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USDA Loan Requirements Georgia

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.

Max USDA Financing – 101%, NO money down.  The required USDA guarantee fee can be included in the borrower loan. Borrowers can also include USDA closing costs in some cases.

Household Income for USDA eligibility –  In general for 2022, Georgia households with 1-4 members = max $103,500 gross income per year. Some counties can be even higher. Larger households with 5+ members can even go higher, up to $136,600. 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

YouTube video

Filed Under: USDA Loans Tagged With: 2022 USDA Loan Georgia, Approved USDA lender Georgia, Rural Housing Mortgage GA, USDA Loans Georgia

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CONTACT US

904-810-2293
redd@coast2coastlending.com
Coast 2 Coast Lending
93 King St
St. Augustine, FL 32084
Branch NMLS# 2047476

NMLS CORPORATE ID #1850
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© 2020 American Pacific Mortgage Corporation. For informational purposes only. No guarantee of accuracy is expressed or implied. Programs shown may not include all options or pricing structures. Rates, terms, programs and underwriting policies subject to change without notice. This is not an offer to extend credit or a commitment to lend. All loans subject to underwriting approval. Some products may not be available in all states and restrictions may apply. Equal Housing Opportunity.

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