Georgia USDA Home Purchase Mortgage Loan, Atlanta USDA Home Purchase Mortgage Loan

Welcome to USDA Rural Housing opportunities in metro Atlanta Georgia. Many people think of this program only as an option for farmers. This is not the case. The USDA program offers 100% financing for potential home owners. Certain income and location eligibility criteria must be met. However, many people are finding homes close enough to their area of employment to make this unique program a viable option. You do not have to buy a house beyond the beyond to qualify!	USDA Rural Housing loans assist low to middle income individuals or households purchase a new home. The appraised value may be used to increase the loan amount for funds to be used for repairs and/or renovations for a home, closing costs may also be financed into the loan amount based on the appraised value. Potential borrowers are required to meet basic credit worthy guidelines. Borrowers must be able to afford the mortgage payments, including taxes and insurance. In addition, borrowers must have acceptable credit histories.	Loans are for 30 years. The USDA Rural Housing guidelines require a 2% upfront funding fee which can be added to the loan amount. The good news is that USDA Rural Housing loans do not have the additional monthly mortgage insurance premium. There is no required down payment. The borrower must meet repayment feasibility, using ratios of repayment (gross) income to PITI and to total family debt. The maximum debt to income ratio is 41%

Under the Section 502 program, housing must be modest in size, design, and cost. Homes must meet the acceptable building codes. USDA Rural Development officials have the authority to approve most Section 502 loan guarantee requests. Take advantage of one of the few 100% financing options remaining. Call Eva Sleeper to discuss your options. You may be pleasantly surprised at the availability and locations of homes falling within the acceptable areas!

Determine your eligibility for certain USDA home loan programs. In order to be eligible for many USDA loans, household income must meet certain guidelines. Also, the home to be purchased must be located in an eligible rural area as defined by USDA. USDA Income and Property Eligibility Site

Mortgage Tax Credit First-Time Home Buyer Tax Credit at a Glance The tax credit is available for first-time home buyers only. The maximum credit amount is $7,500 The tax credit works like an interest-free loan and must be repaid over a 15-year period. The credit is available for homes purchased on or after April 9, 2008 and before July 1, 2009. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.