Via
Julie Chapman Realty Homes Brunswick Georgia:
The USDA Rural Housing Guaranteed and Direct Loan Programs are available in eligible portions of Glynn County and all of most of the surrounding counties. This not well known program has truly come to light with the loss of down payment assistance on FHA loans.
The Wall Street Journal's recent article on USDA housing allows for a good overview of this program that still allows a buyer to buy with no money down and with no private mortgage insurance.
The USDA Rural Housing Guaranteed and Direct Loan Programs have helped a lot of people in Georgia realize the dream of owning their own home. This is a basic overview of the loan programs:
502 Guaranteed Single Family Housing Program: Loans for families to purchase homes. The program is 100% financing, no down payment. All of these loans are for 30 years and the interest rate is currently around 4 3/4% fixed according to Garreth Thomas of Mortgage Services of America. The families must show repayment ability and have good credit. This program is for families to purchase homes but is not limited to first time homebuyers. These loans are for families with higher income (moderate income families). These loans are actually made by a participating lender and have no loan limit.
Direct Single Family Loans are available at 4% Fixed Rates on 33 year terms. This program is also 100% financing and no down payment. If you don't have a credit score, alternative credit will be considered by the USDA.
Add this to the $8,000 Federal Tax Credit and the recently passed Georgia $3,600 tax credit and you have a deal like no other I have seen in my 27 year career.
For more information, visit http://www.rurdev.usda.gov/ or contact Chapman Realty and we'll direct you to the lenders for pre-qualifying.
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