USDA MORTGAGE GEORGIA
The United States Department of Agriculture, or USDA developed the Floirda USDA mortgage guarantee aimed towards fostering rural development and helping qualified Georgia mortgage applicants obtain mortgages in rural Georgia areas. With its many benefits and easier qualifications the Georgia USDA mortgage is a viable option for many Georgia mortgage applicants, including low-income families who may not otherwise be able to afford a Georgia home.
BENEFITS OF THE USDA MORTGAGE INCLUDE:
– No down payment required: Whereas many conventional loan programs require a 20% down payment, the Georgia USDA mortgage loans allow zero downpayment finnacing 100% of the Georgia homes purchase price. With the ability to receive USDA mortgage up to 100% of the appraised home value, Georgia homebuyers located in rural areas don’t have to spend any money out of pocket.
– Competitive 30-year fixed interest rates: With the USDA mortgage guarantee from the federal government, a Georgia USDA mortgage lender can offer the lowest interest rates to qualified Georgia USDA loan applicants.
– Flexible credit guidelines: Although a credit report must be pulled, the USDA Rural Development program has less stringent credit guidelines, allowing potential Georgia homeowners with less than perfect credit the ability to qualify for a Georgia USDA mortgage.
– No maximum purchase limit: The USDA mortgage program has no maximum purchase price limit. However, a Georgia USDA mortgage lender will still determine the maximum amount of loan each applicant is eligible for based on ability to repay.
ANYONE CAN TAKE ADVANTAGE OF THE USDA LOAN:
It is important to note that USDA mortgage loans were not exclusively designed for single-family housing. The USDA mortgage loan may be applied to new Georgia homes; pre-existing homes; condominiums; townhouses and villas.
In addition to the many benefits of USDA mortgage loans, there are also certain criteria you must meet in order to be eligible for a USDA mortgage, including location of the Georgia home, household income, credit history, and number of dependents claimed.
The team at Georgia mortgage lenders.Com is well-versed in USDA mortgage guidelines, so speaking with one of our Georgia loan officers will help you get on the right track. You may also check the USDA website to locate the eligible Georgia Areas defined as rural areas by the USDA.