Justin Messer USDA Rural Housing Loan

Follow this link to see the Georgia areas of eligibility. The majority of the state is eligible except for the largers cities and most of metro Atlanta. The lighter areas are eligible for 100% financing.

http://eligibility.sc.egov.usda.gov/eligibility/eligibilityAction.do?pageAction=countyMap&state=GA&st=13&cnty=023&mapname=GA_S&propertytype=#form.PropertyType

You can also visit http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do to select your state. If you or your client would like or needs affordable financing, then consider USDA loans and contact the southeast's USDA loan expert.

Justin Messer

Here is a great USDA "apples to apples" comparison. A Guaranteed USDA 100% loan offers the home buyer the most affordable payment, less out of pocket cost, and usually the most competitive 30 year fixed rate in the market.

This 100% Guaranteed loan payment includes the 2% funding fee that is rolled into the loan. The following is based on a $175,000 loan at a 6% interest rate.

• No PMI loans at 8% with a 30 Year term = $1284
• Freddie 100 = $1189
• My Community = $1135
• 5% down conventional ($8750 + MI) = $1105
• FHA 3% down ($5250 + UFMIP + MI) = $1105
• 40 year loan + MI = $1103
• Flex 97 ($5250 + MI) = $1091
• 80/20, 80: 6% 30 yr loan 20: 7.5% 30 yr loan = $1084 (hard to get anymore)
• 100% USDA plus 2% Fee with NO MI = $1070

Many of the products from above will not have a comparable fixed rate. They will be higher.

Have a nice day.

Justin Messer

We provide USDA home loans in Georgia, Florida, Alabama, Tennessee, and North and South Carolina.

Here is a great USDA "apples to apples" comparison. A Guaranteed USDA 100% loan offers the home buyer the most affordable payment, less out of pocket cost, and usually the most competitive 30 year fixed rate in the market.

This 100% Guaranteed loan payment includes the 2% funding fee that is rolled into the loan. The following is based on a $175,000 loan at a 6% interest rate.

• No PMI loans at 8% with a 30 Year term = $1284
• Freddie 100 = $1189
• My Community = $1135
• 5% down conventional ($8750 + MI) = $1105
• FHA 3% down ($5250 + UFMIP + MI) = $1105
• 40 year loan + MI = $1103
• Flex 97 ($5250 + MI) = $1091
• 80/20, 80: 6% 30 yr loan 20: 7.5% 30 yr loan = $1084 (hard to get anymore)
• 100% USDA plus 2% Fee with NO MI = $1070

Many of the products from above will not have a comparable fixed rate. They will be higher.

Have a nice day.

Justin Messer

We provide USDA home loans in Georgia, Florida, Alabama, Tennessee, and North and South Carolina.

USDA's Guaranteed Rural Housing loans are excellent programs that offer higher LTV limits to lower income families.

Currently, the income limitations are based on the number of household members.

Household size Income Limit

1 - $48,000

2 - $54,850

3 - $61,700

4 - $68,550

5 - $74,050

6 - $79,500

7 - $85,000

8 - $90,500

This income limits are for all of Georgia. Metro Atlanta counties are approximately $10,000 higher per person.

Now, as of January 20, 2009 the income limit structure will change from 8 seperate limits to 2 seperate limits. The new limits are for households of 1-4 at $68,550 and 5-8 at $90,500. This increase will now allow more families will few household members the ability to qualify for this fantastic loan.

REMEMBER: USDA loans have ZERO mortgage insurance.

Now that the majority of all down payment assistance has disappeared, there will be thousands of qualified borrowers that will need 100% financing. USDA's 100% guaranteed loan program is a great option for first time home buyers and borrowers with little cash for a significant down payment. In today's market, there are thousands of homes for sale that are listed below market value. These homes make great candidates for 100% loans. The borrower can finance the entire sales price, the 2% funding fee, and all the closing costs and pre-paid items if the value permits.

Features:

• NOT limited to first-time buyers
• 620 credit or higher is acceptable, even with recent bankruptcy; <620, manual credit assessment required
• Can finance up to 102% of the APPRAISED VALUE
• No reserves required
• 30 Year fixed rates
• 29/41 debt ratios; can be exceeded with compensating factors
• New homes, New construction, or existing homes
• NO THERMAL REQUIREMENTS!

Overall, this is a great loan that will soon be gaining lots of attention!

~Justin