Union City, Georgia Housing

Union City Georgia which is located southwest of Atlanta continues to see a good housing market. Home buyers have access to several loan products such as Conventional, FHA, VA, and USDA.  With recent changes to the FHA loan which lowered the monthly amount borrowers pay in mortgage insurance there is a trend towards this loan type. Borrowers are only required to put 3.5% down. It doesn’t have location and income restrictions like the USDA Loan and allows borrowers with credit scores as low as 580.  Another important feature for the FHA loan is it allows home sellers to pay up to 6% of the sales price towards the buyers closing costs and pre-paids. The flexible credit standards are another great feature that borrowers find attractive.

With a large number of veterans in the area the VA home loan is another popular loan product for home buyers in Union City. The VA Home loan is a great loan for veterans. The loan product does not have any income or property location restrictions. Qualified veterans can get 100% no money down. There is no monthly mortgage insurance. There is a funding fee charged by the VA but this fee can be rolled into the loan so there is minimal impact on the total monthly housing payment. The VA loan has flexible credit standards as well. It’s not uncommon to see loans with credit scores as low as 600.

Buyers can also opt for the Conventional loan. This loan type is especially attractive to those with higher credit scores and larger down payments. While people are usually required to put 5% down there is a benefit to put more down because the percentages for mortgage insurance drops significantly with the more money put down. Borrowers who put at least 20% down will not have any mortgage insurance.