Although zero-down loan programs are scarce these days, the USDA Rural Development loan is still available for homes outside the Metro-Atlanta area. Rural generally is defined as areas that are not densely populated and have fewer neighborhoods – but you might be surprised at how many neighborhoods qualify.
USDA guaranteed Rural Development loans are 100% financing (of the appraised value) with no monthly Private Mortgage Insurance (PMI). In addition to ZERO DOWN PAYMENT, the SELLER can pay closing costs up to 6%. Combining these benefits with the number of affordable homes on the market today, getting our buyers into the home of their dreams is suddenly a lot easier.
Income limits do apply for this loan program and are maximized at $70,750 for a single-family home with one to four occupants. If there are five to eight people residing in the home, the income limit is $93,400. While these figures serve as a guide, there are certain formulas to arrive at these numbers where people can earn more to qualify.
Call Mark Lackey with Atlanta Housing Source today at 404-886-8789 to find out more about this loan program and what geographical areas are acceptable. Before you buy, let us assist you with looking into this loan program and properties that might fit the criteria. We have qualified, professional Realtors serving Gwinnett, Cobb, Fulton, North Forsyth, DeKalb, and Henry.