USDA Rural Housing Loan: March 2010

Kedron in Peachtree City, Georgia is located on the North end of Peachtree City.  Peachtree City is located on the south metro side of Atlanta in Fayette County.  It is one of Pathway Communities sigature creations.  Peachtree City is home to more than 30,000 residents with tons to offer.  The beautiful cities stretches approximately 15,000 acres, features more than 125 neighborhoods and has four distinct villages: Braelinn, Aberdeen, Glenloch, and Kedron!  There are plenty of architechural styles to choose from.  Most of the cities most distinctive features is its 90 miles of public cart paths that link the entire city together.  These paths, great schools, low crime, and beautiful homes have made Peachtree City the #8 best city to live in the United States!

Kedron is an area in Peachtree City that is full of neighborhoods, schools, cart paths, recreational activities, great shopping, and a lake! 

Elementary Schools:

• Kedron
• Crabapple Lane

Middle School:

• J.C. Booth

High School:

• McIntosh

Each one of these schools are rated top in the state of Georgia.  McIntosh is the number one high school in Georgia.

Kedron and Peachtree City also features 3 great golf courses that are all linked by golf cart paths.

• Braelinn Club
• Flat Creek Club
• Planterra Ridge Club

These courses are part of the Canongate Golf Communities which has over 20 courses throughout Georgia and the Southeast!

Parke and Recreation:

• Lake Kedron docks
• Kedron Field house and Aquatic Center
• Kedron Multipurpose Rink
• Peachtree Dive Center, Inc.
• Riley Field

Top Selling and Desirable Neighborhoods!

• The Pointe
• The Peninsula

Both of these neighborhoods have quickly become the most desired places to live in south metro Atlanta.  They both sit on Lake Kedron's beautiful shore line and have the most amazing homes in Kedron!  Check back this week for photos and details on these two highly desired places to call home!

Gary Sloan | Advantage Inspection

Gary Sloan, a residential and commercial home inspector for Advantage Inspection, has been inspecting properties for over 10 years!  His company serves the greater Atlanta, Georgia area but has preformed inspections in many other states as well as Europe, Japan, Mexico, and Canada! Gary Sloan provides a complete inspection every time by spending hours at a property going over every single detail of a property.  He will provide the property owner with a fully detailed tangible report of their property along with an online version for convenience. 

Gary Sloan works for Advantage Inspection and has accumulated many certifications through out his 10 plus years experience.

• Gary has an active membership in the National Association of Certified Home Inspectors.
• He is code certified for new construction.
• He is a Certified Infrared Thermographer
• He’s inspected several commercial/industrial facilities over the years including:
  • The Braves stadium
  • Frito Lay
  • Michelin
  • Honeywell
  • NASA facilities in Cape Canaveral
• Gary is a certified FEMA inspector
• He is a trained industrial hygiene technician
• He is fluent in Japanese
• He is 1 of only 19 inspectors in the state of Georgia who is rated as a Certified Master Inspector

At Advantage Inspection, Gary Sloan has created a website that is full of information.  If a question's answer cannot be found, then he welcomes as many questions as you can think of.  Gary wants the property owner to be completely satisfied in his extremely detailed inspections and professionalism.  There are many inspectors out there, but none come as highly recommended as Gary Sloan at Advantage Inspection.  Even though an inspection is completed, the relationship will continue for years to come.  He has a handpicked group of industry related professionals that provide additional services to insure the integrity of every property.

Gary Sloan's entire inspection process is amazing.  I highly recommended anyone purchasing a home or commercial property to use his services.  Also, make sure you ask about his amazing Infrared technology.  This technology, as well as his service as a whole, will blow you away.  He constantly continues to separate himself from the competition as one of the top home inspectors in the state of Georgia!

Order a Home Inpection Now

Contact Gary Sloan at Advantage Inspection
Office: 678.364.1111
Toll Free: 1.866.923.7941
Mobile: 404.406.6100
Email: advantagepeachtreeoffice@gmail.com
Address: 420 Dividend Drive, Suite A-2
Peachtree City, GA 30269

The USDA Rural Development 100% home loan is expected to have exhausted it funds by the end of April.

USDA Rural Loans are a fantastic way for home buyers to purchase a home, finance closing costs, and close with or without a down payment.  This 100% loan program is rapidly growing throughout the nation.  This is a government insured and funded loan program.  For the past few years, the funds of USDA have been depleted.  Then, it was not a big deal because all the USDA lenders were still providing and closing these loans with conditional commitments that more funds were on the way.

Now, USDA has not stated when they expect to receive more funds from the government.  So, lenders WILL NOT close any more loans once the funds run out! 

Will this program be funded again soon?  MOST LIKELY.  With FHA becoming more difficult and more expensive, so many people are turning to USDA.  Granted, USDA rural loans are much cheaper than FHA so everyone should look into this program first.  If the government decides to hold off on re-funding, then it will cripple the housing market even further.  But, I'm sure OBAMA has better plans for the money!  HAHAHAHA.....RIIIIGHT!

The USDA Rural Development 100% home loan is expected to have exhausted funds by the end of April.

USDA Rural Loans are a fantastic way for home buyer to purhcase a home, finance closing costs, and close with or without a down payment.  This 100% loan program is rapidly growing throughout the nation.  This is a government insured and funded loan program.  For the past few years, the funds fo USDA have been depleted.  Then, it was not a big deal because all the USDA lenders were still providing and closing these loan with conditional commitments that more funds were on the way.

Now, USDA has not stated when they expect to receive more funds from the government.  So, lenders WILL NOT close any more loans once the funds run out! 

Will this program be funded again soon?  MOST LIKELY.  With FHA becoming more difficult and more expensive, so many people are turning to USDA.  Granted, USDA rural loans are much cheaper than FHA so everyone should look into this program first.  If the government decides to hold off on re-funding, then it will cripple the housing market even further.  But, I'm sure OBAMA has better plans for the money!  HAHAHAHA.....RIIIIGHT!

USDA Loan Requirements

The USDA home loan is a fantastic way to purchase a home with no money down.  This loan program is insured by the United States Department of Agriculture.  The rural loan is quickly becoming the most popular home loan in 2010 now that FHA has begun to increase their requirements such as credit score, down payment, mortgage insurance, and qualifying ratios.

In order to qualify for the USDA rural housing loan, a borrower must meet the following USDA loan requirements.

Income Eligibility:

• Total Household Income - There are two tiers (income ranges from on average from 70K to 110K per year)
  
  1. Household of 1-4 will equal the current 4 person limit for the property's county.
  2. Household of 5-8 will equal the current 8+ person limit for the property's county.

Property Eligibility:

• The property must be located in an approved area designated by the USDA.  Eligibility for counties, cities, and towns are determined by population.  Originally, the USDA loan program was created for farmers.  Today, it is open to all residential properties that are deemed rural property by the USDA.  Most metro areas do not qualify but approximately 80% of the nation does qualify.
• New or proposed home construction:  Must meet FHA appraisal standards
• Manufactured Homes:  Only allowed if the manufactured home is brand new, double wide, and purchased from an Agency approved dealer.
• Modular Home:  No restrictions
• Condo and Town Home:  Must meet the requirements of Fannie Mae, Freddie Mac, or FHA.

Credit Scores:

• 620 minimum middle credit score (scores are likely to increase to 640-660 soon)
• Must have at least 2 credit scores

Other Requirements:

• Must be a primary residence
• May not have other financed properties
• Co-signors not allowed if the co-signor will not be living the subject property
• No non-essential buildings and land.  The property must be considered residential
• Housing ratios and debt-to-income rations:  31/43 

Check out USDA loan eligibility for exact income figures and property maps for your area!

USDA Loan Eligibility is a very basic process.  A borrower's income and credit file must be underwritten just like any other loan program.  However, USDA rural development loans are far more lenient when it comes to down payment requirements and credit score requirements.  There are many great benefits to USDA Rural Development Loans.  This loan program enables a borrower to obtain a mortgage with the cheapest possible monthly payment when compared with FHA loans and 3.5% as a down payment.

STEP ONE:  Is your middle credit score above a 620?  If so, then you may proceed with USDA loan eligibility.  Do you have recent derogatory items on your credit report such as foreclosures, bankruptcies, judgments, tax liens, or collections?  If so, then call me to discuss the details.  For basic details, please see the following:

• Foreclosure- Must wait 3 years
• Bankruptcy- Chapter 7 must wait 3 years, Chapter 13 must wait 1 year
• Judgments- Must be paid and have none outstanding within 12 months
• Tax Liens- Must be paid and have none outstanding within 12 months
• Collections- May have one collection within the last 12 months

STEP TWO:  Is the property you are looking to purchase in a USDA rural loan eligible area?  Below, click accept, then select your state.  Find your county on the map or on the list.  If the county is not on the state list, then the entire county is INELIGIBLE for a USDA Rural Development Loan.  If the property is located in the lighter colored area, then it is located in a USDA Loan Eligible area.  The USDA loan eligibility map will state whether or not the property is approved for USDA.

STEP THREE:  Does your total household income meet the USDA Income Requirements?  There are two separate income levels.  The first level is for a household of 1-4 family members.  The second is for 5 or greater.  Every county varies on the total household income limit.  The limits typically range from 70,000 (1-4 members) to 110,000 (5+ members).  Below, enter your state, then enter your county and follow the next steps.

STEP FOUR:  Apply online, over the phone at 770-631-5750, or in person.  USDA Rural Housing Loans take approximately 30 days to complete.  If you have questions, contact me or visit TheUSDAhomeloan.com or contact your local loan officer.