As a new home buyer, you may be wondering exactly what a USDA home loan is and what type of benefits it can provide. Academy Mortgage knows that the loan process can be confusing and stressful, so they want to make sure you understand your many different loan options, including a USDA loan.

Home buyers that are searching in a rural area can take advantage of loans that are provided by the U.S. Department of Agriculture. The USDA aims to help low- to middle-income families receive financing on homes in rural areas through its Single Family Housing Guaranteed Loan Program.

There are certain requirements that home buyers must meet before qualifying for the rural loan program. For instance, the home must be located in an eligible rural area as defined by the U.S. Department of Agriculture, and the household income must not exceed the area’s established limitations. In addition, buyers must have a credit score of at least 640 and a debt-to-income ratio of 41 percent.

Once a buyer has met the requirements to receive a USDA rural development loan, they will benefit from a number of unique features. USDA home loans offer 100 percent financing on a fixed 30-year loan, meaning no down payment is required. In addition, these loans offer competitive interest rates and there is no maximum purchase price.

While you may not think you are eligible for a USDA rural development loan, it is important to remember that you do not have to be involved with farming or agriculture to qualify. In addition, there are many areas eligible for these loans that are now considered part of metro Atlanta.

To find out more information about USDA home loans or if you qualify, contact Academy Mortgage by calling 404-713-8662 or visit www.AcademyMortgage.com.

Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector,  Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.