Georgia USDA Home Refinance Mortgage Loan, Atlanta USDA Home Refinance Mortgage Loan

The USDA Rural Housing program can also be used for refinancing an existing mortgage. A complete appraisal is required to determine property value and maximum loan amount.	The guidelines are the same as for a purchase: 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 .5% 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.

The borrower must prove ability to repay the loan. Determination of repayment is based on ratios using gross(before taxes) income to PITI* and all other monthly recurring credit obligations, such as car payments, student loans, credit card payments and student loans. The maximum debt to income ratio is 41% PITI = Principal, Interest, Taxes and Hazard Insurance All closing costs may be financed in the loan based on the appraised value of the property.

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