What is a USDA loan?
USDA loans also known as the Section 52 Single Family Housing Guaranteed LoanProgram, is a loan that that offers a zero down payment mortgage option for buyers. USDA loans are issued by private lenders and guaranteed by the US Department of Agriculture.
USDA Loan Program Highlights
- Property must be in an eligible area, check this map to see where the eligible areas are. As you will see in Georgia, USDA is offered in the out skirts of Metro Atlanta as well as throughout much of Georgia (excluding major cities).
- Must be US Citizen or permanent resident
- 2 years of dependable income
- Acceptable debt-to-income ratio
- Income Limit: buyer(s) income must not exceed 115% of the area median income
- 1-4 member household: not to exceed $82,700
- 5-8 member household: not to exceed $109,150
- Ideally 640+ credit score
Other Georgia Down Payment Assistance Programs
If you’re looking to live within the Metro Atlanta Area then USDA financing won’t be an option. For information on other down payment assistance programs that, some available throughout Georgia, click here!
Have you checked out any rent-to-own programs available? Home Partners of America has a great program, check it out!
