FIRST-TIME BUYERS · GEORGIA

Your Down Payment Isn’t the Only Cash You’ll Need

Reviewed by Susan Pryor, Licensed Mortgage Loan Originator, NMLS #157369 — Updated August 2026

This guide covers Georgia purchase contracts. If you’re buying in another state we’re licensed in, the details differ — ask us.

Last updated: August 2026

Key Takeaways

  • Your down payment is only part of the cash you’ll need to buy.
  • Earnest money, inspection, and appraisal are typically due in the first week under contract.
  • Seller contributions can significantly reduce what you bring to closing.
  • Down payment assistance is available in Georgia — some programs are worth $10,000 or more.

Buying a home takes more than a down payment. Here’s the complete picture — what you’ll need, and when.

What you’ll pay at closing

  • Closing costs (lender fees, title, attorney, and similar)
  • Prepaid taxes and insurance
  • HOA dues or other property-related fees, if they apply

What you’ll pay in the first week under contract

Three costs come due before closing — typically within the first week of your contract going binding:

Earnest money. Typically 1% of the contract price, due within a couple of days of the contract going binding. Your agent will give you the exact deadline. This isn’t an extra cost — it goes toward your purchase. It’s just early.

Home inspection. Usually around $500 in metro Atlanta. You’ll schedule this during your due diligence period. Most inspectors take credit cards.

Appraisal. Usually around $695. Ordered by your lender after you’re under contract. Also payable by credit card.

The strategy most buyers never hear: seller contributions

One thing that can significantly change your cash to close is how much the seller contributes toward your closing costs.

If cash on hand is your constraint, it’s often smarter to offer a slightly higher price and ask the seller to contribute more toward closing costs. Sellers care about their net — what they walk away with after their expenses. A higher price with a seller contribution can leave them in the same net position while reducing what you bring to the table.

One catch: the home has to appraise at that higher price for this to work. We help you and your agent run those numbers before you write the offer — not after.

What about down payment assistance?

If the down payment itself is the hurdle, Georgia has real programs — some worth $10,000 or more. See our Down Payment Assistance guide to find out what you may qualify for.

FAQ

Common Questions

Typically 1% of the contract price, due within a couple of days of the contract going binding. It’s applied toward your purchase at closing — it’s your money arriving early, not an extra fee.

Before closing: earnest money, inspection (~$500), and appraisal (~$695), all in roughly the first week under contract. At closing: your down payment, closing costs, and prepaid taxes and insurance.

Often, yes — it’s negotiated in the offer. A seller contribution can significantly reduce your cash to close, and structuring the price and contribution together is something we run the numbers on with you and your agent before you write the offer.

Questions about your situation?

Get Clarity in 15 Minutes

No pressure. Just answers.

About Southern Mortgage Authority — Susan Pryor, Branch Manager | Licensed Mortgage Loan Originator, NMLS #157369, has served 6,000+ clients over 25 years. Based in Marietta, GA and licensed in 13 states. Call 678-712-2063 or send us a message.

Susan Pryor NMLS #157369 | Ark-La-Tex Financial Services, LLC NMLS #2143 d/b/a Benchmark Mortgage | Equal Housing Lender. Not a commitment to lend. All loans subject to credit approval.