Loan Products

Mortgage Solutions of Georgia Home Loans Products

Your mortgage will likely be one of the largest financial transactions you ever complete. At Mortgage Solutions of Georgia, we simplify the process and seek to provide the most efficient and simplified mortgage experience possible.

As a mortgage consultant, I can guide you through the variety of mortgage loan programs we offer and help find the best fit for your individual situation.

Browse the Mortgage Solutions of Georgia programs below. If you have any questions or are ready to talk about which loan program would work for you, get in touch!

Conventional Mortgages

Conventional loans have established guidelines for borrower credit scores, income requirements and minimum down payments. For example, most conventional loans require somewhere between 5% and 20% down. We offer a conventional program with only 3% down.

Most of these mortgages have either fixed or adjustable interest rates. Typical fixed interest rate loans have a term of 15 or 30 years. Adjustable-rate mortgages, or ARMs, fluctuate in relation to the rate of a standard financial index.

The drawback of conventional loans is the difficulty they present for borrowers with less than good credit or lack of a substantial down payment. But on the upside, conventional mortgages generally pose fewer bureaucratic hurdles than FHA or VA mortgages, which may take longer to process because of the red tape. And because these mortgages generally require higher down payments than the others, home equity can build up faster.

Government Loans

Government mortgage loans are made by the government to help lower income borrowers (FHA), our nation’s veterans (VA), and those looking to buy in rural areas (USDA).

FHA Loans

FHA loans are mortgages insured by the Federal Housing Administration (FHA). Congress established the FHA in 1934 to help lower income borrowers obtain a mortgage that otherwise would have trouble qualifying.

Because FHA loans are insured by the government, they have easier credit qualifying guidelines, as well as relatively low closing costs and down payment requirements. Your down payment can be as low as 3.5% of the purchase price, assuming you have at least a 620 credit score. And closing costs can be bundled with the loan.

FHA loan limits vary by county within a given state, but generally the max loan amount is $636,150.

VA Loans

Capital City Home Loans is grateful to the service men and women in our country and offer VA loans to help our vets qualify to purchase or refinance their home with absolutely no down payment.

The VA Home Loan program is specifically for veterans, active military, and surviving military spouses. Those interested likely meet the service requirements if the potential homebuyer served 181 days on active duty during peacetime; 90 days on active duty during wartime; or served six years in the Reserves or National Guard.

Unlike conventional loans, VA mortgages offer the unique benefit of $0 money down. In fact, 9 out of 10 VA Loan borrowers do not place a down payment. This benefit is here to make the purchase of a house easier and more accessible to those who have served our nation.

USDA Loans

Lenders and USDA Rural Development have teamed up to provide 100% financing to individuals and families who buy a home in rural areas. USDA loans have simple qualification criteria, low monthly mortgage insurance and are not limited to first-time homebuyers. Closing costs can come from any source, even a gift.

Jumbo Loans

Jumbo mortgages are home loans that are bigger than normal. They exceed the “conforming limit” — the maximum loan amount that Fannie Mae and Freddie Mac will buy. This amount is generally set at anything higher than $715,000 (as of January1, 2023), though this amount varies based on the housing market.

Construction Loans

A “one-time-close” financing arrangement for a construction loan combines the three phases of a two-time close into a single, streamlined process. With the “one-time-close” transaction, the interim and permanent loan financing closes prior to construction. In essence, Capital City Home Loans acts as both the interim construction lender and the permanent mortgage lender.

BUILDER PHASE

Borrower chooses a builder
Builder eligibility and review
Cost-to-Construct is prepared (purchase contract) and executed by all parties

CONSTRUCTION PHASE

What happens if my construction phase goes over 12 months?

Homebuyers may request an extension approved initially at 3 months and then additional 1-month extensions (limited to 3 consecutive) until completion, not exceeding 18 months.

Will I have to requalify once my home is completed?

Homebuyers with credit reports, income documents and appraisals not exceeding 12 months will not have to requalify if the following conditions were met at the time of original closing:

Down payment is at least 5% (95% loan-to-value ratio)
Homebuyer(s) have a minimum 700 credit score

Is insurance required during the construction phase of my loan?

Builders Risk insurance is required during the construction phase
If the property is located within a Special Flood Hazard Area (SFHA), a Coastal Barrier Resources System (CBRS) or Otherwise Protected Area (OPA), flood insurance is required
Once the house is complete and before the loan converts to permanent financing, a 12-month prepaid homeowners insurance policy is required

MODIFICATION PHASE

Can I raise my loan amount after closing to cover upgrades and/or overages?

Changes cannot be made to the loan amount after closing; any upgrades, overages or additions to the original construction cost are paid by the borrower.

Can I remove Mortgage Insurance (MI) at the time of modification?

Yes, with the following conditions:

If the request is made to cancel MI in conjunction with a principal reduction at modification, an appraisal is required at the borrower’s expense
If the request is made to cancel MI without a principal reduction, refinancing with a new application is required

If questions or concerns arise during the construction phase (after closing), contact your mortgage consultant.

Specialty Loans

At Capital City Home Loans, we understand how difficult it is to find specialized financing. That’s why we offer specialty loan programs to give you as many options as possible to qualify for your dream home. These products range from Non-QM Mortgages (Interest Only, Investor Specials, Self-Employed Bank Statement Loans, etc.) to in-house loans adjusted to fit your needs.

At Capital City Home Loans, we understand how difficult it is to find specialized financing in this market. That’s why we offer special loan programs to give you as many options as possible to qualify for your dream home. It is more important than ever to work with a mortgage banker you can trust and an experienced lender who knows our local market. If you are a first-time homebuyer or a fifth-time homebuyer, we will give you our white glove customer service.

Construction

Construction financing allows the buyer to build the home of their choice on land they are purchasing or on land they already own. Our one-time close structure protects both the buyer and the home builder. Features of this program include:

Purchase or Refinance
New Construction or Renovation
Primary or Secondary Residence
Loan Amounts up to $2,000,000
LTV up to 90% with Approved Volume Builders or 80% on Custom Homes

Home Equity Loans

Home equity lines of credit and home equity loans allow homeowners to borrow against the value of their homes. You can borrow up to 80% of your home’s equity with flexible terms. If you need financing for a project with a fixed cost – like a new sunroom or college tuition – consider a Capital City Home Loans fixed-rate home equity loan.·

Down Payment Assistance

As a Mortgage Solutions of Georgia mortgage consultant, I recognize the fact that some homeowners may require a helping hand in order to pursue the American Dream of home ownership. After all, not everyone can arrive at the closing table equipped with as much as 20% of the value of the home they wish to purchase. I can help you identify which down payment assistance program might be right for your family. I can even set the wheels in motion for your assistance application.

Let's Talk!

Whether you’re just now considering buying or have been searching for a bit, get in touch and let’s discuss your mortgage options!

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