100% Financing through the USDA Home Loan Program
Greetings from the Georgia USDA Homes team, your premier source for information on the USDA loan program. Distinguishing itself from other loans, USDA home loans alleviate the challenges associated with a down payment for homeowners. This specific loan option, recognized as a no Down Payment Home Loan, is tailored for both first-time home buyers and existing homeowners, accessible through a USDA-approved lender. The USDA Rural Development Home Loan program has been instrumental in transforming the homeownership dreams of numerous families in Georgia into reality.
Key Features:
No Money Down
Reduced Waiting Periods After Short Sales and Bankruptcies
No Mandatory Classes
Lower Monthly Payments
30 Year Fixed Rates
Ability to Roll Closing Costs into Loan
USDA loans, backed by the United States Department of Agriculture, enable you to acquire a home in designated locations without an initial payment. The USDA program was established to foster the growth of our rural communities by enhancing home affordability through no down payment and reasonable credit requirements. It's important to note that the term "Rural" may be misleading, as many suburbs surrounding or bordering populated cities are also eligible.
This loan stands out as one of the few options that allow you to purchase a home without upfront costs, presenting a valuable opportunity, especially for first-time home buyers or those with limited savings. The program's flexible credit requirements ensure that past credit challenges don't hinder your homeownership aspirations. If you're interested in qualification or seeking additional information, kindly fill out the Information Request form, and one of our USDA specialists will contact you promptly!
Additional Information on different home loan options
VA LOAN
The VA Loan is only for eligible Veteran. It offers the most flexible guidelines, and also a No down payment loan
FHA
Flexible guidelines and more forgiving on credit then conventional. It requies a 3.5% Down payment with a lower interest rate and usually, no reserves required, for up to a 1 or 2 unit properties.
CONVENTIONAL
Low Rates for borrowers with excellent credit and 20% down payment. No limits on income, area or occupancy type.
REFINANCE
Refinancing is taking a new loan to replace your existing. Getting cash out, or a lower payment or rate, are all a good reason to consider a refinance.