For many years, any consumer seeking a mortgage loan paid a substantial down payment. Some lenders required approximately 20% of the loan amount in cash due at closing. While this helped lower the foreclosure rate, it meant that home ownership was not an option for those in the low to moderate income brackets. The USDA loan is a homeownership… in fact, in our Central Georgia area, there are more areas of eligibility than there are disqualified/urban areas! USDA loans are available in most of Peach County: Byron, Roberta, and Fort Valley. They’re also available to in Houston County outside of Warner Robins or Centerville. For eligibility locations, please check out the interactive map.
The USDA loan was born out of the need for affordable lending options in rural areas and for our low income families. It opens the door to property ownership for many individuals who otherwise didn’t have cash for a down payment. It’s a 100% financed loan, meaning buyers using this loan would only be responsible for paying closing costs (approximately 3% of the loan amount). The USDA loan also offers a lower interest rate thanks to a Federal interest rate reduction for these consumers… USDA loans are available to US citizens and permanent residents who can meet the income limits set out by the USDA… these limits differ by state, so refer to this map and table for eligibility by state. Borrowers going for USDA loans must be able to qualify for other financing options based on credit score and long-standing employment.
If you’re looking to get started in the USDA loan process, let me know! Even if you’re not in my specific area, I can find you a great agent in your area to help. The very first thing you’ll want to do is determine your eligibility. While you can get a loan directly from the USDA, licensed loan officers are also able to help you with obtaining a loan- so ask your lender if they participate in the program… most lenders do! They would be much easier to communicate with because I recommend always using a local lender who you can see face-to-face and who knows your area.
USDA loans are a great way for low-income families to purchase a home in rural areas. These loans provide an opportunity to grow infrastructure in and around small communities. USDA loans are offered through licensed lenders and they have specific eligibility requirements. To be eligible for the loan, you must meet certain income and location criteria. You can use the USDA Loan Eligibility Map to find out if you qualify for the loan in your area. When working with a realtor on buying a home, it’s important to make sure that your realtor is familiar with the process and has experience working within USDA guidelines. They can help you navigate all of the paperwork involved and ensure that everything is done correctly so that you don’t run into any issues when it comes time to close on your new home.
If you’re new here, hi! I’m Hope, I am a Georgia native and live in Houston County, GA with my husband, 2 kids, and 3 dogs. When I’m not selling real estate, you’ll find me spending time with my family, reading, listening to music, or playing with the dogs.
I’m a Realtor, an Accredited Buyer’s Representative, and a Military Relocation Professional. I love learning and problem solving… it’s my favorite! I’ve made it my mission to empower my clients to make well-informed decisions. I’ve been in real estate since 2012 and love my work family. If you have any questions about real estate in general or about buying, renting, or selling a property, let’s chat!