100% Financing Still Available!

Most people are aware of USDA loans or have at least heard of them these days. This program is a government insured
home loan program for low-to-moderate income borrowers, looking to purchase a home in a rural development area. 
Because of the demise of downpayment assistance programs, USDA Loans are more popular than ever. With a USDA loan, you can get 100% financing with no mortgage insurance and a very competitive rate.

The income restrictions on this program made it hard for people to qualify in the past, but on April, 20th 2009, that all changed.  In Georgia, the income limit was raised to $70,750.  When people think of rural housing, they typically think of farm land and livestock, but this is not always the case.  In fact, one eligible area in Georgia has million dollar homes located in the qualifying area.  This perception is another reason why this program has been so underutilized.

A couple of other items to consider with USDA:

• No maximum seller contribution
• Property must be in a USDA eligible area
• One time guarantee fee of 2.0% of loan amount
• No reserve requirements
• Primary residence ONLY - Must NOT own other real estate
• No credit scores
• Non-Occupant Co-borrowers or Co-signers not allowed
• Can be used to refinance current USDA loan

As one of the last mortgage loan programs to offer 100% financing, this government program should only increase in popularity in the near future. Interested homebuyers or even real estate agents who are wondering if their area qualifies for this program can use my website to verify their address or entire area in my GA USDA Rural Development section.
 

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