A Home Loan with No Down Payment?

USDADid you know in certain areas of Georgia, you may qualify to buy a home with NO MONEY down? You read that correctly, 0% down. Of course there are certain guidelines and individuals must qualify for this special loan. This loan is called USDA (U.S. Department of Agriculture).

As the Peters Company Northeast Expansion Agent, this is a loan I am very familiar with. It is a great option for buyers to consider if they are looking to live in certain rural areas of Georgia. This does not mean farmland areas only. Several semi-urban areas qualify as well. Generally, rural areas with a population less than 35,000 are eligible. You do not have to be a first time home buyer.

USDA has no restrictions on buyers’ previous homeownership status. They approve you based on total number of occupants living within the home, credit score, debt to income ratio, income/assets, and previous history of mortgage or rental payments. The rates on this loan are fixed and similar to conventional and FHA loans.

Take a look at the map below to see what areas are eligible. The shaded areas are not eligible. To learn more about this loan, please contact us for a great lender recommendation and visit https://www.rd.usda.gov/ga.

Written by Amy Wade, Northeast Expansion Agent, The Peters Company

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