The Top FAQs About Buying A Home In Savannah, GA

The Top FAQs About Buying A Home In Savannah, GA

You’ve heard there’s no place like home, but the truth is, there’s no place like YOUR home. If you’re thinking of buying a home in Savannah, GA, or are about to start the home buying process, you’ve probably done some homework. Because we want to provide you with as much information about Dream Finders Homes as possible, we thought you’d be interested in the answers to some of our most frequently asked questions, from how to find a mortgage lender to what neighborhoods you should look at.


Answers To Your Questions About The Home Buying Process in Savannah 

Your journey to becoming a homeowner is a process with many steps, most of them revolving around what kind of home you want and can afford. Before you look for a mortgage lender or try to figure out what kind of loan you want, check your credit score and credit reports. (You’re entitled to a free credit report from each of the three main reporting bureaus – Experian, Equifax and TransUnion.)
Home buying process
If your score could use some work, look through your credit reports for errors, late payments and delinquent accounts in collections. Straighten out anything that is incorrect. Next, focus on high outstanding balances. Paying down each of your credit cards and making on-time payments are the best ways to improve your score.

Do I need to get a pre-approval?

With a pre-approval, lenders do a thorough review of your credit and finances. Getting pre-approved will help determine what type of loan and programs are right for you. 

Mortgages are not one-size-fits-all, so you need to know how different lenders work and how they (and their loans) differ from one another. Most first-time home buyers choose a conventional 30-year mortgage. The longer loan term makes homeownership accessible with a lower monthly mortgage payment. Buyers who aren’t eligible for a conventional mortgage may consider government-backed loans. FHA loans are a great option for buyers looking for a loan with low down payment and less restrictive credit score requirements. USDA and VA loans have no down payment or credit score requirements.

If you already have a budget in mind, getting a pre-approval letter from a lender like Jet HomeLoans will give you an even better idea of what you can afford. It’s a way to show the seller or builder that you are serious about buying a home and can afford the homes you’re shopping for. 

How much should I save for a down payment?

Your mortgage lender can help you consider down payment options and strategize to improve your credit score if necessary. The standard down payment is 20%, and you do not have to pay private mortgage insurance (PMI). If that’s not possible, there are mortgages where you need 3 – 5% down, but you will need to pay PMI.
How much is a down payment on a house

Also, when you’re buying a home, your purchase agreement will usually include a good faith deposit (also known as earnest money). This deposit shows that you’re serious about purchasing the home. To protect both the buyer and the seller, an escrow account will be set up to hold the deposit. The good faith deposit will sit in the escrow account until the transaction closes. The cash is then applied to the down payment. If you’re building a new home, the money may remain in escrow until you’ve signed off on all the work. Once conditions are met, the money will be released.

Which areas or neighborhoods in Savannah should I be looking to buy a home in?

The Savannah region is highly sought-after for its historical integrity, picturesque tree-lined streets, and rolling hills. At Dream Finders Homes, we build in Pooler, Richmond Hill, and Savannah. Our new home communities offer endless charm and provide countless options to suit every lifestyle, whether you are looking for a family-friendly neighborhood or a peaceful retreat.

Are there any financial assistance programs to help buy a home in Georgia?

The Georgia Dream program is an initiative that can help eligible homebuyers cover all or part of the down payment, with no interest. The Georgia Dream program is designed to make homeownership possible for low and moderate income Georgians by providing affordable financing options, down payment assistance, and homebuyer education. 

Eligible applicants include a first time home buyer, or a home buyer who has not owned a home in the past 3 years, or a home buyer who purchases a home in a certain area. Applicant must have a minimum credit score of 640, must meet income and purchase price limits, and must have limited liquid assets. Georgia Dream loans are originated by Participating Lenders who take your mortgage loan application for an FHA, VA, USDA-RD, or conventional uninsured loan and process the paperwork required by the program.

How soon after closing can I move into my new home in Savannah?

Once your home is appraised/inspected, you will receive a loan offer from your lender outlining the terms of your mortgage. It’s important to thoroughly review the offer before closing. Mortgage loans may have fees that must be paid at this stage. To help cover the cost of these expenses, down payment assistance programs in Georgia may help.

Now it’s time to finish up the paperwork. Some documents you will need to sign include the final loan application form, property deed, and closing disclosure. Depending on your lender and loan terms, you may incur closing costs. Standard costs across lenders in Georgia often include: Title search costs, escrow, appraisal costs, inspection fees, legal fees, and origination fees.

In most instances, once you pay the closing costs/fees, and sign the final documents, you’ll get the keys to your new home. Be aware, not everyone is lucky enough to receive the keys to their new home immediately after the closing. In some cases, the sellers may need more time in the home after closing. The contract terms will determine when you can move in after closing. In some cases, it will be immediately after the closing appointment. In other situations, the seller may request 30, 45 or even 60 days of occupancy after the closing of the home.
When can i move in after closing

Contact Dream Finders For The Best Homes For Sale In Savannah!

Dream Finders Homes is proud to build new single family homes and townhomes in the best neighborhoods in Savannah, GA. Visit one of our new home communities and see how easy it is to find a brand-new dream home that perfectly fits your needs. We are committed to providing you with exceptional customer service and high-quality homes as well as a home buying experience that exceeds expectations. Contact us today to learn more!

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