The US Department of Agriculture (USDA) loan helps people in rural areas buy homes with $0 down. To qualify for the Single Family Housing Guaranteed Loan Program, you have to meet certain income requirements – described as “low-to-moderate” income. The USDA is fairly liberal with its definition of “rural” and even considers some suburban areas (you can check specific addresses using this https://www.rd.usda.gov/ga).
There’s no minimum credit score to obtain a USDA loan, although a score of 640 or higher and a debt-to-income ratio below 41% typically qualifies for automatic underwriting, according to USDAloans.com.
Despite $0 down payment obligation, the buyer is expected to pay earnest money. Usually it’s around 1%, however we can advise you what would work based on location, how long the home has been on the market, etc..
*Earnest money is a promise to do everything you can to buy the home, and not to breach a contract otherwise it’s $$ you give to the seller.
Call us to discuss how we can help you (770) 262-8575