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0% Down Loans in Warner Robins, GA

Real Estate Agent with Realty of Warner Robins

Currently, the 4 most popular loans that we are working the most are the conventional mortgages (3% - 5% down payment), FHA loans (3.5% down payment), VA loans (0% down for qualified veterans), and the USDA loans (0% down)

I personally have seen the most activity since Jan, 2009 with the USDA loans, having buyers that initiated 3 USDA loans, with 1 turning to FHA because of the income restrictions.  The other 2 loans closed without much of a hitch, in 3-4 weeks. 

The USDA loan program (aka Guaranteed Rural Housing loans) is administered by USDA Rural Development offices.  It helps low to moderate income families purchase a home in a rural area with no down payment. Applicants must meet income and credit (min. score of 620) guidelines to qualify. Also, the property must meet USDA guidelines.  Most new and existing homes in rural areas that are in good-repair and non-income producing meet the criteria.   In middle GA, none of Bibb, but all of Peach and part of Houston is considered rural.   In Houston County, the eligible line is drawn from west to east beginning at Sandifur rd, to Hunt Rd, Tidwell Rd, Woodard Rd, USDA map-Houston county GAstraight across the county to Southfield Plantation and Riverbend Plantation.  Almost any property south of this line would qualify.  (See attached map.) However, there is a website you can check on any particular property.  Other rural counties that qualify are Bleckley, Pulaski, Crawford, Dooly and Twiggs.

These are 30 yr. fixed rate mortgages. (Call you local lender for the latest rates) Buyer can borrow up to 102% of the appraised value. (2% of the loan amount is referred to as the "guarantee fee") The 2% guarantee fee can be financed into the loan.  There are no other monthly recurring fees charged.  Buyer pays payment, interest, insurance and taxes in his monthly payment.  

With the IRS offering up to $8,000 first-time buyers credit and the USDA offering 100% loans, now is the perfect time to buy in Warner Robins and Houston County. You can't get the first-time buyers credit until you close, and if you are filing electronically, you can't claim the credit until after March 31, 2009.

There is a Rural Development service center office in Byron that can give you more info by calling 478-956-6495. To apply for a USDA Guarantee loan, ask your local lender. Or call me and I will be happy to help you find a local lender who knows the details about the USDA loans.

Norman Carter

Please give me a call. My wife and I are trying to get a new construction laon to build. My name is Norman Carter and my number is 478-955-7219

May 23, 2011 03:57 AM