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Georgia VA loans

What are Veterans Affairs Home Loans?
VA home loans provide our military veterans as well as qualifying active duty service members that qualify a clear advantage when purchasing or refinancing. Present day VA home loans usually have the most beneficial terms available for veterans. VA home loans can be used to buy a home with no money down and no mortgage insurance or they can help veterans refinance their home's equity up to 90% of it's appraised value.


What are the VA home loan eligility requirements in Georgia?


There are two methods currently used to qualify a veteran's income for a VA loan in Georgia. The primary method is called the residual income method. This method determines if the veteran will have sufficient income to cover all of their daily living expenses once the housing, taxes, home insurance and all other credit payments such as credit cards and car notes are made. The second method is called a debt to income ratio (DTI). To calculate a DTI ratio, the veteran's total debt burden can not exceed 41% of the their total income. The veteran's credit score will also be carefully reviewed. Many lenders require a minimum credit score of 620 or above for approval.

How much can be financed using a VA home loan?
The maximum amont that can financed is determined by a couple things:

The maximum VA home loan amount in Georgia: The maximum zero-down VA loan amount is $417,000 in GA. You can learn more about the loan limits for your area on the Georgia VA loan Limit chart below.

The maximum finance limit (LTV): For home purchases, the maximum LTV for VA home loan is 100% of either lower the sales price or the appraised value, whichever is lower. For VA Refinance, the maximum LTV amount is 100% of the appriased value for a Streamline Interest Rate Reduction Refinance Loans or 90% of the appraised value for a Cash Out Refinance.

What about the down payment and closing costs?
Georgia VA loans dont require a down payment up to $417,000 in most counties. As far as closing costs go, the Department of Veterans Affairs only permits the veteran to be charged for certain items. These allowable items may include the appraisal, recording fees, credit report, prepaid items, flood zone determination, survey, mailing fees, title exam and insurance and the VA funding fee.

What property types can I use a VA loan to purchase or refinance in Georgia?
VA home loans can be used to buy or refinance a currently owned single family residence or VA approved condo project. The property must be the veteran's primary residence.

What are my VA loan refinance options in Georgia?
There are a few VA Refinance programs are available for veterans in Georgia.

. Rate/Term VA Refinance
VA home loans can be used can be used to change the rate and/or term of a current conventional, FHA or subprime mortgage into a new, fixed rate VA mortgage.

. VA Cash-Out Refinance
A VA cash-out refinance is a great way for veterans to access the equity that they have built up in their home. VA cash-out refinance can be used to refinance up to 90% LTV of the home's current appriased value and the veteran may take cash out for any reason they want.


. VA Interest Rate Reduction Refinancing Loan (IRRRL) "Streamline Refinance"

A VA Streamline refinance, otherwise known as an interest rates reduction refinancing loan (IRRRL) can reduce the interest and monthly payment on current VA loans with no appraisal or income verification. VA Interest Rate Reduction Refinancing Loans are only used for VA to VA refinances.

What is the maximum VA refinance amount in Georgia?
The maximum refinance loan amount for an GA VA loan is determined by:

. The maximum VA home loan amount in Georgia: The maximum loan limit for a VA refinance can vary from county to county. The highest maximum VA refinance right now is $1,094,625. The lowest maximum VA refinance loan amount available in any county is $417,000. To see what the limit is in the county of your subject property, visit the following page: http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf.

. The maximum finance limit (LTV): In Georgia, The maximum VA refinance loan amount can be up to 100% loan-to-value (LTV) of the current appraised value of the home if the refinance is rate/term (no cash out) or 90% LTV of the appraised value if it is a VA cash out refinance.

What factors determine if I am eligible for a VA refinance loan?
VA refinance loans use two methods to qualify a borrowers income in Georgia. The primary method is called the residual income method. This method determines if the veteran will have sufficient income to cover all of their daily living expenses once the housing, taxes, home insurance and all other credit payments such as credit cards and car notes are made. The second method is called a debt to income ratio (DTI). To calculate a DTI ratio, the veteran's total debt burden can not exceed 41% of the their total income. The veteran's credit score will also be carefully reviewed. Many lenders require a minimum credit score of 620 or above for approval.

More information about VA Refinance.

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Georgia VA loan Limits

Area
County Name
Maximum Single Family Mortgage
(No Money Down)
Maximum VA Jumbo
(0$ Down to 417k, 25% Down Above)
NON-METRO
APPLING
417,000
1,094,625
DOUGLAS, GA (MICRO)
ATKINSON
417,000
1,094,625
NON-METRO
BACON
417,000
1,094,625
ALBANY, GA (MSA)
BAKER
417,000
1,094,625
MILLEDGEVILLE, GA (MICRO)
BALDWIN
417,000
1,094,625
NON-METRO
BANKS
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
BARROW
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
BARTOW
417,000
1,094,625
FITZGERALD, GA (MICRO)
BEN HILL
417,000
1,094,625
NON-METRO
BERRIEN
417,000
1,094,625
MACON, GA (MSA)
BIBB
417,000
1,094,625
NON-METRO
BLECKLEY
417,000
1,094,625
BRUNSWICK, GA (MSA)
BRANTLEY
417,000
1,094,625
VALDOSTA, GA (MSA)
BROOKS
417,000
1,094,625
SAVANNAH, GA (MSA)
BRYAN
417,000
1,094,625
STATESBORO, GA (MICRO)
BULLOCH
417,000
1,094,625
AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)
BURKE
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
BUTTS
417,000
1,094,625
NON-METRO
CALHOUN
417,000
1,094,625
ST. MARYS, GA (MICRO)
CAMDEN
417,000
1,094,625
NON-METRO
CANDLER
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
CARROLL
417,000
1,094,625
CHATTANOOGA, TN-GA (MSA)
CATOOSA
417,000
1,094,625
NON-METRO
CHARLTON
417,000
1,094,625
SAVANNAH, GA (MSA)
CHATHAM
417,000
1,094,625
COLUMBUS, GA-AL (MSA)
CHATTAHOOCHEE
417,000
1,094,625
SUMMERVILLE, GA (MICRO)
CHATTOOGA
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
CHEROKEE
417,000
1,094,625
ATHENS-CLARKE COUNTY, GA (MSA)
CLARKE
417,000
1,094,625
NON-METRO
CLAY
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
CLAYTON
417,000
1,094,625
NON-METRO
CLINCH
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
COBB
417,000
1,094,625
DOUGLAS, GA (MICRO)
COFFEE
417,000
1,094,625
MOULTRIE, GA (MICRO)
COLQUITT
417,000
1,094,625
AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)
COLUMBIA
417,000
1,094,625
NON-METRO
COOK
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
COWETA
417,000
1,094,625
MACON, GA (MSA)
CRAWFORD
417,000
1,094,625
CORDELE, GA (MICRO)
CRISP
417,000
1,094,625
CHATTANOOGA, TN-GA (MSA)
DADE
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
DAWSON
417,000
1,094,625
BAINBRIDGE, GA (MICRO)
DECATUR
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
DEKALB
417,000
1,094,625
NON-METRO
DODGE
417,000
1,094,625
NON-METRO
DOOLY
417,000
1,094,625
ALBANY, GA (MSA)
DOUGHERTY
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
DOUGLAS
417,000
1,094,625
NON-METRO
EARLY
417,000
1,094,625
VALDOSTA, GA (MSA)
ECHOLS
417,000
1,094,625
SAVANNAH, GA (MSA)
EFFINGHAM
417,000
1,094,625
NON-METRO
ELBERT
417,000
1,094,625
NON-METRO
EMANUEL
417,000
1,094,625
NON-METRO
EVANS
417,000
1,094,625
NON-METRO
FANNIN
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
FAYETTE
417,000
1,094,625
ROME, GA (MSA)
FLOYD
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
FORSYTH
417,000
1,094,625
NON-METRO
FRANKLIN
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
FULTON
417,000
1,094,625
NON-METRO
GILMER
417,000
1,094,625
NON-METRO
GLASCOCK
417,000
1,094,625
BRUNSWICK, GA (MSA)
GLYNN
417,000
1,094,625
CALHOUN, GA (MICRO)
GORDON
417,000
1,094,625
NON-METRO
GRADY
417,000
1,094,625
NON-METRO
GREENE
560,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
GWINNETT
417,000
1,094,625
CORNELIA, GA (MICRO)
HABERSHAM
417,000
1,094,625
GAINESVILLE, GA (MSA)
HALL
417,000
1,094,625
MILLEDGEVILLE, GA (MICRO)
HANCOCK
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
HARALSON
417,000
1,094,625
COLUMBUS, GA-AL (MSA)
HARRIS
417,000
1,094,625
NON-METRO
HART
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
HEARD
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
HENRY
417,000
1,094,625
WARNER ROBINS, GA (MSA)
HOUSTON
417,000
1,094,625
FITZGERALD, GA (MICRO)
IRWIN
417,000
1,094,625
NON-METRO
JACKSON
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
JASPER
417,000
1,094,625
NON-METRO
JEFF DAVIS
417,000
1,094,625
NON-METRO
JEFFERSON
417,000
1,094,625
NON-METRO
JENKINS
417,000
1,094,625
DUBLIN, GA (MICRO)
JOHNSON
417,000
1,094,625
MACON, GA (MSA)
JONES
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
LAMAR
417,000
1,094,625
VALDOSTA, GA (MSA)
LANIER
417,000
1,094,625
DUBLIN, GA (MICRO)
LAURENS
417,000
1,094,625
ALBANY, GA (MSA)
LEE
417,000
1,094,625
HINESVILLE-FORT STEWART, GA (MSA)
LIBERTY
417,000
1,094,625
NON-METRO
LINCOLN
417,000
1,094,625
HINESVILLE-FORT STEWART, GA (MSA)
LONG
417,000
1,094,625
VALDOSTA, GA (MSA)
LOWNDES
417,000
1,094,625
NON-METRO
LUMPKIN
417,000
1,094,625
NON-METRO
MACON
417,000
1,094,625
ATHENS-CLARKE COUNTY, GA (MSA)
MADISON
417,000
1,094,625
COLUMBUS, GA-AL (MSA)
MARION
417,000
1,094,625
AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)
MCDUFFIE
417,000
1,094,625
BRUNSWICK, GA (MSA)
MCINTOSH
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
MERIWETHER
417,000
1,094,625
NON-METRO
MILLER
417,000
1,094,625
NON-METRO
MITCHELL
417,000
1,094,625
MACON, GA (MSA)
MONROE
417,000
1,094,625
VIDALIA, GA (MICRO)
MONTGOMERY
417,000
1,094,625
NON-METRO
MORGAN
417,000
1,094,625
DALTON, GA (MSA)
MURRAY
417,000
1,094,625
COLUMBUS, GA-AL (MSA)
MUSCOGEE
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
NEWTON
417,000
1,094,625
ATHENS-CLARKE COUNTY, GA (MSA)
OCONEE
417,000
1,094,625
ATHENS-CLARKE COUNTY, GA (MSA)
OGLETHORPE
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
PAULDING
417,000
1,094,625
FORT VALLEY, GA (MICRO)
PEACH
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
PICKENS
417,000
1,094,625
WAYCROSS, GA (MICRO)
PIERCE
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
PIKE
417,000
1,094,625
CEDARTOWN, GA (MICRO)
POLK
417,000
1,094,625
NON-METRO
PULASKI
417,000
1,094,625
NON-METRO
PUTNAM
417,000
1,094,625
EUFAULA, AL-GA (MICRO)
QUITMAN
417,000
1,094,625
NON-METRO
RABUN
417,000
1,094,625
NON-METRO
RANDOLPH
417,000
1,094,625
AUGUSTA-RICHMOND COUNTY, GA-SC (MSA)
RICHMOND
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
ROCKDALE
417,000
1,094,625
AMERICUS, GA (MICRO)
SCHLEY
417,000
1,094,625
NON-METRO
SCREVEN
417,000
1,094,625
NON-METRO
SEMINOLE
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
SPALDING
417,000
1,094,625
TOCCOA, GA (MICRO)
STEPHENS
417,000
1,094,625
NON-METRO
STEWART
417,000
1,094,625
AMERICUS, GA (MICRO)
SUMTER
417,000
1,094,625
NON-METRO
TALBOT
417,000
1,094,625
NON-METRO
TALIAFERRO
417,000
1,094,625
NON-METRO
TATTNALL
417,000
1,094,625
NON-METRO
TAYLOR
417,000
1,094,625
NON-METRO
TELFAIR
417,000
1,094,625
ALBANY, GA (MSA)
TERRELL
417,000
1,094,625
THOMASVILLE, GA (MICRO)
THOMAS
417,000
1,094,625
TIFTON, GA (MICRO)
TIFT
417,000
1,094,625
VIDALIA, GA (MICRO)
TOOMBS
417,000
1,094,625
NON-METRO
TOWNS
417,000
1,094,625
NON-METRO
TREUTLEN
417,000
1,094,625
LAGRANGE, GA (MICRO)
TROUP
417,000
1,094,625
NON-METRO
TURNER
417,000
1,094,625
MACON, GA (MSA)
TWIGGS
417,000
1,094,625
NON-METRO
UNION
417,000
1,094,625
THOMASTON, GA (MICRO)
UPSON
417,000
1,094,625
CHATTANOOGA, TN-GA (MSA)
WALKER
417,000
1,094,625
ATLANTA-SANDY SPRINGS-MARIETTA, GA (MSA)
WALTON
417,000
1,094,625
WAYCROSS, GA (MICRO)
WARE
417,000
1,094,625
NON-METRO
WARREN
417,000
1,094,625
NON-METRO
WASHINGTON
417,000
1,094,625


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 Why choose a VA home loan?

  • Georgia VA Mortgages require no down payment.
  • There are no prepayment penalties for VA home loans.
  • A Georgia VA Loan is fully assumable, provided the person assuming is qualified.
  • VA Mortgage Loans have no PMI premiums.
  • A VA Mortgage Loan is eligible for non-credit qualifying, Streamline Refinance or "IRRRL".
  • A VA Home Mortgage is available all areas of the country, provided a market exists for the property and the home meets VA's property standards.
  • A VA home loan may be used to purchase or refinance a new or existing home.
  • Georgia VA Loans are offered at terms of 15 or 30 years.


. VA Refinance Questions & Answers

What are the guidelines for a VA Refinance?
If the borrower wishes to take cash out of the property, then the maximum financing amount is 90% of the appraised value, depending on the borrowers qualifications. If the borrower does not take cash out then the maximum financing will be 100% of the appraised value of the home or the amount you are refinancing plus closing costs, whichever is lower.

Why should I consider refinancing into a VA-insured mortgage?
VA refinance mortgages do not come with prepayment penalties, have no teaser rates nor balloon payments. They are offered at market rate with terms up to 30 years and are fully amortized, meaning that you pay towards principal and interest every month.

What if I have a prepayment penalty and other refinancing costs and there isn’t enough equity in my home to refinance?
If you do not have sufficient equity in your home to add your prepayment penalty and/or other refinancing costs into your new VA mortgage, then you should ask your current lender to consider a second mortgage to pay the difference or a short payoff on your existing loan. Offering either of these options is at the discretion of the lender.

Does it matter that the value of my home is now less than what I still owe?
Not to VA, but the current mortgage lender considering the refinance would have to be willing to accept a short payoff on the existing loan OR to hold a second mortgage to make up the difference needed to pay off the existing mortgage and the home’s value.

I have already obtained one VA loan. Can I get another one?
Yes, your eligibility is reusable depending on the circumstances. Normally, if you have paid off your prior VA loan and disposed of the property, you can have your used eligibility restored for additional use. Also, on a one-time only basis, you may have your eligibility restored if your prior VA loan has been paid in full but you still own the property.

Only a portion of my eligibility is available at this time because my prior loan has not been paid in full even though I don’t own the property anymore. Can I still obtain a VA guaranteed home loan?
Yes, depending on the circumstances. If a veteran has already used a portion of his or her eligibility and the used portion cannot yet be restored, any partial remaining eligibility would be available for use. The veteran would have to discuss with a lender whether the remaining balance would be sufficient for the loan amount sought and whether any down payment would be required.

Is the surviving spouse of a deceased veteran eligible for the home loan benefit?
The unmarried surviving spouse of a veteran who died on active duty or as the result of a service-connected disability is eligible for the home loan benefit.




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