Curious if a home for sale in the Warner Robins/Macon area qualifies for a 100% USDA Loan? Then follow the link to the USDA Eligibility Map to find out. You can search the map by region, or simply type in the address and it will tell you if the home qualifies for USDA.
ARE 100% LOANS STILL AVAILABLE?
USDA Loans are becoming one of the few remaining sources for 100% financing. Conventional loans have moved away from offering 100% financing and are actually increasing down payment requirements. FHA loans usually require 3.5% down and may increase down-payment sizes in the near future as well.
VA loans are the other main source of 100% loans, however, only certain Military buyers will qualify.
WHAT AREAS IN MIDDLE GA WILL QUALIFY?
While the USDA loans target rural areas, many homes in Houston County, GA (outside of Warner Robins) and the surrounding area will qualify. Most homes in the established areas of Perry are eligible for 100% financing and many of the new communities in Kathleen, GA and Bonaire, GA are also eligible. Most homes in Peach, Crawford, Pulaski, Bleckley, Taylor, Monroe, and Macon Counties qualify. Unfortunately, USDA loans are available to only a few areas in Bibb County.
In addition to location, buyers must also meet the income requirements. USDA loans are designed for lower income buyers who have descent credit histories. Your income may be up to 115% of the median income for your area. Eligibility requirements vary depending on where you are purchasing your home.
Your lender will also determine your debt to income ratio and ability to make monthly payments.
To see if you qualify use the link for Income Eligibility
HOW DOES THE USDA PAY FOR THESE LOANS?
The USDA does not provide the money for these loans. Like VA and FHA loans, the USDA is not the actual lender, they guarantee the loan which is provided by a qualified bank. The USDA will charge the lender a fee for securing the loan. Part of this fee is paid upfront by the bank and the rest is financed into the loan.
It is important to note that government funding for USDA loans has been a highly debated issue. Last year, funding for the program ran out and the government had to approve additional money. However, with the national debt taking center stage in Washington, funding for programs, such as the USDA Loans, may not be approved in the future.
LINKS TO THE USDA WEBSITE:
To find out if a property qualifies, follow this link:
To determine if you qualify use the link for Income Eligibility
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