But, if you are looking for a home right now, while mortgage rates are so low, then why wait for the return of anything, when you can have 100% financing right now?  Hint:  You may just want to look a little further out than you have been up until now.

A USDA, Rural Housing Loan is the best option for financing a home, and not bringing a down payment.  In fact, you will also not have a monthly PMI payment with this loan.  And interest rates are quite competitive, currently in the mid-5′s.

As you can see in the diagram above, areas in the lighter colored areas are eligible for Rural Housing loans.  And a lot of places around metro Atlanta do qualify, but your drive times may stretch a little to move to those homes.

For example, homes in Bartow, or northern Cherokee counties qualify. But southern Cherokee or Cobb do not.

Other counties that qaulify for Rural housing are parts of Dawson, norther Forsyth county, northern Hall county, Jackson and Barrow.  Just to name a few.  Yet, no properties in Gwinnett qualify.  You get the picture, it is outlying areas.

There are upper income limitations and maximum loan limits for these loans as well.  The loan limts will be increasing in March, so a lot more people will qualify for these loans.  When the new income and loan limits are published, I will write about it here.  In the meantime, if you want to know if a particular property that you are considering buying qualifies for a Rural Housing loan, just call me with the address, and I will look it up for you.

Related posts:

1. Looking for 100% Financing?
2. Georgia USDA Rural Housing Loans
3. Creative Means to Come up with the Down Payment

Those days are gone….almost.

I get a lot of calls from buyers, especially first time home buyers, around Atlanta who have good credit and good income, but do not have money saved for a down payment.  What can they do?  Just wait?

Not necessarily.  There are two good options for 100% financing on a home loan, right here, in Atlanta.  And, a third option that I put together with creative ways to come up with the down payment with an FHA Loan.

1.  VA Loans:  Military personnel and veterans can still do 100% financing for up to $417,000 loan amounts around Atlanta, with a VA Loan.  Great financing, easy qualifying.

2.  USDA Loans.  This is not a piece of Grade A, Top Choice Beef. It is a loan, otherwise known as the rural housing loan.  It is actually as 102% loan, if the borrower wants to roll in closing costs.  But, it is true to it’s name – only homes with a great grill out back for beef qualify.

Okay, not really, but only homes outside the metro area qualify.  And, there are upper income limits.  So, if you are buying a home on the outskirts of the metro Atlanta area, call me to see if the property qualifies.

3.  If you are financing with an FHA loan, you are probably sad like the rest of us that the Down Payment Assistance programs have gone away (at least for now).

Well, don’t give up.  CLICK HERE to go to my article on 26 creative ways to come up with the down payment.  Then, click the link in that article to get the document.  Okay, too may clicks, so HERE it is.  Read through, put your creative side of your brain to work, and maybe we can make an FHA loan work.

I’ll be we can.

Related posts:

1. 100% Financing? How about Laid-back, Country Living.
2. Creative Means to Come up with the Down Payment
3. Atlanta FHA Loan Highpoints