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 5 - 5 1/4% (fixed) according to Bo Russell of Wells Fargo Mortgage. 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. 

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 the USDA can loan in Glynn County is $150,000.00.  There are income guidelines that govern these programs.  (The loan limits on this are tied to what you qualify for as opposed to an actual loan cap). 


For more information, visit http://www.rurdev.usda.gov/ or contact Chapman Realty and we'll direct you to the lenders for pre-qualifying. 

Brunswick and the Golden Isles of Georgia Blog

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