Top 5 FHA Lenders in Georgia 2019
Potential home buyers looking for a mortgage in Georgia have a variety of options to chose from. Currently, the Peach State has more than 10.5 million residents, and with today’s mortgage rates as low as they are, the housing market is ready for serious home buyers. Home values increased by a staggering 11.4% percent between December 2017 and December 2018, and are predicted to rise another 6.6% in the next year, making Georgia one of the fastest growing housing markets in the nation.
The upward trend of rising home values makes it the prime time for home buyers on the market for a mortgage loan to do everything they can to keep their housing costs as low as possible. Getting a great mortgage would probably be the best place to start. And, since FHA loans offer low interest rates, down payments as little as 3.5%, and an ultra-low 580 credit score requirement, they’re often some of the most desirable loans for home buyers like you.
In this article, we’ll review the best FHA approved lenders in Georgia and how they can help guide you on your quest to home ownership.
2019 Best Georgia FHA Lender Picks
Best for First Time Home Buyers: Loan Depot
Best Online Experience: Quicken Loans
Best Local Lender: First Option Mortgage
Best Face-to-Face Experience: Silverton Mortgage
Best Overall Performance: U.S Bank
#1 Georgia FHA Lender: First Option Mortgage
First Option Mortgage is an Atlanta, Georgia-based lender, which means it’s a local company-- however, First Option has a pretty broad reach, as it’s an FHA-approved lender in 17 states. In addition to offering FHA loans, First Option also offers a variety of other types of home financing, such as VA loans, USDA loans, and even jumbo loans for exceptionally expensive properties.
As a local lender, First Option Mortgage prides itself on its high level of in-person customer service. In fact, First Option has 9 mortgage offices, most of which are located in the state of Georgia, where borrowers can speak to a mortgage broker in person and have all of their questions answered.
#2 Georgia FHA Lender: Quicken Loans
In the last 5-10 years, Quicken Loans has grown to truly dominate the online mortgage space. In January 2018, Quicken Loans became the largest retail mortgage lender in the United States. Today, Quicken Loans is known for its incredibly efficient online mortgage application and qualification platforms, which allow borrowers to enter all the appropriate information and documentation in just minutes.
While Quicken Loans is active in all 50 states, it is especially popular in Georgia, where many borrowers have used it to get FHA loans. Despite this, Quicken Loans isn’t big on having a lot of small, in-person offices where a borrower can look a mortgage broker in the eye. While that may not be an issue for most people, some individuals (including many older people) crave that in-person connection, and they simply won’t be able to get it with Quicken Loans.
#3 Georgia FHA Lender: Silverton Mortgage
When it comes to having a variety of in-person locations in the state of Georgia, Silverton Mortgage takes the cake. Not only is Silverton based in Atlanta, GA, but it has 15 locations throughout the state, as well as several locations in neighboring states, where borrowers can sit one-on-one and talk business with a real, live mortgage broker.
In addition to its variety of in-person locations, Silverton is known for its “lock and shop” feature, which allows borrowers to lock in an interest rate early, while they’re still looking for the perfect home to buy. That can help borrowers cut down on stress and focus on one thing: obtaining their dream home.
#4 Georgia FHA Lender: U.S. Bank
U.S. Bank may be far from a local lender, but that hasn’t stopped it from being considered one of the best FHA lenders in Georgia. In fact, U.S. Bank is the 7th largest bank in the United States, with 3,106 locations across the country. So, while you may not get that warm and cozy feeling that you would get from walking into a mom and pop lending establishment, you’ll certainly get good rates, standardized service, and the latest technologies to help you conduct your mortgage banking with maximum efficiency.
#5 Georgia FHA Lender: Loan Depot
Loan Depot is another online, national lender that has been highly ranked among FHA loan borrowers in the state of Georgia. Loan Depot is somewhat similar to Quicken Loans in the sense that they’ve pioneered online technologies that allow a borrower to fully get a mortgage without ever speaking to a live human. That can be amazing, or incredibly disturbing, depending on your personal outlook. However, just like most well-ranked FHA lenders out there, Loan Depot does have a large support staff which you can speak to if you need in-person help.
Shop Around Before You Get a Georgia FHA Loan
Though we definitely think you should check out our top picks for the best FHA lenders in Georgia, you should still do your own homework and look for lenders on your own. No one’s financial situation is the same, and sometimes the best mortgages can be found in the strangest places. So, whether this is your first home or your fifth, the best plan of action is to shop around with multiple lenders to find out which one can provide the ideal home loan that comes with the terms and rates that best suit your individual needs.
While looking at reviews can be a huge help, getting a one on one consultation could mean saving thousands. If you’d like some help in locating the best FHA lender in your area, don't hesitate to contact a home.loans mortgage expert!