1% Fixed Rate, 33 year term - Loans Available for Qualified USDA Rural Housing Direct Loan Programs

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 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 Direct Single Family Housing Program:  Loans for families to purchase homes.  The program is 100% financing, no down payment.  All of these loans are for 33 years and our interest rate is currently 5.75% (fixed).  The families must show repayment ability and have good credit.  Also, we have income guidelines that govern our program.  (The loan limits on this are tied to what you qualify for as opposed to an actual loan cap).

If buyers have lower incomes and qualify, payments could be subsidized and their interest rate could be as low as 1%.  This program is for families who have very low and low income.  There are loan limits for each of our 10 counties - the most we can loan in Glynn County is $150,000.00.

502 Guaranteed Single Family Housing Program:  This program is also for families to purchase homes.  These loans are for families with higher income (moderate income families).  These loans are actually made by a participating lender and we (USDA) back the loan 90%.  There is no loan limit with this program. 

504 Repair Program:  This program is to help families repair their existing homes.  They must own their home.  There are income guidelines - they must be very low income.  The maximum loan they can receive under this program is $20,000.00 for up to 20 years.  The interest rate is 1%.  There is also have a grant program for people over age 62, own their own home, have very low income and cannot show repayment ability for the 1% loan.  The maximum grant they can receive is $7,500.00 in a lifetime and it is to remove health and safety hazards in their home.

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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