Georgia Mortgage Loans
The Georgia mortgage market has taken a downturn in recent times foreclosures have increased steeply. Residential home foreclosures in Rockdale County and the greater Atlanta market have increased dramatically over the last 3 years.
Local mortgage and banking experts have attributed this increase to high unemployment numbers combined with low mortgage rates that we have experienced over the last few years which made it possible for many first-time buyers to buy homes.
Also, the hostile mortgage loan market has put a lot of first time homeowners at risk. The low mortgage rates have also hurt many families living on fixed incomes and relying on retirement funds. The United States Housing and Urban Development has proposed a ‘zero down payment’ mortgage loan. This would help first time homebuyers who do not have money for a down payment.