USDA Rural Housing provides a great opportunity for Georgia homebuyers to purchase a home with very little money out of pocket. Please read below to learn about the basic USDA loan requirements for Georgia, please contact us today with questions.
Credit score – 620 min credit score is required. Applicants should have no repeated late payments on any credit trade lines within the last 12 months. No short sales, foreclosures or bankruptcies within the last 3 years.
Job history Needed – stable 2-year history of documentable income. Recent college grads that have just started in the workforce are exempt from this requirement. Applicants are allowed to switch employers within two years, as long as they have no unexplainable extended gaps of employment.
USDA loan amount limit – There is not a max loan amount with USDA.
How long does the USDA closing and processing time take – In most cases, the entire process takes about 30-40 days depending on the property state.
Household Income for USDA eligibility – In general for 2022, Georgia households with 1-4 members = max $91,900 gross income per year. Some counties can be even higher. Larger households with 5+ members can even go higher, up to $121,300. USDA also allows deductions for child care, elderly, disabilities, etc. We would be happy to assist you in figuring out the USDA income limit for your household and county.
Eligible USDA Houses – Any single-family residence located in a USDA eligible area… no matter who the seller is. Home being purchased can be a short sale, foreclosure, by owner, etc. Existing mobile homes are NOT permitted. The home must be a primary residence, no investment or rental home purchases. The property must be livable, cannot be a rebuild-type job. You do not have to be a first-time home buyer to use the USDA loan.
Please read the blog for many more general USDA home loan requirements and guidelines.
Have questions or interest in applying for a USDA home loan in GA? Please learn more at the video below and on the USDA loan page