The Government backed USDA 30 year fixed mortgage is one of the last remaining 100% NO money down home loans available in Georgia. First-time buyers, especially in central south GA (Tifton, Sylvester, Adel, Valdosta, Moultrie, Hahira GA), should take notice as all these locations are USDA eligible.
Unless you have VA military benefits and can do a VA mortgage, the USDA Rural Housing loan is the ONLY 100% home loan available in Georgia.
So what type of homeowner should look closely at USDA financing?
- Any Georgia home buyer that wants to purchase a home, but may not want to put down (or have) the large down payment required by most loan programs in Georgia. First-time buyers – USDA is perfect. USDA /Rural housing can allow you to move into your new home with little to no money out of pocket. Georgia Teachers, Police, Public Service, etc looking to live in less populated USDA-eligible locations around Georgia. Remember, there are many popular USDA eligible locations – in fact, most of Central, and Central South GA is eligible and approved!
- Any prospective Georgia home buyer that has income under their specific Georgia county limit. If you are a lawyer making $180,000 a year, the USDA loan is not the right fit for you. The USDA Rural Housing program is geared towards helping Georgia’s rural communities expand by offering affordable housing to low & moderate-income home buyers. Generally speaking, the USDA home loan income limits (502 USDA Guarantee Program) in Georgia are as follows: Any household 1-4 persons = max income around $110,650 per year depending on your county. In households with over 5 family members – the income limits can be over $146,050 depending on your county. See the 2023 Georgia USDA 502 Guarantee Housing income limits here.
- Any prospective Georgia home buyer that has pretty good credit should be a good candidate. You do not need perfect credit in order to get USDA financing. However, like all home loans, USDA does have minimum credit score standards in place. Generally speaking, you will need a 620 or greater credit score to be considered for a USDA home loan. There are other factors regardless of credit score that are also looked at. Clean payment history in the last 12 months is pretty important, any past bankruptcy, foreclosures, will need a certain about of time.
- Some other reminders and USDA facts: First, you are required to be a first time home buyer in order to obtain 100% USDA financing. However, if you are a homeowner that currently owns a home, especially in the same proximity, you may have an issue. Second, USDA home loans are for any (livable) single-family home, townhome, etc that is located in a USDA eligible location in GA, no matter who the seller of the home is. The home just has to be in good condition and physically located in a USDA approved location. Existing mobile homes, any investors, or second home purchases are NOT eligible for USDA financing. Third, buyers are not required to take any class, schooling for the USDA loan. In addition, no grants or down payment assistance is needed since the program is 100% financing. Read all the USDA FAQ’s here.
Want to learn more or get pre-qualified for a USDA loan? Just submit the short Info Request Form on this page for fast service. You can also contact us 7 days a week at ph: 800-743-7556
Georgia USDA Rural Loan Guidelines 2023 – Serving all of GA including Macon, Valdosta, Lake Park, Tifton, Sylvester, Adel, Moultrie, Albany, Augusta, Hahira, Columbus, Atlanta, Georgia.