100% Financing
Rural Development Loans
for First Time Homebuyers
FHA, VA and Rural DevelopmentI hear everyone in the mortgage business saying if you don’t know FHA and VA, you’re going to be out of the business soon, but I have discovered that we do a loan that seems to be the best kept secret in the world of finance . . . the Rural Development Loan which is guaranteed by of all people, the USDA. From the USDA Website: The purpose of this program is to assist moderate income (up to 115 percent of median income) households in obtaining modestly priced housing by providing them with the first opportunity for home-ownership. This program encourages lenders to provide financing to qualified applicants by reducing the amount of risk involved. Important Points:
Sign me up! 100%, plus closing costs in come cases?, NO MI? Reasonable interest rates? You can even do some rehab if the value is there . . . so for those people who want to buy a foreclosure with no stove and no carpet, this is the ticket. There are some constraints . . . you knew that was coming, didn’t you? There are THERMAL requirements: See the very end of this page for Georgia particulars. Alabama, Florida, South Carolina and Tennessee are available as popups from these links. A 620 min. credit score is not the same as bad credit . . . there are cases where some bad credit can be overlooked, but if it is all bad, it is a no go. They are limited geographically, to not highly populated areas. For instance, in Georgia, they are not available in Cobb County, but they are availble in limited parts of Bartow, Paulding, Cherokee, and Forsyth counties. You can look at the maps or check to see if a property address is in an eligible area of Georgia. In the meantime, I’d be looking for properties just on the outskirts of the designated areas, not so far out that I wouldn’t want to live that far away, but far enough that the property qualifies for this program. It is the only decent 100% program left . . . and NO MI, so they are cheaper than FHA. THERMAL REQUIREMENTS FOR GEORGIA For counties above the fall line Baldwin, Banks, Barow, Bartow, Butts, Caroll, Catoosa, Chattooga, Cherokee, Columbus, Coweta, Dade, Dawson, Douglas, Elbert, Fannin, Floyd, Forsyth, Franklin, Fulton, Gilmer, Glascock, Gordon, Greene, Habersham, Hall, Hancock, Haralson, Hart, Heard, Henry, Jackson, Jasper, Jones, Lamar, Lincoln, Lumpkin, Madison, McDufie, Meriwether, Monroe, Morgan, Muray, Newton, Oconee, Oglethorpe, Paulding, Pickens, Pike, Polk, Putnam, Rabun, Spalding, Stephens, Taliafero, Towns, Troup, Union, Upson, Walker, Walton, Waren, White, Whitfield, Wilkes R-30 in the ceilings Appling, Atkinson, Bacon, Baker, Ben Hill, Berrien, Bibb, Bleckley, Brantley, Brooks, Bryan, Bulloch, Burke, Calhoun, Camden, Chandler, Charlton, Chatham, Chattahoochee, Clay, Clinch, Cofee, Colquitt, Cook, Crawford, Crisp, Decatur, Dodge, Dooly, Dougherty, Early, Echols, Effingham, Emanuel, Evans, Glynn, Grady, Haris, Houston, Irwin, JefDavis, Jeferson, Jenkins, Johnson, Lanier, Laurens, Lee, Liberty, Long, Lowndes,Macon, Marion, McIntosh. Miller, Mitchell, Montgomery, Peach, Pierce, Pulaski, Quitman, Randolph, Schley, Screven, Seminole, Stewart, Sumter, Talbot, Tattnall, Taylor, Telfair, Terrell, Thomas, Tift, Toombs, Truetlen, Turner, Twiggs, Ware, Washington, Wilcox, Wayne, Webster, Wheeler, Wilkinson, Worth R-26 in the ceilings Give us a call today at 404-667-8864 for a free, personalized consultation. You can also apply online using our fast, secure loan application. |
