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Georgia Conventional Loans

What are Conventional Loans and Conforming Loans?
By definition, a Conventional Loan is any mortgage that is not guaranteed or insured by the federal government. A conventional loan is generally referring to a mortgage loan that follows the guidelines of government sponsored enterprises (GSE's) like Fannie Mae or Freddie Mac. Conventional loans may be either "conforming" and "non-conforming". Conforming loans follow the terms and conditions set by Fannie Mae and Freddie Mac. Nonconforming loans don't meet Fannie Mae or Freddie Mac guidelines, but they are also considered conventional.


What factors determine if I am eligible for a Conventional Conforming Loan in Georgia?
To be eligible for a Conforming Loan in Georgia, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. At least a 620 FICO credit score is generally required to obtain a conventional conforming loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

What is the maximum amount that I can borrow?
The maximum amount for a Conventional Loan in Georgia is determined by:

Maximum Loan Amount: The maximum loan amount allowed for a Conventional Conforming Loan varies from county to county. The highest maximum Conventional Conforming right now is $729,750. The lowest maximum Conventional Mortgage amount available in any county is $417,000. To see what the limit is in the county in which you're interested, visit the following site https://www.efanniemae.com/sf/refmaterials/loanlimits/. This site lists U.S. territories as well as states.

Maximum financing: In Georgia, the maximum Conventional Mortgage amount will be 80% - 95% of the appraised value of the home or its selling price, whichever is lower.

How much money will I need for the down payment and closing costs?
Conventional Home Mortgage Loans require the home buyer to invest at least 5% - 20% of the sales price in cash for the down payment and closing costs. If the sales price is $100,000 for example, the home buyer must invest at least $5,000 - $20,000.

What property types are allowed for Conventional Conforming Mortgages?
Conventional Mortgage Guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional Loans can be used to finance primary residences, second homes and investment property.

Learn more about Conventional Mortgages.

View Home Loan Comparison.

What types of refinance programs do Conventional Loans offer in Georgia?
There are two main types of Conventional Refinance loans available in Georgia.

Conventional Rate/Term Refinance
Conventional Rate/Term Refinancing Loans are for borrowers who currently have conventional fixed rate homeowner loans or ARM mortgages and wish to refinance into a Conventional Mortgage. This program helps borrowers who wish to have a stable, Conventional insured fixed rate mortgage.

Cash-Out Refinance
An Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.


What factors determine if I am eligible for a Conventional Refinance Loan?
To meet Conventional refinance loan requirements in Georgia, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. You must be able to cover closing costs and have enough income to pay your monthly debt.

More information about Conventional Refinance

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Georgia Conventional Mortgage Limits by County
Updated 05/05/2009
County Name MSA Name        
Single
   Duplex      Triplex     Fourplex
APPLING, GA NON-METRO $417,000 $533,850 $645,300 $801,950
ATKINSON, GA DOUGLAS, GA (MICRO) $417,000 $533,850 $645,300 $801,950
BACON, GA NON-METRO $417,000 $533,850 $645,300 $801,950
BAKER, GA ALBANY, GA (MSA) $417,000 $533,850 $645,300 $801,950
BALDWIN, GA MILLEDGEVILLE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
BANKS, GA NON-METRO $417,000 $533,850 $645,300 $801,950
BARROW, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
BARTOW, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
BEN HILL, GA FITZGERALD, GA (MICRO) $417,000 $533,850 $645,300 $801,950
BERRIEN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
BIBB, GA MACON, GA (MSA) $417,000 $533,850 $645,300 $801,950
BLECKLEY, GA NON-METRO $417,000 $533,850 $645,300 $801,950
BRANTLEY, GA BRUNSWICK, GA (MSA) $417,000 $533,850 $645,300 $801,950
BROOKS, GA VALDOSTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
BRYAN, GA SAVANNAH, GA (MSA) $417,000 $533,850 $645,300 $801,950
BULLOCH, GA STATESBORO, GA (MICRO) $417,000 $533,850 $645,300 $801,950
BURKE, GA AUGUSTA-RICHMOND COUNTY, GA-SC (MSA) $417,000 $533,850 $645,300 $801,950
BUTTS, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
CALHOUN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
CAMDEN, GA ST. MARYS, GA (MICRO) $417,000 $533,850 $645,300 $801,950
CANDLER, GA NON-METRO $417,000 $533,850 $645,300 $801,950
CARROLL, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
CATOOSA, GA CHATTANOOGA, TN-GA (MSA) $417,000 $533,850 $645,300 $801,950
CHARLTON, GA NON-METRO $417,000 $533,850 $645,300 $801,950
CHATHAM, GA SAVANNAH, GA (MSA) $417,000 $533,850 $645,300 $801,950
CHATTAHOOCHEE, GA COLUMBUS, GA-GA (MSA) $417,000 $533,850 $645,300 $801,950
CHATTOOGA, GA SUMMERVILLE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
CHEROKEE, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
CLARKE, GA ATHENS-CLARKE COUNTY, GA (MSA) $417,000 $533,850 $645,300 $801,950
CLAY, GA NON-METRO $417,000 $533,850 $645,300 $801,950
CLAYTON, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
CLINCH, GA NON-METRO $417,000 $533,850 $645,300 $801,950
COBB, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
COFFEE, GA DOUGLAS, GA (MICRO) $417,000 $533,850 $645,300 $801,950
COLQUITT, GA MOULTRIE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
COLUMBIA, GA AUGUSTA-RICHMOND COUNTY, GA-SC (MSA) $417,000 $533,850 $645,300 $801,950
COOK, GA NON-METRO $417,000 $533,850 $645,300 $801,950
COWETA, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
CRAWFORD, GA MACON, GA (MSA) $417,000 $533,850 $645,300 $801,950
CRISP, GA CORDELE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
DADE, GA CHATTANOOGA, TN-GA (MSA) $417,000 $533,850 $645,300 $801,950
DAWSON, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
DECATUR, GA BAINBRIDGE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
DEKALB, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
DODGE, GA NON-METRO $417,000 $533,850 $645,300 $801,950
DOOLY, GA NON-METRO $417,000 $533,850 $645,300 $801,950
DOUGHERTY, GA ALBANY, GA (MSA) $417,000 $533,850 $645,300 $801,950
DOUGLAS, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
EARLY, GA NON-METRO $417,000 $533,850 $645,300 $801,950
ECHOLS, GA VALDOSTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
EFFINGHAM, GA SAVANNAH, GA (MSA) $417,000 $533,850 $645,300 $801,950
ELBERT, GA NON-METRO $417,000 $533,850 $645,300 $801,950
EMANUEL, GA NON-METRO $417,000 $533,850 $645,300 $801,950
EVANS, GA NON-METRO $417,000 $533,850 $645,300 $801,950
FANNIN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
FAYETTE, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
FLOYD, GA ROME, GA (MSA) $417,000 $533,850 $645,300 $801,950
FORSYTH, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
FRANKLIN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
FULTON, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
GILMER, GA NON-METRO $417,000 $533,850 $645,300 $801,950
GLASCOCK, GA NON-METRO $417,000 $533,850 $645,300 $801,950
GLYNN, GA BRUNSWICK, GA (MSA) $417,000 $533,850 $645,300 $801,950
GORDON, GA CALHOUN, GA (MICRO) $417,000 $533,850 $645,300 $801,950
GRADY, GA NON-METRO $417,000 $533,850 $645,300 $801,950
GREENE, GA NON-METRO $515,200 $659,550 $797,250 $990,800
GWINNETT, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
HABERSHAM, GA CORNELIA, GA (MICRO) $417,000 $533,850 $645,300 $801,950
HALL, GA GAINESVILLE, GA (MSA) $417,000 $533,850 $645,300 $801,950
HANCOCK, GA MILLEDGEVILLE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
HARALSON, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
HARRIS, GA COLUMBUS, GA-GA (MSA) $417,000 $533,850 $645,300 $801,950
HART, GA NON-METRO $417,000 $533,850 $645,300 $801,950
HEARD, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
HENRY, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
HOUSTON, GA WARNER ROBINS, GA (MSA) $417,000 $533,850 $645,300 $801,950
IRWIN, GA FITZGERALD, GA (MICRO) $417,000 $533,850 $645,300 $801,950
JACKSON, GA NON-METRO $417,000 $533,850 $645,300 $801,950
JASPER, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
JEFF DAVIS, GA NON-METRO $417,000 $533,850 $645,300 $801,950
JEFFERSON, GA NON-METRO $417,000 $533,850 $645,300 $801,950
JENKINS, GA NON-METRO $417,000 $533,850 $645,300 $801,950
JOHNSON, GA DUBLIN, GA (MICRO) $417,000 $533,850 $645,300 $801,950
JONES, GA MACON, GA (MSA) $417,000 $533,850 $645,300 $801,950
LAMAR, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
LANIER, GA VALDOSTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
LAURENS, GA DUBLIN, GA (MICRO) $417,000 $533,850 $645,300 $801,950
LEE, GA ALBANY, GA (MSA) $417,000 $533,850 $645,300 $801,950
LIBERTY, GA HINESVILLE-FORT STEWART, GA (MSA) $417,000 $533,850 $645,300 $801,950
LINCOLN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
LONG, GA HINESVILLE-FORT STEWART, GA (MSA) $417,000 $533,850 $645,300 $801,950
LOWNDES, GA VALDOSTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
LUMPKIN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
MCDUFFIE, GA AUGUSTA-RICHMOND COUNTY, GA-SC (MSA) $417,000 $533,850 $645,300 $801,950
MCINTOSH, GA BRUNSWICK, GA (MSA) $417,000 $533,850 $645,300 $801,950
MACON, GA NON-METRO $417,000 $533,850 $645,300 $801,950
MADISON, GA ATHENS-CLARKE COUNTY, GA (MSA) $417,000 $533,850 $645,300 $801,950
MARION, GA COLUMBUS, GA-GA (MSA) $417,000 $533,850 $645,300 $801,950
MERIWETHER, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
MILLER, GA NON-METRO $417,000 $533,850 $645,300 $801,950
MITCHELL, GA NON-METRO $417,000 $533,850 $645,300 $801,950
MONROE, GA MACON, GA (MSA) $417,000 $533,850 $645,300 $801,950
MONTGOMERY, GA VIDALIA, GA (MICRO) $417,000 $533,850 $645,300 $801,950
MORGAN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
MURRAY, GA DALTON, GA (MSA) $417,000 $533,850 $645,300 $801,950
MUSCOGEE, GA COLUMBUS, GA-GA (MSA) $417,000 $533,850 $645,300 $801,950
NEWTON, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
OCONEE, GA ATHENS-CLARKE COUNTY, GA (MSA) $417,000 $533,850 $645,300 $801,950
OGLETHORPE, GA ATHENS-CLARKE COUNTY, GA (MSA) $417,000 $533,850 $645,300 $801,950
PAULDING, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
PEACH, GA FORT VALLEY, GA (MICRO) $417,000 $533,850 $645,300 $801,950
PICKENS, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
PIERCE, GA WAYCROSS, GA (MICRO) $417,000 $533,850 $645,300 $801,950
PIKE, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
POLK, GA CEDARTOWN, GA (MICRO) $417,000 $533,850 $645,300 $801,950
PULASKI, GA NON-METRO $417,000 $533,850 $645,300 $801,950
PUTNAM, GA NON-METRO $417,000 $533,850 $645,300 $801,950
QUITMAN, GA EUFAULA, GA-GA (MICRO) $417,000 $533,850 $645,300 $801,950
RABUN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
RANDOLPH, GA NON-METRO $417,000 $533,850 $645,300 $801,950
RICHMOND, GA AUGUSTA-RICHMOND COUNTY, GA-SC (MSA) $417,000 $533,850 $645,300 $801,950
ROCKDALE, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
SCHLEY, GA AMERICUS, GA (MICRO) $417,000 $533,850 $645,300 $801,950
SCREVEN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
SEMINOLE, GA NON-METRO $417,000 $533,850 $645,300 $801,950
SPALDING, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
STEPHENS, GA TOCCOA, GA (MICRO) $417,000 $533,850 $645,300 $801,950
STEWART, GA NON-METRO $417,000 $533,850 $645,300 $801,950
SUMTER, GA AMERICUS, GA (MICRO) $417,000 $533,850 $645,300 $801,950
TALBOT, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TALIAFERRO, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TATTNALL, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TAYLOR, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TELFAIR, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TERRELL, GA ALBANY, GA (MSA) $417,000 $533,850 $645,300 $801,950
THOMAS, GA THOMASVILLE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
TIFT, GA TIFTON, GA (MICRO) $417,000 $533,850 $645,300 $801,950
TOOMBS, GA VIDALIA, GA (MICRO) $417,000 $533,850 $645,300 $801,950
TOWNS, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TREUTLEN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TROUP, GA LAGRANGE, GA (MICRO) $417,000 $533,850 $645,300 $801,950
TURNER, GA NON-METRO $417,000 $533,850 $645,300 $801,950
TWIGGS, GA MACON, GA (MSA) $417,000 $533,850 $645,300 $801,950
UNION, GA NON-METRO $417,000 $533,850 $645,300 $801,950
UPSON, GA THOMASTON, GA (MICRO) $417,000 $533,850 $645,300 $801,950
WALKER, GA CHATTANOOGA, TN-GA (MSA) $417,000 $533,850 $645,300 $801,950
WALTON, GA ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA) $417,000 $533,850 $645,300 $801,950
WARE, GA WAYCROSS, GA (MICRO) $417,000 $533,850 $645,300 $801,950
WARREN, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WASHINGTON, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WAYNE, GA JESUP, GA (MICRO) $417,000 $533,850 $645,300 $801,950
WEBSTER, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WHEELER, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WHITE, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WHITFIELD, GA DALTON, GA (MSA) $417,000 $533,850 $645,300 $801,950
WILCOX, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WILKES, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WILKINSON, GA NON-METRO $417,000 $533,850 $645,300 $801,950
WORTH, GA ALBANY, GA (MSA) $417,000 $533,850 $645,300 $801,950


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 Why choose a Conventional Loan?

  • Georgia Conventional Mortgages are likely the best home loan for borrowers with excellent credit and a substantial down payment.
  • There are no prepayment penalties for a Conventional Conforming Mortgage.
  • A Conforming Loan can be used in Georgia for the purchase of a Primary Residence, Second Home or Investment Property.
  • A Conventional Mortgage is available all areas of Georgia, provided a market exists for the property and the home meets minimum property standards.
  • A Conforming Loan may be used to purchase or refinance a new or existing one to four family home in urban and rural areas of Georgia, including manufactured homes on permanent foundations.
  • A Conventional house loan can be offered at terms of 10, 15, 20, 25, 30 and 40 years. The terms of 15 and 30 years often carry the lowest interest rates.



. What types of Conventional Mortgages are available in Georgia?

Fixed Rate Mortgage
Most Conventional Mortgages are fixed-rate mortgages. In a fixed rate mortgage, your interest rate stays the same for the entire loan period. With a fixed rate Conventional Mortgage, you always know exactly how much your monthly payment will be. Contact us for today's free Conventional mortgage rates.

Adjustable Rate Mortgage
With a conventional adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. Conventional Loans mainly use the Constant Maturity Treasury Index (CMT) or the London Interbank Offered Rate Index (LIBOR) to calculate the changes in interest rates. Conventional ARMS are offered with initial fixed rate periods of 3 years, 5 years, 7 years and 10 years.

 Conventional Refinance Programs

Conventional Rate/Term Refinance
Conventional Rate/Term Refinance Mortgage Loans are for for borrowers who currently have a conventional fixed rate or ARM mortgage. This program helps those who are refinancing a loan and wish to refinance into a stable, Conventional Mortgage.

Cash-Out Refinance
Conventional Cash Out Refinance loans are perfect refinancing home equity loans for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.




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