In June, the USDA announced that it would no longer extend loans to first-time homebuyers. This was a big blow to those looking to buy Atlanta new homes and Atlanta real estate as USDA financing is the only program that allows first time buyers to purchase their new homes with absolutely no money down.
However, there is now a unanimous sigh of relief as USDA financing is back on board with many benefits and advantages for purchasers. Some of the features of the USDA program include:
- 100 percent financing with no out-of-pocket money for the down payment.
- No monthly mortgage insurance premiums.
- Gift money for closing costs.
- Closing costs may be rolled into the purchase price if the home appraisal values allow.
- Competitive interest rates.
Rural Housing Direct Loans are directly funded by the government. The purpose of these home loans is to help low-income individuals or households to purchase homes. Only eligible applicants may receive this special financing. There are income limits for applicants, and there are restrictions on where you can purchase. Additionally, families must be able to afford the mortgage payments, taxes and insurance.
To find out if you qualify for USDA Financing, visit the website.