Questions about this
Do I really need 20 percent down in Georgia?
No. Conventional loans go to 3 percent down for qualifying first-time buyers, FHA to 3.5 percent, and VA and USDA to zero for those who qualify. Below 20 percent you pay mortgage insurance, which is a real monthly cost, but waiting years to reach 20 percent in a rising market has its own price.
What is the intangible recording tax and who pays it?
It is a Georgia tax on recording a new long-term note secured by real estate, charged at $1.50 for each $500 of the loan amount and capped at $25,000. Because it is tied to the loan rather than the sale price, it lands on the buyer. It is the nearest thing Georgia has to what other states call a mortgage recording tax.