USDA/Rural Housing Requirements in Middle Georgia

I posted a  last week that provided the general requirements for USDA qualification in Houston County GA.

Below are more specific Middle Georgia requirements for the USDA Rural Development and USDA Rural Development Direct Mortgage programs. 

• Funded up to 100% of appraised value
  •  If sufficient value, closing costs/prepaids can be rolled into loan amount
• Property and household eligibility is required
  •  
• Income for all persons over 18 who will be living in the home determines eligibility
  • Houston County, GA
    • 1-4 persons in household - Maximum income is $75,500
    • 5-8 persons in household - Maximum income is $99,750
  • Peach County, GA
    • 1-4 persons in household - Maximum income is $73,600
    • 5-8 persons in household - Maximum income is $97,150
  • Children and daycare expenses are income exemptions
• HUD/FHA appraisal is required
• Rates are competitive
• No Private Mortgage Insurance required
• 3.5% Guarantee Fee (like FHA and VA funding fees) can be added, giving 103.5% Loan-To-Value
• Only NEW manufactured homes, on FHA approved foundations, are eligible
• 4% seller contribution at 100% Loan-To-Value
• Credit score of 620+ preferred, but not an automatic turn-down if below
• Pools require a special waiver
• Usually takes longer to process and close

For more details, contact PHH Mortgage at 478-997-9454.  

 

Anita Clark Realtor LLC             

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(478) 953-8595 (O)

(478) 960-8055 (C)

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