

FHA vs Conventional in Georgia

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With Georgia's median home at $285,000, buyers who can put down $57,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

Georgia closing costs average $3,100. Georgia charges an intangible recording tax of $1.50/$500 of mortgage amount and a transfer tax of $1/$1,000 of sale price. These add modest but meaningful costs at closing. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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