Georgia 100 Percent USDA Home Loan: The USDA Rural Housing program provides mortgages to home buyers in eligible rural areas with no down payment needed. Many popular locations in GA are still eligible and are actually considered “rural” Buyers shouldn’t assume their area is not eligible before checking the USDA map below. Even many populated locations in and around Albany, Macon, Warner Robbins, Rome, Columbus, Valdosta, Savannah, are still approved.
USDA RD loans are designed to provide competitive financing to individuals and families who want safe, sanitary, and modest accommodations. These loans are originated by approved USDA lenders and backed by the United States Department of Agriculture Rural Development.
Single Family Housing (502 Guaranteed Loan)
Single Family Housing 502 Guaranteed loan program allows moderate income individuals and families to own a decent dwelling as their home. This program is ideal for GA households that don’t have 3, 5 or 10% down payment often required by conventional loans.
USDA Mortgage Requirements:
- Household income must be below the set county USDA income limit
- Applicants must personally occupy the property as a primary residence. The property must be located in a USDA eligible location – check property address here
- Borrowers will need to have credit over 620 with no serious financial hardships in recent years
- Two years of steady employment and income
USDA Rural Development offers many benefits to first time buyers. Listed below are just a few:
- 102% Financing (Up to Appraised Value)
- Low monthly mortgage insurance (nearly 50% less compared to FHA loans)
- No Down payment Needed – 100% financing.
- USDA is not only for first time home buyers – can be used by move up buyers as well.
- No bank or saving reserves required
- No limit on seller concessions, seller can pay all closing costs.
- 100% Gift Allowed from family, etc.
- Easy credit score guidelines ( 620 score required)
- No maximum purchase price / loan amount limit. Buyers qualify based on their debt and income
- Secure low 30-year interest rate
- Any single family home (in basic move in condition) is eligible. The home must be located in a USDA approved area. Mobile and Manufactured homes are not eligible.
- No special home buyer class to get started. Get qualified with a letter of pre approval and start house shopping in the same day!
Borrowers that have questions or want to learn how to apply can call ph: 800-871-2636 or visit –https://www.fivestarsmortgage.com/usda-rural-loan
Serving buyers nationwide including GA: Atlanta, Columbus, Augusta, Savannah, Athens, Sandy Springs, Roswell, Johns Creek, Albany, Warner Robins, Alpharetta, Marietta, Valdosta, Smyrna,